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> Geneva Malaysia V2, more facts will be revealed soon...

debbierowe
post Oct 28 2012, 05:45 PM


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http://www.freemalaysiatoday.com/category/nation/2012/02/23/bnm-approval-not-needed-to-refund-investors/

BNM approval not needed to refund investors
B Nantha Kumar | February 23, 2012
Central bank says Bestino free to return any purported funds claimed to be in existence to investors in gold investment scheme.

KUALA LUMPUR: Gold investment scheme operator Bestino Golden House Sdn Bhd need not wait for a green light from Bank Negara Malaysia (BNM) to return investors’ money.

“Bestino is free to return any purported funds claimed to be in existence to the investors. Approval from BNM is not required,” the central bank said in a statement.

On Monday, investors urged BNM to clear the air over a statement by Bestino director Chong Yuk Ming that Bank Negara had yet to give the green light to refund investors’ money.

Chong said Bestino was ready to return the money to investors on April 30 this year since the company has US$146 million (RM438 million) in the HSBC Bank, Hong Kong.

The largest gold invest scheme in the nation, Bestino which is based in Ipoh, stopped taking in investments after BNM raided the company for illegal deposit-taking activities.

Four of its directors were charged in the Sessions Court in Ipoh on Feb 23 last year for illegal deposit-taking and money-laundering offences.

Since then, more than 6,700 investors have demanded that BNM and Bestino return their investments.

No reason to hold on to the money

BNM also stated that the Bestino management has not responded to a request for a tripartite meeting with investors so that the company can explain its plan to refund investors.

Meanwhile, Bestino Action Committee urged the directors to immediately return investors’ monies in light of BNM’s statement that it has no objection to the company refunding.

At a press conference today, committee member M Sarasvathy said that Bestino should refund monies as soon as possible as they had pledged to do.

“There is no reason for them to hold on to the money, amounting to RM411 million, now that BNM had cleared the air on the matter,” she said. “We want Bestino to settle the money now.”

Sarasvathy who is also Parti Sosialis Malaysia (PSM) national deputy chairman said that they will continue with their signature campaign until investors get back the money.

“We will meet BNM governor in soon to seek a meeting between BNM, Bestino directors and investors to get a full picture on the current scenario,” she added.

if tell Genneva don't worry.........

inb4 Genneva Supporters : BNM Raided ALL OUR GOLD AND MONEY! NOTHING LEFT TO REFUND CUSTOMER LA BONGNGOK!!!!

This post has been edited by debbierowe: Oct 28 2012, 05:48 PM
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lucyflores
post Oct 28 2012, 06:03 PM


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[quote=terry8,Oct 28 2012, 02:11 PM]
It's a thread to highlight the lies that Genneva or Genneva's CONsultants are feeding people. You got any lies to share ?


Added on October 28, 2012, 2:25 pm
I dont see anything wrong buying gold from the bank. There are 2 types of investment with the bank. You can open an account and buy gold (do not receive physical gold) and you get a statement of how much gold you own. You can buy and sell anytime. If you do these investment with Maybank, this is insured so if anything happen to Maybank you don lose your money.

You can buy physical gold from UOB bank (minimum 1 kg) at 26% less than Genneva's price. With this gold you can sell to any bank. Even if UOB collapses, you can sell to any bank.

The problem with these Genneva investors/buyers are that it is difficult to sell their gold bar near the real spot rate of gold price. This is because the banks do not want it and the goldsmiths want to take a cut of 20%. Worst of all the bought it at their GBEAM spot rate which is 26% above market spot rate.

no one knows now if the gold is not tungsten inside.

What is the use of a precious metal if you have no venue to sell it at market price ???? It is just a great loss.


Added on October 28, 2012, 2:31 pm
Well then invest in Singapore dollars. Or buy physical gold from UOB. If a bank branch burn down, your data of how much gold you have is still there and you can still get your gold back from UOB. If all the UOB branches burn down, your data is still there and you can still get back your gold investment. If their data centre burn down, you can still get back your gold becoz the data is backed up. if UOB collapses and if this bank is insured like Maybank on gold investment, you still can get your money back.

If you invest in a RM 50K paid up company like Genneva, now you lost EVERYTHING.

GOLD is NOT equal to Genneva. Many places to buy GOLD my friend. Wake up.
*

[/quot
I think u r right. Gold account r more practical compared to physical gold. Physical gold small amount can keep in safe deposit box. Even then it is not safe. We have cases where bank safe deposit boxes are hacked into. Then u lose everything too. Each box is only insured for a very minimal sum. Gold account r like money in the bank. Anyway the gold account spread (buy-sell price) is smaller.

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Selectt
post Oct 28 2012, 06:08 PM


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i checked BNM site, they are still investigating Genneva Sdn in 2009 till now. Now with a new case with Genneva Malaysia, I gona shit bricks man. Highly likely these gold and money will be stucked for years, that is if the gold exists
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9166
post Oct 28 2012, 06:13 PM


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I just realised that Maybank has got a silver investment account. Big spread though of 8%.

7 years ago, a China trader told me to invest in silver bullions. I did not take his advise. Big big mistake. It was around USD3 per oz and it is now over USD30 per oz. 10 folds in 7 years.


Added on October 28, 2012, 6:14 pmAre you an investor in Genneva? Care to share your story? Love to hear it first hand from someone involved.

QUOTE(Selectt @ Oct 28 2012, 06:08 PM)
i checked BNM site, they are still investigating Genneva Sdn in 2009 till now. Now with a new case with Genneva Malaysia, I gona shit bricks man. Highly likely these gold and money will be stucked for years, that is if the gold exists
*
This post has been edited by 9166: Oct 28 2012, 06:14 PM
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raynman
post Oct 28 2012, 06:19 PM


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QUOTE(9166 @ Oct 28 2012, 06:13 PM)
Are you an investor in Genneva? Care to share your story? Love to hear it first hand from someone involved.
You got to be kidding me.

There are only Genneva-bashers here.

Even if he did share his story, he'll be soundly bashed.

This post has been edited by raynman: Oct 28 2012, 06:19 PM
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gundam98
post Oct 28 2012, 06:25 PM


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http://www.freemalaysiatoday.com/category/...fund-investors/

BNM approval not needed to refund investors
B Nantha Kumar | February 23, 2012
Central bank says Bestino free to return any purported funds claimed to be in existence to investors in gold investment scheme.

KUALA LUMPUR: Gold investment scheme operator Bestino Golden House Sdn Bhd need not wait for a green light from Bank Negara Malaysia (BNM) to return investors’ money.

“Bestino is free to return any purported funds claimed to be in existence to the investors. Approval from BNM is not required,” the central bank said in a statement.

On Monday, investors urged BNM to clear the air over a statement by Bestino director Chong Yuk Ming that Bank Negara had yet to give the green light to refund investors’ money.

Chong said Bestino was ready to return the money to investors on April 30 this year since the company has US$146 million (RM438 million) in the HSBC Bank, Hong Kong.

The largest gold invest scheme in the nation, Bestino which is based in Ipoh, stopped taking in investments after BNM raided the company for illegal deposit-taking activities.

Four of its directors were charged in the Sessions Court in Ipoh on Feb 23 last year for illegal deposit-taking and money-laundering offences.

Since then, more than 6,700 investors have demanded that BNM and Bestino return their investments.

No reason to hold on to the money

BNM also stated that the Bestino management has not responded to a request for a tripartite meeting with investors so that the company can explain its plan to refund investors.

Meanwhile, Bestino Action Committee urged the directors to immediately return investors’ monies in light of BNM’s statement that it has no objection to the company refunding.

At a press conference today, committee member M Sarasvathy said that Bestino should refund monies as soon as possible as they had pledged to do.

“There is no reason for them to hold on to the money, amounting to RM411 million, now that BNM had cleared the air on the matter,” she said. “We want Bestino to settle the money now.”

Sarasvathy who is also Parti Sosialis Malaysia (PSM) national deputy chairman said that they will continue with their signature campaign until investors get back the money.

“We will meet BNM governor in soon to seek a meeting between BNM, Bestino directors and investors to get a full picture on the current scenario,” she added.
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9166
post Oct 28 2012, 06:26 PM


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raynman.
Dont be like that la. There are those innocently got dragged into this.
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Akonn
post Oct 28 2012, 06:29 PM


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QUOTE(Selectt @ Oct 28 2012, 06:08 PM)
i checked BNM site, they are still investigating Genneva Sdn in 2009 till now. Now with a new case with Genneva Malaysia, I gona shit bricks man. Highly likely these gold and money will be stucked for years, that is if the gold exists
*
On top of that, do not forget that Genneva (Singapore) is also under investigation by the Commercial Affairs Division (CAD) of Singapore and I understand 3/4 of their directors here are also directors there. So they will get f* from both sides, man - front and back. One of the reason why BNM cannot let go of this case in Malaysia is becos they will look stupid and ridiculous if they found nothing wrong here and in Singapore, CAD finds that GM is a massive ponzi scam.

Just imagine the amount of lawsuits GM will be facing from both sides of the causeway when the SHTF! SURE BUNGKUS ONE!!!

laugh.gif laugh.gif laugh.gif laugh.gif

This post has been edited by Akonn: Oct 28 2012, 06:38 PM
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gundam98
post Oct 28 2012, 06:31 PM


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Shereen Lim
COOKING UP ALLEGATIONS
The Media, BNM, relevant authorities & some dignitaries who do not have the decency to speak or publish the truth despite we repeatedly highlighted to them a trillion times.
They are the prime example of the kind of pious commentator incapable of report the truth.
They see themselves as the champion for the government & authorities.
We deserve to be respected. We do not deserve the media & others cooking up allegations.
The public have the right to know the truth without misconstrued.
We are totally disgust with the Media, the BNM & relevant authorities as well as to those who continued to persecute and ridicule us
For nearly a month now, much of the coverage has been filled with contemptuous remarks about Genneva Malaysia and its customers.
They seem to rally against Genneva Malaysia that is entirely focused on misconceived, inaccurate and incorrect report.
a) Genneva Malaysia does not offer an Investment Plant to its customers,
b) It’s does not fall under purview of BNM & the statement of bail out is gravely misleading.
c) Genneva Malaysia doesnot promised or guarantees a return
d) Genneva Malaysia does not have agents
e) Customers acquire direct ownership of physical gold (in other words, we received physical gold)
Yesterday at 18:37 · 42 · Like · 8 comments
still in denial stage...

This post has been edited by gundam98: Oct 28 2012, 06:32 PM
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raynman
post Oct 28 2012, 06:32 PM


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QUOTE(9166 @ Oct 28 2012, 06:26 PM)
raynman.
Dont be like that la. There are those innocently got dragged into this.
*
I am just speaking from my observation of the postings here.

Granted that we are not victims of this Ponzi scheme, but that does not give us the right to keep on bashing those who are.

All fifty-over pages of it.

You can be sure those 'innocently got dragged into this' won't be sharing their experiences with you guys anytime soon.
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Patagoniaranger
post Oct 28 2012, 06:42 PM


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QUOTE(gundam98 @ Oct 28 2012, 11:26 AM)
Refreshing everyone's memory... just few months ago...

Genneva can be NO. 1


*
Its two directors were subsequently charged under the Banking and Financial Institution Act 1989 and Anti-Money Laundering and Anti-Terrorism Act 2001. Each director was charged with more than a hundred offences.

For some reason, the charges against these directors were dropped by BNM in 2010.

BNM has so far not returned the gold to the investors, leaving the poor investors in no better position than they were in when the raid was carried out.

http://thestar.com.my/news/story.asp?file=...38079&sec=focus
unsure.gif

This post has been edited by Patagoniaranger: Oct 28 2012, 06:43 PM
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Selectt
post Oct 28 2012, 06:43 PM


wattttt!!
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QUOTE(gundam98 @ Oct 28 2012, 06:31 PM)
still in denial stage...
*
shereen lim is a hot mama. drool.gif

btw, i m not GM investors. just sharing the info. From what i observed from GM investors, they are all act like very smart and fill of greed. I for one, do not offer sympathy to them, considering these people are bloody rich.
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9166
post Oct 28 2012, 06:46 PM


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Granted that a lot of bashing is going on.

The only way out of this, if I was involved..... if you have the purportedly declared as gold bar in hand is to first get it assayed. if it is gold, Then decide if you want to keep it or sell it.
If you have nothing in your hands, then move on. Forget about the hibah and concentrate your resources in making a living.


QUOTE(raynman @ Oct 28 2012, 06:32 PM)
I am just speaking from my observation of the postings here.

Granted that we are not victims of this Ponzi scheme, but that does not give us the right to keep on bashing those who are.

All fifty-over pages of it.

You can be sure those 'innocently got dragged into this' won't be sharing their experiences with you guys anytime soon.
*
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gundam98
post Oct 28 2012, 06:46 PM


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why TGG get a full list of Genneva investors list? Can you think? this is insider's job! already planned!
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9166
post Oct 28 2012, 06:48 PM


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Who is this TGG?
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gundam98
post Oct 28 2012, 06:53 PM


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Wei Lim Tiong
Dear fellow genneva member,
i have recieved call from TGG(M) Snd Bhd and a girl name Rachel invite me to a event said there will be a new exchange plan on genneva's gold plan, and i personally found out very fishy here... and i question her how she got my number and how you get genneva's contact? she answered she dont know and she only got genneva's contact from her superior, people the detail state as below:

Name: Rachel
Phone:0125381909
Vanue: (Ballroom 3, Sime Darby Convention Centre 1A, Jalan Bukit Kiara 1, Kuala Lumpur)
Time: 7pm-10pm
Date:30 OCT 2012

Have any consultant experience this??? Please share with me...
1 hour ago near Kuala Lumpur · 1 · Like · 4 comments
Anyone would like to go and get some info?

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9166
post Oct 28 2012, 07:01 PM


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Interesting.
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Patagoniaranger
post Oct 28 2012, 07:06 PM


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how did Genneva get the sort of Approval to register their company to run this business? Did Genneva Directors knew the LAW of this country?
Why the Genneva directors didn't hire any lawyers? Why all the member never make Polis Report?
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EddyLB
post Oct 28 2012, 07:28 PM


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QUOTE(Patagoniaranger @ Oct 28 2012, 06:42 PM)
Its two directors were subsequently charged under the Banking and Financial Institution Act 1989 and Anti-Money Laundering and Anti-Terrorism Act 2001. Each director was charged with more than a hundred offences.

For some reason, the charges against these directors were dropped by BNM in 2010.

BNM has so far not returned the gold to the investors, leaving the poor investors in no better position than they were in when the raid was carried out.

http://thestar.com.my/news/story.asp?file=...38079&sec=focus
unsure.gif
*
Bro, the comment you copy paste in the star is not refering to Genneva leh.....it is Bestino if not wrong....


Added on October 28, 2012, 7:29 pm
QUOTE(Patagoniaranger @ Oct 28 2012, 07:06 PM)
how did Genneva get the sort of Approval to register their company to run this business? Did Genneva Directors knew the LAW of this country?
Why the Genneva directors didn't hire any lawyers? Why all the member never make Polis Report?
*
Wow....you got a lot to read up bro....the answer you are looking for is either in this thread or V1 thread...

This post has been edited by EddyLB: Oct 28 2012, 07:29 PM
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debbierowe
post Oct 28 2012, 07:42 PM


so fast 6 stars di...
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QUOTE(raynman @ Oct 28 2012, 06:32 PM)
I am just speaking from my observation of the postings here.

Granted that we are not victims of this Ponzi scheme, but that does not give us the right to keep on bashing those who are.

All fifty-over pages of it.

You can be sure those 'innocently got dragged into this' won't be sharing their experiences with you guys anytime soon.
*
Maybe you can visit Genneva Malaysia Supporter fb page, over there got cult liked type of praise towards Genneva and pure bash towards BNM, can help u neutralized the bashing u felt here
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