These 'Gennevarians' are a strange lot. Abdul Wahab came out strongly to say that 'marching confirmed next Thursday with PERMIT'....

"Abdul Wahab: JUST RECEIVE NEWS THAT MARCHING CONFIRMED WITH PERMIT NEXT THURSDAY !! AGENDA WILL BE UPDATED SOON . BE READY & GATHER AS MANY AS POSSIBLE THROUGHOUT MALAYSIA. ALL MUST COME OUT TO DEMAND FOR OUR RIGHTS & BELONGINGS FROM BNM. IF WE FAIL ... SCREW THIS GOVERMENT FOREVER !!"

Then he goes on to say:

"Thursday confirmed. time & venue yet to confirm"
-----------------------------------------------------------------------
So how the heck did he get any 'PERMIT' when the time and venue is not confirmed. Permission from authorities in charge of venue is required under the Peaceful Assembly Act 2012.

Pulling a fast one - typical of a Genneva consultant, that's how they manage to sell their gold.

They must be dreaming if they think BNM or police will allow them to protest in BNM's premises. If Wahab can get a permit for this march, I WILL CUT OFF ONE OF MY EAR.

FELLOWSHIP: That confirms it! GMS has achieved CULT STATUS!!

This post has been edited by Akonn: Nov 30 2012, 11:40 PM

These are the conditions under the Peaceful Assembly Act 2012:

The organisers would also need to ensure the following:

The proposed venue is not within 50meters of hospitals, petrol kiosk, airports, railway stations, places of worship and schools.
Persons below the age of 15 cannot participate in the assembly
Persons below the age of 21 cannot be part of the organizing committee(organizer)
Assemblies in the form of street protest is banned.
All who assemble at the venue are considered the responsibility of the organisers. Should the police request for the removal of banners/placards/boards, the organisers must comply immediately. Should the police request for the crowd to be managed, the organisers must cooperate to ensure the crowd is controlled.
In the event of failure to comply with the conditions mentioned, the organisers would be held responsible and a fine of up to RM10,000 will be fined onto the organisers.

>> Well as far as I recall there is a commuter train station just behind BNM and also a school nearby. Bringing children under 15 years of age is prohibited. If there's no permit, then the 'march' or an assembly in motion would be deemed a street protest and banners/placards/boards will most likely NOT be allowed.

So Saudara Wahab better be real when he said that he had already obtained the PERMIT!!<<

This post has been edited by Akonn: Dec 1 2012, 09:45 AM

I would go further than that and say that they have condoned, aided, abetted, promoted and perpetuated the ponzi scheme. And yet no action are taken against them.

Nope, don't think so. Lulu has a distinct way of writing - no class. The little update at the bottom is hers.

Rayma mah! Cannot expect anything. Only TALK and imagine like Chief Imagination Officer.

This post has been edited by Akonn: Dec 2 2012, 02:00 AM

Is your source reliable? I don't think BNM has the authority to release confiscated assets without the direction of the courts.

This post has been edited by Akonn: Dec 2 2012, 07:29 PM

Here's the FULL BNM STATEMENT:

Ref No : 12/12/01

Embargo : For immediate release

Update on Status of Investigation on Genneva Malaysia Sdn Bhd


Following recent raids on several companies suspected of operating illegal investment schemes using gold, the enforcement agencies would like to provide the following update, specifically pertaining to investigations into Genneva Malaysia Sdn Bhd.

Initial forensic accounting has uncovered considerable losses being experienced by the company in 2012 and the company has liabilities exceeding 10 times its assets. The actual operations of the company by selling gold at about 20% to 25% higher than the market price, paying returns of about 2% to 3% per month to customers and buying back the gold from customers at the initial purchase price has not been a sustainable venture. In this regard, the cash flow for the company to sustain its operations has relied heavily on the monies collected from new customers.

Seized documentation has revealed that more than 8,000 customers of the company who have paid for gold have yet to receive their gold amounting to more than 4,000 kilograms. In addition, the records also show that there are customers who have surrendered their gold to the company but have yet to receive their cash reimbursement that amount to more than RM80 million.

The various enforcement agencies have received numerous appeals from affected parties in respect of Genneva Malaysia Sdn Bhd, for the release of monies frozen (RM99.8 million) and gold seized (126 kilogram) secured as evidence1 of suspected offences. Such monies and gold are required for the investigations and will only be dealt with at the direction of the courts. Members of the public are advised to refer to Bank Negara Malaysia’s website for further information. Further information will be provided as the investigation progresses. Every effort is being made to expedite the investigations to facilitate an early conclusion to the matter.



Joint statement by:
Bank Negara Malaysia
The Royal Malaysian Police
Ministry of Domestic Trade, Cooperative and Consumerism
Companies Commission of Malaysia

THE MATH: If the courts were to release all 126 kg of gold seized out of >4,000 claimed after the proceedings, each investor would probably receive ONLY 3% of gold that they have paid for.

This post has been edited by Akonn: Dec 4 2012, 07:24 AM

"....monies frozen (RM99.8 million) and gold seized (126 kilogram) secured as evidence of suspected offences."

So did someone from Genneva claimed that it was 200kg of gold that was seized by BNM, or was it 500kg??

---

Added on December 3, 2012, 6:55 pmNot forgetting that there are customers who have surrendered their gold to the company but have yet to receive their cash reimbursement that amount to more than RM80 million.

This post has been edited by Akonn: Dec 3 2012, 06:55 PM

They are also gunning for Lulu's ass for misleading them like a fanatical cult group for the last two months. Karma is a b****!!

I bet Savana Sim is also typing away some more blatant lies from the African Savanna and 'Burger OFF' no brainer, Dee Casey will also be barking off his mangy yelp soon.

Even if directors are NOT charged, still the assets can only be release at the direction of the courts. This was made very CLEAR by DFM Donald Lim today.

http://www.themalaysianinsider.com/malaysi...eputy-minister/

But after BNM's statement today it is simply IMPOSSIBLE that the directors won't be charged!!

This post has been edited by Akonn: Dec 3 2012, 10:07 PM

Game over already? Wasn't there a letter from Genneva Management in October announcing that 1Genneva Malaysia was on the edge of success??? LOL

---

Added on December 3, 2012, 10:37 pmPat Lu must be leading this move.

This post has been edited by Akonn: Dec 3 2012, 10:40 PM

What I meant by 3% is 126 kg gold siezed out of >4000kg gold owing by GM.

This does NOT include claims to expenses of international audit firms, legal fees, back hibah, other miscellaneous fees, etc. In the end all investors lose, BIG TIME.

As upliners and ppl who aided and abetted this ponzi scam (BNM has made this official from statement yesterday) consultants are NOT eligible to make any claims.

This post has been edited by Akonn: Dec 4 2012, 07:27 AM

Meaning it would be prudent for all claimants to make a police report NOW, IMMEDIATELY!!!

Terry, the problem with this case is it involves both gold bars and cash. How do you think the administrators will handle the claims for the gold bars? Would buyers be returned in cash or in gold bars? Probably they will liquidate the gold bars and pay out cash to every claimant.

FMV would be a percentage lower than spot. This means the final quantum of payment would be lower still considering most investors would have bought around RM210 per gm (GBeam rate) or higher during Aug - Sept 2012.

This post has been edited by Akonn: Dec 4 2012, 10:39 AM

Confirmed: Lulu is a dictator.

临临 Hi All, I am a soon-to-be Psychology student for a post-graduate research. My observation, at first the defense and comforting post by the admin of this page are very effective and calm down the crowd, the crowd has full support towards the company. Now that the admin is telling you in a very surreal tone that BNM is indeed telling lies (choice of word: spinning), but everyone still angry. Why is the lost of trust here? As for admin, the most effective way is to let people fully express what they are, the more you apply dictatorship type of control over the web, the less control you have will lead to be reflected in real life. People are not sheep. ~ a post on GMS

This post has been edited by Akonn: Dec 4 2012, 03:00 PM

Peter Micheal

Definition of Stupid: Knowing the truth from BNM, seeing the truth from the press statements, but still believing the lies from the silent GM? Silence is not an option & golden anymore. Time for GM to refute the allegations & get our assets back from the authorities! Enough of suffering. Time for action, GM!