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 GENNEVA MALAYSIA, some facts.., READ and UNDERSTAND

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b00n
post May 10 2012, 07:36 PM

delusional
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QUOTE(xvestigex @ May 9 2012, 11:04 PM)
Ronnie, yeah tried to ask for selling price and pawning price before.

e.g. invest 100k and earn 50k in 2 years, (average 25k a year)
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That is not earning. That is recouping your capital. i.e. you recoup back 50% of your initial investment in 2+ years time.
So by your logic of selling the gold at 75%, meaning to say you earn 25% in 2+ years time.
Then if you do not sell it off, by the logic of getting back 50% every 2 years plus; to recoup back your whole capital takes 4+ years.

If you ask me, looking at that simple maths figure - am not really impressed.

This post has been edited by b00n: May 10 2012, 07:37 PM
b00n
post Jun 4 2012, 07:02 PM

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QUOTE(AUGUST777 @ May 20 2012, 10:53 PM)
YES THEY ARE NOW IN CHINA, PHILIPPINE AND SINGAPORE, DOING COMBINED SALES OF MORE THAN 7 BILLIONS RM. THINK THE GOVT IN ALL THESE COUNTRIES MUST BE BLIND, LETTING THIS "SCAM" COMPANY TO OPERATE. HA, ALL THESE TEH TARIK TALK, TALKING NONSENSE WITHOUT FACTS. YOU CAN'T CON CHINA, MAN. OR FOR THAT MATTER, SINGAPORE GOVT.!!!!! laugh.gif  laugh.gif  laugh.gif  laugh.gif
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Swiss Cash was also in the international scene going for years before they got clamped down.... So your analogy doesn't work.
b00n
post Jun 25 2012, 09:45 PM

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QUOTE(AUGUST777 @ Jun 25 2012, 08:16 PM)
You did not answer my searching questions : If Genneva is truly a scam (means cheat), how come 4 Govt in diff countries could not detect their SCAM?? After more than a year? Heard they are doing RM3b in Malaysia and RM3b in 3 other countries. Now it is going for more than a year!!!!!!! Please understand its meaning SCAM. Also if it is PONZI scheme, banks are the worst PONZI scheme in the world.........America leads the world in this, having no gold backing for their paper money. We call it fiat money, just paper. But how can Genneva be ponzi scheme??? Ponzi scheme are also rejected by BNM. Very confusing!!!
Need someone to enlighten me cos I have bought some of the gold bars and attended some of their meetings! Nothing illegal or scam about it. Hello, it involves religious Syariah Laws compliance and you think the religious advisors from BNM will acccept frauds?? Don't tell me they were paid off.........PLEASE! Don't insult these people in BNM and the Syariah Law experts who are religious people!! I heard one of the Advisor from BNM SITs on the Board of Genneva as advisor and observer that Genneva practise the Syariah Law Compliancein its fullest compliance. Please don't confuse the public!!!!  Luckily, i'm not confused.
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I answered you by giving you the example of Swiss Cash.
It had been around for years before they noticed.

Btw, did you know the court case against the old Geneva is still going on in High Court?!...
They just re-package a bit and come with another Geneva company.


Added on June 25, 2012, 9:51 pmThere is a fine line between "savings" vs "investment".
You can't term an investment as a form of saving which is technically wrong.
Savings guarantee the "savings" you "saved". There is no special condition or losing out of the "savings" you saved.

Whereas investment, you don't have a guarantee on what you have "invested". It is good if you make profit, but in every investment, there is a risk of loss of the amount you "invested".

This post has been edited by b00n: Jun 25 2012, 09:51 PM
b00n
post Jun 25 2012, 10:42 PM

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Since you are so knowledgeable, find informing all what happened to the investors under the old company?

Btw, am curious on all the "high profile" person you mentioned. Who are the names? I only known of Tun Mahathir endorsing Geneva without even investing himself.

Like I say, 2 years 3 years or whatever - Swiss Cash had been around for more further than that before the whole world taken notice.

Why they are able to be back operational is because they are using the Islamic concept as a loophole to repackage. Btw, do you know a lot of banks although claimed their product is Islamic compliance is not necessary recognized by the middle eastern banks as shariah compliance?

Islamic concept in Malaysia still had a long way to go.
Since Hibah is mentioned, more understanding of Hibah here: http://www.bnm.gov.my/microsites/financial...s/08_part02.pdf so which contract does it falls under, i.e. the scheme that Geneva offered?
b00n
post Jul 12 2012, 06:59 PM

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Am wondering how the supporters will argue next... tongue.gif

b00n
post Jul 19 2012, 08:18 PM

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QUOTE(AUGUST777 @ Jul 19 2012, 02:28 AM)
Don't waste your time here. Ask the bank, Bill Gates, Apple, Sony how they make money and show you how it is done....please don't ask idiotic questions.

All posts in this forum doesn't tell me anything, just wild guess, rumour mongering, tale bearing, teh tarik talk! Just all that kind of low level thinking. No facts, no figures, cos all never bother to do homework, check out the company, go to their gold talks etc..... even calculation is wrong.

I starting to waste time here.....!!!

Do your homework before yakking nonsense.
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In simple terms the bank earns money by charging interest more than they are giving out interest.
Bill Gates, Apple, Sony makes money by selling products where the the products have their profit margin after netting off costs and productions.

So now tell me about Geneva? Simple term, how do they earn when they are giving out high interest back to customers? Or how can they afford to pay back interest to the customers?
b00n
post Jul 22 2012, 02:53 PM

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QUOTE(wongmunkeong @ Jul 21 2012, 10:32 AM)
*koff koff*
"We've got BNM directors and Syariah Compliance senior auditors on board with us to correct the misunderstanding/situation."
*
Haha....
*ppl like us just talk without substance or points like /k/*.... tongue.gif
b00n
post Aug 8 2012, 09:33 PM

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QUOTE(pokemonkiller @ Aug 8 2012, 07:32 PM)
Papa, you are getting too old aledy.

Banks are trusted, listed co, big paid up capital, decades of operation history eh?

What you talking ? BNM ownself is screwed up.
You so good in browsing internet and doing research mah can you explain this leh --- http://cgmalaysia.blogspot.com/2012/06/ban...ing-losses.html
http://malaysiansmustknowthetruth.blogspot...-no-wonder.html

RM30 billion scandal leh. How many pieces of gold can buy oh ??

Is it considered legally doing something illegal ah?
whistling.gif

By the way are you "potong" aledy ah?
Why you worry whether they comply with the Fatwa or Syariah issue leh?
For non-muslim it is not an issue leh.
You cannot say not halal mah because it is not BAK KUT TEH oh.

One more thing.....BN did not mention Genneva is illegal. It just listed in their list of companies that consist of investment companies that are not licensed by them. That's all.
So how can a company which is registered to do trading be a licensed investment company.....of course not mah.
Understand  the contents first, don't simply jump to conclusion and say the wrong thing loh !!

Read this very carefully which is from their website  ----

Question: Does GENNEVA have a license from Bank Negara Malaysia or Securities Commission Malaysia?

Answer: No. GENNEVA is a gold trader, not an investment company and does not fall under the purview of Bank Negara Malaysia nor the Securities Commission Malaysia.
*

Wow...advertisment tactic changed. The last I heard, they are:
1. Investment
2. Shariah compliant
3. BNM approved
hmm.gif

Btw, precious metal trading in volume is monitored under AMLA, thus will be under the purview of BNM.

b00n
post Aug 8 2012, 10:41 PM

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Let me ask again... is Genneva BAFIA compliant and AMLA compliant?
b00n
post Aug 8 2012, 10:59 PM

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As stated in BNM released statement: "Based on information received by BNM, below is the list of known companies and websites which are not authorised nor approved under the relevant laws and regulations administered by BNM:"
b00n
post Aug 9 2012, 06:45 PM

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QUOTE(b00n @ Aug 8 2012, 10:41 PM)
Let me ask again... is Genneva BAFIA compliant and AMLA compliant?
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QUOTE(b00n @ Aug 8 2012, 10:59 PM)
As stated in BNM released statement: "Based on information received by BNM, below is the list of known companies and websites which are not authorised nor approved under the relevant laws and regulations administered by BNM:"
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Has this basic terminology being addressed??

What I know of is yes they have previously applied under Section 21(1) under BAFIA for Leasing and Factoring businesses(scheduled business) which BNM has the right to pull it back.

Thus by the term: "below is the list of known companies and websites which are not authorised nor approved under the relevant laws and regulations administered by BNM" does it automatically meant that they are no longer certified by BNM to be BAFIA compliant?

But as far as my limited knowledge goes, trading of precious metals especially in quantity still falls under AMLA which still indirectly comes under BNM purview as a reporting institution.
http://www.agc.gov.my/Akta/Vol.%2013/Act_613.pdf (pg 86: 32. A ctivities of dealing in precious metals or precious stones carried out by companies incorporated pursuant to the Companies Act 1965 [Act 125] and businesses as defined and registered under the Registration of Businesses Act 1956 [Act 197].) So is Genneva still reporting to BNM?
b00n
post Aug 9 2012, 09:50 PM

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I think sengih's friend is right. They never use the word blacklist. They just mentioned not sanctioned.

How far does BNM has legal authority over genneva is still in question like what I asked in my previous post.

However if one has prove that genneva is indeed using "investment" as their soliciting act, then BNM and SC does have the authority to step in.

This post has been edited by b00n: Aug 9 2012, 09:50 PM
b00n
post Aug 10 2012, 02:10 PM

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QUOTE(PatEagle @ Aug 10 2012, 12:28 PM)
Hi Boon, hopefully the news article below enlightens you and everyone following this thread...
Cheers and have a blessed GOLDEN day!  smile.gif

Pat Lu, (012) 210 4898 or email: goldgoose.my@gmail.com
Senior Consultant @Work
with The World’s Most Innovative Gold Industry Leader
Member, Gold Bullion Entrepreneurs Association of Malaysia (Gold-BEAM)
*
My question was never properly addressed.
Why in the first place they applied under BAFIA section 21 from BNM?
And now what?

So previously they claim they are BAFIA and AMLA compliant. So now they can retract back by saying "oh... we need not comply"?!

Then comes back to the question on Hibah. What is Hibah? It had been approved by Shariah previously on Hibah payout right? So is that investment like mentioned in the article?
b00n
post Aug 12 2012, 09:32 AM

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Genneva does no wrong if it is purely gold trading.
However gold "trading" promising "returns" is what lands them into the current situation.
b00n
post Aug 18 2012, 04:13 PM

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Read back his first post carefully. All 4 conditions has to be fulfill for it to work like he mentioned. Especially no. 4.
The 10 months or whatever months is if the company is still around fufilling thier "promises".
b00n
post Sep 14 2012, 10:18 PM

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When you "claim" to give returns (although they now do not guarantee the returns) every other month for the gold you sold, you are already contravening the law because it is already considered "illegal deposit taking".

Hence BNM stated it very clearly in a way whereby they can operate as normal Gold Trading company i.e. buy and sell. But you cannot claim to give return because of what I mentioned above.

Any Geneva Seller dare to publish their so called "investment slide" / "presentation material" presented at their "talk" here for us to send to BNM for clarification on "illegal deposit taking"?
b00n
post Sep 30 2012, 12:07 PM

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I am actually surprised https://forum.lowyat.net/user/GoldScamBusters is linked to https://forum.lowyat.net/user/Anonymous%20me
What gives?!
b00n
post Oct 1 2012, 06:25 PM

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There would be a new company set up.... brows.gif
b00n
post Oct 1 2012, 06:39 PM

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There will always be ppl whom fall for it.
Even the basic Nigerian scams, ppl are still falling for it. And when you read the news, these ppls are not exactly not educated. wink.gif

Some opportunist knowing the risk will go for the first cut then pull out. I have known ppl whom made money from Samudra as "investor" (not sales). The friend of mine knows exactly what he is getting into and decided to went in to take a cut before pulling out.

When the music chair is still spinning, opportunist such as my friend still earns. The issue is we don't know when it is going to stop hence my friend dare not go in too deep and manage to get out before the music stopped.
b00n
post Oct 1 2012, 10:09 PM

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QUOTE(MBC270cdi @ Oct 1 2012, 09:20 PM)
» Click to show Spoiler - click again to hide... «

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One fudamental question... U see this coming? I.e. Genneva being raided?

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