Chandran Kutty makes RM4500 from hibah and commissions. Now all gone.

Angry investors
The raids angered thousands of customers who insist the businesses were legitimate, and Genneva clients have launched a petition calling for it to be allowed to resume operations.
The petitions warned that signatories would otherwise vote for the political opposition in elections due next year that are expected to be closely fought.
Genneva customer Chandran Kutty, 56, told AFP he bought a gold bar for RM200,000 and was earning RM4,500 monthly from interest and commissions for introducing new clients, but “now all that is gone”.
“It is a nightmare. I never expected this to happen. We were doing a genuine business,” he said, adding that clients were drawn to the scheme because low interest rates in Malaysia have made bank deposits unattrative.
-AFP

Well said. I quite agree.

Timbalan Menteri Kewangan menafikan bahawa jumlah pelabur sehingga 80,000 orang.
KUALA LUMPUR: Kerajaan percaya jumlah pelabur dalam skim dagangan emas Genneva Malaysia hanya merupakan 35,000 orang dengan pelaburan antara RM4 bilion hingga RM10 bilion.
“Maklumat yang saya peroleh setakat ini 35,000 pelabur dikesan melibatkan pelaburan lebih dari RM 4 bilion dan mencecah RM10 bilion,” kata Timbalan Menteri Kewangan Datuk Dr Awang Adek Hussin semasa menjawab soalan tambahan di Dewan Rakyat.
Beliau menafikan kenyataan ahli Parlimen Pasir Mas Datuk Ibrahim Ali terdapat 80, 000 pelabur yang terlibat di dalam skim ini.
Aset Syarikat Genneva Malaysia telah dibekukan oleh Bank Negara Malaysia sejak awal bulan ini kerana disyaki mengumpul wang deposit secara haram dan pelbagai kesalahan kewangan.
Awang Adek turut menyatakan sebelum ini menyenaraikan langkah-langkah kesedaran yang diambil kerajaan agar rakyat tidak tertipu dengan skim sebegini yang beliau sifatkan sebagai mempunyai nilai sentimental.
“Perniagaan ini berselindung di sebalik perniagaan emas dan mempunyai tarikan sentimental maka pengguna merasakan perniagaan emas betul,” kata beliau.
Beliau turut menyatakan Bank Negara Malaysia perlu bertindak secara seimbang dalam mengambil tindakan terhadap syarikat pelaburan sebegini.
“Bank Negara tidak boleh terus masuk. Kita kena imbangi tak terlalu cepat dan tak terlalu lewat. Kalau terlalu cepat, akan dimarahi pelabur,” kata Awang Adek.

Uhm, someone help me out here... so the diagram shows that if i invest, i will hold RM980 and also a gold bar?
or Genneva is a middle man not selling their own gold?

o.O

Be careful and vigilant - the next few days / weeks will incite various sources to spin their way in/out of dictating:

WHO is at fault.
WHAT really happened.
HOW many people was involved.
WHAT is the outcome.
WHY it happened at all.
WHEN the outcome will be decided.

Truth will be swept aside.

Facts will be used to persuade the weak and the misinformed.

Facts will be shaped as opinions to push agendas.

All this for gold?

Hell yeah.... gold still incites love and murder...21st century style.

That diagram is bullshit. Genneva's markup is 25% above spot price. If you invested RM1000, you will supposedly hold RM800 worth of gold - if they delivered on time of purchase. That hasn't exactly been happening.

The attraction behind buying from Genneva is that they will pay you 'hibah' every month. At RM1000, I think you'll get 1.5% which would be RM15 every month until the contract ends which is when you will be able to sell the gold back to them at your original purchase price of RM1000.

The GMS people claim that this hibah as well as the buyback is discretionary and is not guaranteed, yet they are so dependent on it that many of them are in financial distress after only 1 month. How they fail to recognize this contradiction boggles the mind.

This post has been edited by arubin: Oct 31 2012, 06:48 PM

2% hibah , comission how much? Best way of sucking from genneva, don't invest with ur own money, just pure CONsult, earn commission , anything happen, go hide. Ooooops isn't this what the directors doing? Huhu...

Oh, this is FUNNY! Saw this posting below by one Agustine Kow, probably Regional Director Joseph Kow's brother and consultant.

"Augustine Kow: CAN YOU KINDLY REFRAIN FROM CALLING PEOPLE STUPID! You can ask him go learn accounting or say "no wonder people like him running the country bring it to ruins" etc etc..Are you trying to put fire into this sensitive issue and aim to sabotage this? i suggest ADMIN please block such people from posting. We do not want BNM think it is one of us who is so unruly and make personal attacks. Tks"

http://sphotos-a.ak.fbcdn.net/hphotos-ak-a...179115917_n.jpg

Ha ha little does he realise that Admin(Lulu?) is THAT someone whom he calls 'so unruly and make personal attacks' and is guilty of calling people stupid. So how does the ADMIN block herself, ha ha ha. She should probably delete his posting and block him from GMS like what she does to us LYN wankers...LOL

So are you trying to put fire into this sensitive issue and aim to sabotage this, Ms Lulu? ha ha ha

Conclusion: Again our Lulu thinks shes so smart, deluding herself to be the Joan of Arc of Genneva but kena kow-kow from Augustine Kow. And indeed GMS people are unruly and are out to sabotage themselves.



This post has been edited by Akonn: Oct 31 2012, 08:19 PM

It's a lie! 2%profit is a big lie... Genneva supporters are full with liar!

Awang Adek was merely the messenger. The report was prepared by BNM for which Zeti Akhtar Aziz is the governor, and has likely been briefed quite thoroughly too. If they will call Awang Adek stupid, the implication is that whoever prepared the report is stupid. Ergo, Zeti Akhtar Aziz is the governor of stupid. Global Finance named her as one of the top best bankers in the world, which must mean that magazine prints rubbish. A Bloomberg columnist has suggested her as a candidate to head the IMF, which also means they are a crappy new agency. But wait, aren't they happy that Bloomberg has given them international spotlight?

These GMS folks make me

the diagram shows that you put in 1000 and get a 980 gold bar (and the possibility of hibah).

i think the graph there implies that the 980 is still genneva's. its not. you sell something, you realise the sale - you dont consider the thing you just sold to still be part of your asset. you sell your house, your house is no longer your asset.

if anything, the gold in the hands of the buyers are a libility (if genneva promises to buy back the gold in the future).

For my knowledge, u only hold the physical gold bar...thats it~~

---

Added on October 31, 2012, 9:24 pmAre u the one who get lied? trapped?

This post has been edited by simonlai61: Oct 31 2012, 09:24 PM

I will go fire-bomb that LULU Sultan of Con-sultan, at least i got rid of a scum of the earth before i go

I know some of you losing your hibah and still believe the Con-setan.. But dont lah flooding FB page with pix...

cannot tahan that Surname Won aunty.. every post of her telling ppl GOOD NEWS ON THE WAY

Who made the money these 4 years in genneva and who convinced all these customers to buy into the Genneva scheme ?
Answer :- The company and the Genneva CONsultants

Who should be courteous and have the responsibility to talk to the customers who are in confusion ?
Answer :- The company and the Genneva CONsultants
There is no law against talking about the case even with the investigation proceeding. These people dont care anymore, they got the money already in their accounts. In Singapore, they didnt even turn up for one of the court case (private suit against them).

Sitting Down With Genneva Customers :-

Has GM cooperated by giving a full list of customers and contact number ?

Information From BNM :-

BNM already put this company on the alert list but did people pay any attention to the risks ? This is also exactly what Singapore's MAS did - publish a FAQ.

BNM already put out general information such as the FAQ and also to inform the customers that the liabilities are more than the assets. They also stated that "the returns promised are not funded through gold trading but from the monies invested into such schemes".

Any details to be publically announced require proper checking to ensure that information announced are 200% accurate in order not to jeopardise the case against GM and the directors.

Furthermore it has to go to the Attorney General's office (not BNM) for the legal proceedings. At that time the details will be revealed as the AG office deem fit.

BNM also stated that they have no powers to distribute the assets back to the customers without the court's direction.

Can these people accept the fact ? They cant - this is the problem because they are still being brainwashed by the company and CONsultants. If these people want their money back quickly, they should consider lawsuits against GM and the CONsultants - possibly a better avenue. (gotta check with the lawyers though)

Yes we cannot stop people from being greedy. But greedy people have to learn that there are consequences to being greedy.

BNM is the arm for supervising and controlling financial dealings in the country including deposit taking etc. SC is the arm for supervising licensing for trading. So if companies are to be licensed for gold trading (real gold trading and not these trading with interests and no gold in hand), it should fall under the SC purview.



This post has been edited by terry8: Oct 31 2012, 10:54 PM

am testing Lulu's patient again

Actually I think now everyone including the consultants and investors know that Genneva is a scam. The investors just want to keep the topic hot so that they could get attention of the politician to achieve their ultimate objective of "BAILING THEM OUT using TAXPAYER'S money!"
That is why they set up FB page.....bla bla bla...........to gain the people attentions while at the same time directing the attention of investors to BNM.
I donno what make this issue so special that gather so much attention. There are many other issue out there that also required attention. Looking at the progress, GMS (either management, investors or consultants) is doing a very good job.
I was waiting for this Genneva thing to die out like every other scam issue out there! Their money are gone with the wind.
The hot issue of the GMS even encourage the Bestino investors (3 years old issue!!!) to come up with something to get the government attention.
If the government decide to bail the thousands investor, then there will be millions people that are against it. Just hope that the government is not so stupid to do such a thing.
(I deliberately say they are investors cuz I don't want to involve in the silly word game. They can choose denial but the truth is they are investors.)

This post has been edited by anudora: Oct 31 2012, 10:47 PM

35000 investors worth of RM 10 billions. If our government bail out sure BN lost this election.

Hard lesson folks buy physical gold be patience ... u can't be rich in 1 night,
be realistic...

hibah now is heboh...

all the best to geneva investors...very slim chance to get ur money back..

i rather gahmen give few mire times BR1M .. altho i not qualified

also dont want them to bail Genneva