Found this on the GM Neutral Site - GMS vs Bestino

Under the Peaceful Assembly Act 2012, only certain designated spots are allowed for peaceful demonstrations. This mostly include enclosed stadiums like Bukit Jalil or Stadium Merdeka or padangs. Even this one needs prior written permission from the authorities overseeing this venues. Eg. Bersih needed permission from DBKL to gather at Dataran Merdeka. If they say NO means NO or else it is an illegal assembly. In the Bestino's case the area next to PMO was NOT designated as a place for an assembly but luckily the police were not nasty. Furthermore what does GMS mean when they say 'occupy'? Bestino was extremely well organised. Why? because they had solid leaders, transport and logistics. They had purpose, they prepared a memorandum and flyers, they had specific plans to occupy for the night or days, They brought water, food, equipments, tents, candles, maggi mee, and even mosquito coils. They were bent on meeting the PM or his representative. They would not budge unless they got to see the PM or achieve some positive resolution. GMS had nothing, no leader like a headless chicken, going there to sing songs, wave banners and come back, dehydrated and frustrated, achieving nothing and wasted half a day, shy to even say 'OCCUPY'. So dont make me laugh if anyone wants to compare GMS with Bestino.

Ah... it the same as*hole...a sicko that never change her tune.

Why stop at 1 billion...gonna make mine a 1 trillion loan and goyang kaki with GM.

- Bank would not ask you to quit your job to be a full-time CON artist.

- Bank would not ask you to refinance your house to buy into a scam

- Bank would not ask you to make a personal/term loan to participate in a ponzi scheme

- Bank would not ask old retirees to take everything they have in EPF, FD's, and their life savings for this crap.

- Bank would not cheat and con their closest relatives, friends and acquaintances so that agents can earn crazy commissions monthly


- Bank would have nothing to do with this shit, period.

Well, figuratively yes but literally, hmm... not so sure lah.....anyone here brave enuf to give a thorough check??


They actually have exhausted all options except legal option which they are afraid to do for fear the courts may actually rule that GM really is a ponzi scam. Latest strategy are threats/blackmailing the government by saying, "Hey you MF blockheads, if you dont release my gold, I wont vote for you in GE13."



This post has been edited by Akonn: Nov 2 2012, 03:54 PM

Truly all talk and no action these bunch of morons. Just like the so call 'Occupy Putrajaya' BS. What came out of it - NOTHING. Occupy it seems....what a bloody insult to the original Occupy Movement.

My exact sentiments...they all claim that they are NOT investors, the hibah and buy back are NOT GUARANTEED so why are they crying and pleading that there's NO FOOD on the table when they jolly well know the hibah is descretionary? WHY are they all saying that they are are all dying of hunger and starvation because the hibah is not forthcoming??? Strange world, strange creatures!!

There wasn't anything on the 8.00 pm news so I gather it's a hoax.

This post has been edited by Akonn: Nov 2 2012, 08:33 PM

Terry, don't u think all these seems so strange? I understand from some postings (not confirmed) that the Thai Royalty had invested heavily into GM, had not gotten their gold and was about to sue GM. And what about those consultants who were interviewed by BNM? Was there some sort of plea bargaining going on. Info in exchange for the gold. Remember that AA's statement yesterday that the info he got after 1 week of interview with the consultants lead them to believe assets were transferred abroad. So the consultants interviewed must have spilled the beans perhaps in exchange for the gold. Frankly I think its pure speculation and rumor mongering.

This post has been edited by Akonn: Nov 3 2012, 11:46 AM

BNM had already stated officially that all seized assets can only be release through court instructions or through a court order. If indeed they had released any gold/monies to the Thai Royal family or any consultant, it will be a great hypocrisy on their part besides a contempt of court and a total betrayal of the peoples' trust in the Central Bank.

Agreed. Why did LYN condone and abetted the biggest Ponzi operation in the history of Malaysia (RM10 billion in liabilities)?? Why did it allow a whole thread to be a medium for Pat Lu's golden goose marketing platform??

This post has been edited by Akonn: Nov 4 2012, 09:14 AM

I know of several investors who borrowed from banks (personal/term loans) around 150k - 200k and went for the iPad3 promotions just before the raid. The ones who used the gold bars probably used the Islamic Pawn broking system similar to Ar Rahnu. They deposited the gold bars and the Islamic financial institution pays them about 80% of the value of the gold. They later use this money and purchase more Genneva gold and this goes on for a few rounds (GM has a 6-month deposit period lately). The investor's worst nightmare is that they have paid GM but did not get the gold because of the long delay and then BNM came and raid. So now kantoi, no gold, no money and force to repay banks plus interest.

This post has been edited by Akonn: Nov 4 2012, 03:50 PM

Some interesting exposes on the Martin Lee Forum:

Cheah Ming Choo

03/11/2012 at 19:51 (UTC 8)
Hi there,
1. The goldco’s spin master was positive that there will be positive news by the end of this week. Well, no news is good news;
2. The goldco mentioned that there are individuals/group of individuals who buy the gold from them and sell in the rural areas but giving lower hibah/discount and pocketing the difference. The law says that in Malaysia buying and selling gold is not an offence so why are they mentioning it?
3. There had been reports made to BNM by customers who had paid for the gold way before the raid, are not getting the gold. Can the goldco please confirm if it is true?
4. The goldco had asked its con-sultans to go and buy gold in Sg and provide support, but now it is telling all and sundry that the Sg ops is run by Singaporeans and Mal is not involved in its operation. Can it be so when they had been claiming they are international and have operations in Sg and out of the 4 directors the only Sg director is Liew Vui Kheong while the other three NPW, SY & WC are Malaysians.
With such clever lawyers and spin masters, how can they go wrong? Or is it just buying time?

I've asked some of my father's friends who are investors. They say there are no paper gold issued, at least not in Malaysia. What happens is that Genneva issues 'Certificate of Ownership' that accompanies the gold that just states the serial number of the gold and certifies that one is the owner. This is useless when it comes to selling back to a third party. Genneva refuses to issue the original assayer's certificate for International Hallmark Gold bars, and they dont have any for theirs.

The rather uneasy aspects in Richard Chew's reasoning is that the directors may very well sabotage the whole BNM investigation because it would be in their favour to do so. Imagine having to honour RM4 -RM10billion in liabilities. I strongly suspect they will just start a fresh new business with money laundered from the current investments of customers. Excerpt below:


"On the flip side, I believe there is little incentive for directors to resume business . Why? Because to them it would be better to start a fresh new business on a clean sleigh. Resuming Genneva means the directors are to honour their obligations committed. Meaning they have to shoulder the ‘liabilities’ of 50,000 customers which estimated amount to over RM4billion. This is no small amount; will the directors put their hands to bear these liabilities to keep every customers happy?

It becomes clearer to me that it works against the Directors favour to resume Genneva because of the liabilities accounted for."

The de facto CEO/BoD of Genneva, Pat Lulu speaks (finally).....instigating & inciting as usual with the 'numbers' game' ... (sigh!!!)

Hi Colin and all,

As requested, here are my thoughts...

Fully aware patience is wearing thin and everyone is under pressure as the days go by. We consultants no commission for two months, we are also customers and our customers with gold no hibah for two months by the end of November, and the worst hit are those whose life-savings are in the gold seized by BNM, no hibah and no other source of income.

Now that BNM Governor Tan Sri Zeti has spoken (in spite of what DFM Awang Adek said soon after - you know how politicians are, no action talk only), lets give Tan Sri Zeti the due respect and time to resolve this.

It is my fervent prayer to see this resolved by Friday 9 November as two major public holidays are round the corner -- Deepavali (Hindu New Year) falls on Tues 13 November and Awal Muharram (Islamic New Year) falls on Thurs 15 November. It will be the worst new year celebrations for Genneva Family members from both communities. In my opinion, the government must be crazy if they don't return the gold and unfreeze Genneva's account before these major celebrations.

Say we don't get the good news by Friday 9 November; I recommend we be still and do nothing the following week too, respect our Hindu and Muslim brothers and sisters holy week and join them in prayer for a blessed new year. Effectively, we are giving BNM and the government two more weeks to resolve this matter. By then, it would be one and half months.

Meantime, from now till Friday 9 November, I recommend that our Steering Committee put their heads together to plan the next course of action for implementation on Monday 19 November onwards. I believe they are on this mailing list, so do share your ideas now what we should do from Monday 19 November onwards.

In addition, here's what you do:
There are supposed to be 6,000 of us and only 280 are on this list. Get all your consultants under supervision and your senior consultants nationwide to join this mailing list for private discussion online here so every consultant is updated and in tune same time for next course of action.
-- Text them: "For Genneva consultants only - JOIN Genneva Family at http://groups.yahoo.com/group/GennevaFamily/ or http://yhoo.it/Ry9Dmh - give your name, tel and consultant code."
-- Alternatively, go to http://groups.yahoo.com/group/GennevaFamily/subs_invite and type in their email addresses.

Social media is extremely powerful. Please get the message to ALL consultants, customers, family members and friends to "Like" http://www.facebook.com/GennevaMalaysiaSupporters
-- If you have a facebook (create one if you don't have one), post the link at your FB wall and get them to "Like" the page too.
-- Click "LIKE" and SHARE articles at your FB wall everyday. We also have to educate the general public to support our cause. Who knows, when Genneva is back in operation, your FB friends could be your prospects!
-- Comment, write your personal stories how this unjust BNM raid is affecting you and loved ones. Get your children to write too. You bet BNM and all politicians are watching this page like a hawk.
-- Go create your posters using vanilla cardboard similar to what GV Kuching, Melaka and Batu Pahat had done and post at the GMS facebook. Show the authorities you are prepared and ready to demonstrate in front of PM or BNM building when required -- this is simply to add PRESSURE. Going to the street is the last resort.
-- Go read, like, share and copy paste GMS Notes at https://www.facebook.com/GennevaMalaysiaSupporters/notes to email and forward to your friends too.
-- Also help to answer questions and put people in their place at the GMS FB.
-- You must comment and ADD PRESSURE, not just the same people all the time. Get your costomers to comment too. It's all a numbers game.
On another note, you know the colourful Genneva history, the founders and management of Genneva Sdn Bhd never left the customers in a lurch back in 2009 unlike other gold companies raided back then. That is where I draw my confidence and faith in our management. So hang in there and have faith. Go PRESSURE and whack BNM and the government (for being so slow) instead -- they are the culprits holding our gold and froze Genneva bank account. We were all doing fine till Fatwa Council, PPIM and BNM came out with their public caution advisory in the media, remember? Now BNM is spinning all sorts of crap in the media to justify their raid -- stupid excuses such as liabilities more than assets and sustainability on the pretext of "protecting" the public.

So please lah, STOP whacking our management at the GMS facebook or anywhere else and stop asking management to "show face", can or not? Be rest assured they are working day and night to resolve this asap. We senior consultants have heard them first hand and trust them to do the right thing. It would be foolish for the management to reveal publicly whom they have seen or done since BNM unjust raid when there are so many enemies out there including banks, unit trust companies, conventional gold traders and copy-cat TTG, etc who want to see Genneva dead.

Some consultants also flip flop -- one minute whack BNM, next minute whack management and sometimes, whack both BNM and management in the same comment.

Stay focused and don't confuse the customers and the public lurking at the GMS FB Page. Demand BNM to return our gold and unfreeze Genneva's bank account.

Any more ideas, please share.

Lastly but not the least, let us all pray together for this nightmare to end by this week.

Much love and God bless,

Pat Lu

This post has been edited by Akonn: Nov 5 2012, 10:15 AM

Not forgetting that they will receive one third remission in prison meaning they will only serve about 3.3 years in prison and later enjoy their ill-gotten hundred of millions overseas.

Not true...buyers get to keep their gold and receive hibah. They have the option to sell back gold at the end of maturity period. Except in the last few months before the raid, there was a long delay in payments and delivery of gold, hence the complaints to BNM.

I did ask my father's friend and according to him, the investor is suppose to receive both the physical gold and original certificate of ownership (with serial numbers). But most of the time consultants hold on to the original and maybe give just a photostat copy to the buyer. I am very suspicious of this. Question is WHY? Anyone please confirm.

Terry, what if suddenly Bank Negara announces that Genneva is legitimate, directors cleared of any wrongdoing and GM is allowed to resume operations?