Worst! they are not allowed to invest.

How they make the money to pay for hibah? Just hope the gold price is rising to RM1,000,0000,0000,0000 per gram without dropping.

Think here - they are promised to buy back the gold with the agreed price. They are packaging it as derivative product. Selling options for future. This is a extream high risk in investment game.

my mom got into this...lucky not much

i told her that this system is not working and if compared to MLM compensation plan, this one is more hidden and a lot of questions not answered.

I am involved in MLM part time and I know this gold thing investment is not working given the facts that the return is really beyond our imagination plus those rules and regulations stated in their contract is really for themselves and no advantage for the buyer plus there is no biz in the world that can give you a return of 18%?

Another thing I found out was...since they said their company are "so good" but the official receipts they give was really "pariah" (like those we get in bookstore), how in the world if your company is so good, your receipts were so lousy...that alone really don't convince me..

You will be asking why I didn't stopped my mom to buy it. The reason is a lot of ppl will easily "brain wash" or "blind" when they want something, this apply to my mom. She looking a lot of opportunity let it be shares, mutual funds, MLM or etc etc..other things she involved she profit a bit for her pocket money but for this one...I have no choice but let her go ahead and get the lesson by herself...now she got the valuable lesson.

I did not invest in them. I just point out some correct facts. Even 10% already very susah i know.
Last recall I heard, gold got stuck there for more than 1 week b4 U get your cash.

Since it already raided, all previous argument is not very useful anymore for those who didn't listen.
Let move on to what next?
1st I congratulate the authority for doing the surprise raid at least customer an get back some "besi buruk" b4 it closes down.

I have some unanswered questions, not for me but for those investors.

Can someone from the authorities or company give us some details on the following
or at least someone email them lah. So that it is more transparent.
1. How much gold was confiscated on that day of the raid?  Important, verified by 3rd parties.
2. How much cash was confiscated on that day of the raid? Important.
3. How much is left in the bank a/c?
1-3 are the base line to protect the customer interest that the authority is doing their job properly.

4. How many customer + commitments?

then quickly do a calculation whether
1. Enough gold to give back to all customers. Customer with transit gold.
If enough then
2. Enough $ to pay the commission for the customer.

If authority can do this quickly then it can directly or indirectly prove the scheme whether it ponzi or not.
Then all the noise will be shut down.

They must do it properly lah, since Rosmah + mahathir also attended some of their function. Election is round the corner.

if not enough $ to cover, what is the next action. ? ? Well, I think the authority are smart enuf lah. we forumer just have ikan bilis idea only lah.

BNM legal teams must be prepared

Trading = sell products MUST profit
sell products NO profit = not trading  (logic or not?)

Deposit taking = received cash/money
Received/taking GOLD = not deposit taking  (under which act/section is illegal)

The moment BNM can prove that the Gold bars has more than 1 owner claims to same gold (recycling/sharing the same bars) genneva is gonecase

i read most of the comments at Genneva FB......really pity them. denial? fear? delusional?

they claim it's just a trading company, but they also claim themselves as an investor. They don't even know what are they, either just a buyer or investor.....

They claim BNM should release all the gold and the money to the 'investors'. Well, are the gold there in the first place? Is it enough for everyone who paid for it but have not received theirs?

most of them blame BNM, and blame BN and want to kick them out. oh well, good for PR.......