Actually, both of you are correct:

http://www.bnm.gov.my/index.php?ch=statist...2-10-15&lang=en

However, he is indeed spinning. They are intentionally misrepresenting BNM as having insufficient liquidity. Note that it is also an extremely basic accounting fail. Paid-Up Capital actually represents a liability and not an asset. Whoops.

These are people who don't understand basic economics and accounting. If they did, they wouldn't have been so easily conned. What I find surprising is that some of them really ought to know better. I'm not going to say who, but one of the people who posts regularly on the GMS page is an Assistant Supervisor at CIMB Wealth Advisors where he is a unit trust consultant.

Well, I know where I am not going to go if I need financial advice...

Well, they insisted that there was at least 1 ton of gold at the Jalan Kuchai Lama office when it was raided.

This is what 1 ton of gold bars looks like:

http://scienceblogs.com/digitalbio/2009/01...nce-at-the-klo/

Only court can decide on gold seized in raids, says Bank Negara
As I expected, as did many others here I believe. They are not getting their money or gold back anything soon. Hibah? Yeah right.

Sod them. We can make this an election issue ourselves. 99.98% of the rakyat don't want their money and public funds to be used to bail out greedy idiots.

Oh dear, Pat Lu's money go bye bye?

When reality sucks, some people will rather live in denial than to face up to it.

Put yourself in their shoes. There are 2 possible realities you have to face:
1. Accept that you are now financially wrecked. The lifestyle that you knew and enjoy is over. You need to rebuild your life again because you were conned. You are not as smart as you think you are.
2. You very smart. The rest of the world is just too stupid to take advantage of this glorious opportunity, and they are jealous of you which is why they want to see you fall. You have actually nothing to worry about as you are in the right.

Which would you prefer?

Long haired. Almost always in the front of photos. Has a 'Hidup Genneva' t-shirt with a drawing of a bear on it. Quite cute, really (the bear, not her ).

She has a prominent presence on the GMS page. Just look for the postings with a title in ALL CAPS.

She's a true believer, that one. She's like the high priestess of the goddess Genneva. Even if BNM were to conclusively prove that the whole thing was a fraud and scam, she will cry foul and call it blasphemy.

Some people never learn. Back when Genneva v1 got raided, people just moved to v2. TGG is nothing more than v3.

Bung Mokhtar hits out at Syed Mokhtar, Zeti
Yang Berbocor needs to keep his misogynistic mouth shut. Zeti Akhtar Aziz is respected internationally as a world-class banker.

According to his FB profile, he works for Standard Chartered Bank, has an Honours in Accounting & Finance from Middlesex along with a MBA.

They seem to be praising Kinabatangan's Bunghole now just because he spoke up in their favor. Yup, the misogynist mulut berbocor MP. Unbelievable! Shame on them!

If any Genneva customers might still be following this thread, I strongly suggest you hire your own lawyers - especially if you are one of those who have not received your gold. Do it now, and make sure they are independent of Genneva itself as well as your consultant or upline. This is very important.

Do you honestly believe the consultants are so selfless as to stand together with you? Naive, aren't you? When the ship sinks, you'll be going down alone. All those who have received their gold bars will not be so badly affected and they will just leave you to wallow in your own misery. Strike preemptively! Sue them. Force them to cough up the gold so that the pain can be shared out equally. If you're lucky, the courts might even deny the upliners any share at all.

Interesting posts on the GMS wall. While there is still a lot of fanatical crazy, it does look like there some element of sanity is starting to creep in.

Its amazing how cheap their political allegiance is:

BNM raids Genneva - WTF? Down with BN!
UMNO Youth offers to help - Hidup BN!
Awang Adek gives report - BN go die!
Bung Mokhtar speaks up - Hidup BN!

I get confused watching these people.

Going to highlight some of the more interesting or funny comments I find on the GMS page.


I can say that 80% of her brain (maybe more, definitely not less) is not functional. She don't understand what is a balance sheet? Is she suggesting that 80% of companies out there have financial irregularities? Where is the Hons in Finance and Accounting guy? How come he never correct her?

Bullshit-free zone?

This post has been edited by arubin: Oct 24 2012, 11:27 AM

No, they are not going to be alright. When the Madoff case broke, all withdrawals within the last 6 years were subject to "clawback" lawsuits. Yup, people were forced to return the money so that the net loss could be distributed more equitably.

By rights, if the court handles the case properly, all who have received physical gold will be forced to hand it over. Anyone who has pulled out within the past 2 years will also be forced to hand over the money. Pool it all and pay it out fairly to every victim.

Also, one of the factors complicating the redistribution of the recovered funds from Madoff is that the trustee is using the net-equity method. Victims want their claims calculated based on their balance as when the scheme collapsed. However. the trustee wants to subtract the amount that has already been withdrawn and the courts sided with him. This involves a lot of additional paperwork to track down every single withdrawal made.

No such complications with Genneva though. After all the hibah is predictable. Although its not supposed to be a guarantee, the consultants claim that everyone has always received their hibah on time. Net-equity can be reliably calculated without too much additional work.

Nice going, consultants. Shot yourself in the foot there.

Yet another reason why customers, especially the new ones, need their own lawyer. Push for the net-equity method. It'll mean that those who have been collecting their hibah for years will get a lesser claim.

This post has been edited by arubin: Oct 24 2012, 12:17 PM

Yup, that looks like him alright. Same hairstyle, glasses, beard. I would say its a 99% match.

Hmm, it says worked for. Might be he quit already just to devote himself to Genneva.

I checked a friend's profile and it says works for XXX. He is still with that company. Guess there is a status for after you quit.