Some Genneva customer cannot wait already. Want to sell the S&P for the gold purchase without the gold. Who want to buy a piece a paper:-

With savings lost in gold scheme, retirees live off kids
Aidila Razak
5:23PM Oct 30, 2012

Three years ago, mother of three S Kamalavalli, 58, was looking forward to retire happily after years of working on a factory line - until the promise of good returns from investing in gold beckoned.

"An agent came to the house and told me about this gold bar investment scheme. I asked a friend, who said that she had been getting a three percent interest on it for several months already, so I invested RM65,000 in the scheme.

"That was all of my EPF (Employee Provident Fund) money and now it's all gone. My children are furious with me," Kamalavalli (left) said.

The Sungai Siput native's husband, who worked as a grass-cutter, was also taken in and invested RM30,000 in the failed Ipoh-based Bestino Holdings gold investment scheme.

"He's become ill now, so he's no longer working. Our children work in factories and are supporting us financially, but it's tough for them too, as they want to get married and have families," she said.

Kamalavalli is among the 200-odd investors who are camping in front of the Prime Minister's Office until they can get an appointment with PM Najib Abdul Razak, to urge him to intervene on their behalf.

"Even if they don't give us everything back at once, they can give a little first. I don't have a monthly pension and I really have nothing left.

"When I sit at home and think about how I have upset my children, I cry, and sometimes I feel like dying," Kamalavalli said.

Many pleas for help made

This is not the first time the investors had sought government intervention.

The investors' working committee, which represents 6,764 investors, have sent at least six memoranda to several agencies and have had a number of meetings with Finance Minister II Ahmad Husni Hanadzlah.

They have also met with the directors of Bestino, Bank Negara Malaysia deputy governor Abu Hassan Alshari Yahaya to seek that their money - an astounding total of RM411 million - is returned.

In the meetings, the investors claimed, Bestino said it has funds elsewhere, beyond the RM24.2 million frozen by BNM after four Bestino directors were charged with illegal deposit taking and money laundering on Feb 23, 2011.

While the investors hail from around the country, from Kelantan to Johor, the group's spokesperson K Kunasekaran said the bulk of them are from Perak.

"Each person here represents about three other family members who also invested in the scheme," Kunasekaran said.

Those from Ipoh made up five bus loads today and they came prepared with tents, mats, stoves and pots.

Among them is A Kuppusamy, 68, who invested RM50,000 in the scheme.

"My family members, including my children and relatives, invested about RM100,000 in the Bestino scheme," said the retired mechanic.

Retirement funds gone

Pulling out a worn piece of paper from his wallet, Kuppusamy showed that he had received a three percent monthly interest from his investment, up to March 2009. Then everything stopped.

"I went to Bestino about 100 times, and every time they told me that I could not get my money back," he said.

"The Bestino office is located in Ipoh's Little India and many Indian traders got roped in to the scheme."

Kuppusamy, who with his wife now lives off his children, said he even went to Husni's house in Gunung Rapat, Ipoh, several times to seek help, but nothing much has happened since.

Former Pendang town councillor N Rajamanikam (right), too, is in the same boat.

The 63-year-old Kedahan invested RM10,000 of his life savings in the gold scheme, hoping to supplement his retirement fund.

Rajamanikam said the investment came with a Bank Negara certificate and that everything went smoothly in the first year.

"I had hoped that it could help feed my wife and I in our later years, but here we are," he said.

finally got drillz and news
http://www.malaysiakini.com/news/212977
Gold scheme investors camp out at PMO gates
Not taking no for an answer, about 200 investors in a gold bar scheme today set up camp at the Prime Minister's Office (PMO) gates in Putrajaya until they secure an appointment with the premier.
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Looks like most of Bestino's victims are ethnic Indians.

Looks like most of Bestino's victims are ethnic Indians.

Yes, they have really suffered and I really feel their pain.

How about Genneva, no news?

Looks like most of Bestino's victims are ethnic Indians.

Genneva?
Pat Lu and gang chicken out lar.....
somemore tomorrow have to face IRB....

Sorry, what is "Pat Lu and gang chicken out"?

today got news in bloomberg.....

they can't even explain where the company got profits to pay them the hibah. from trading gold futures? show the record then. from profits of selling the gold at markup price? that's basically they just return the excess you paid....

in companies, you'd get back dividend. even if they promised/guaranteed certain yield for the dividend, they explained where they got the money to pay the dividend. But Genneva?

I can't brain what sort of evil spirits had cursed and brainwashed their minds....