Tell me - what is the product of Genneva? If you say - gold. Than, maybe, this subject is little tough for you to chew.

Its just Genneva very lucky that Gold Price appreciate. But for the past 1 year, gold price stagnant. So how does Genneva
get money to pay hibah, commission and running cost of company? 

I would say Genneva at best is gold betting company. Genneva bet the gold rise exponentially. And Genneva customer loan
money to Genneva to make the bet. 

If like that, Genneva might be legal? Genneva really trade gold with its customer. And gold trading is not regulated. Genneva
might have found a loop hole in the law. 

ehh.. like some MLM companies.. well Amway and Cosway thos established ones really got their good and bad products la..

those like Lampburger, simply take some Lamp ppl sold online and retail in Europe, asking for ppl join and pay Rm32k to manyzer.

Well, trading company no need to mine gold or mint bars. Trading can buy gold at current price, bet it will rise 40% every year so that it can pay 24% hibah to customer every year.

Voila, you can trading company and betting company in one place.

Hahaha.

Actually definition of trading company is first buy low, then sell high.

In the Genneva case, it sell high first (gold is sold higher price) then buy low (betting that gold price will be higher than buy back price). (does this also fits your description of futures derivative trading?)

Anyway, I agree with you about deposit taking is illegal in Genneva. Some said Genneva get deposit from customer but didn't deliver gold more than a few months which fits deposit taking charges. This is already contradict syariah law which that say gold must be deliver within 3 days. 

Actually they just put a modern Flavour to the old Chinese way of borrowing money

i think the indian call it "Kutu"?

i only got chinese explaination, it's said to be the most ancient loan/financial aid of chinese

标会
http://baike.baidu.com/view/2095763.htm

in simpleton , i heard my grandma said, everyone pool up money, then they "bid" the money. the one that bid to pay most interest will get to take the money for emergency use for a period of time.

i think.. so.. lol...

PBbank
current net asset 31/12/12: 22,945,954 million RM
current asset: 245.336.870 million; liabilities: 222,465,029 million
Of course I wouldn't sell my PBbank shares. I have kept them for years and years and their returns on investment (dividends and capital gains) far exceeds the performance of gold.

1st point, its business. you always put words like approx/estimate, so to cover ur pet-pet.

2ndly, cannot reveal, why? let's say they name it Earns & Young... die.. u think ppl like Pat Lu wouldn't know anyone that work inside?
also those customers, even got family or friends that work as a junior auditor also their life will be swamp with ppl asking them "how already? how already?"

Don't think they'll get much.
Reports suggest that they have 10cents back from their every rm1 investment.
In normal bankruptcy practice for distribution, banks will stake the first claim.
Followed by suppliers.
If there are monies left, it's for the shareholders.
Customers/investors are the last to be paid ?

NO ONE WILL GET PAID FIRST UNLESS HE IS SECURED CREDITOR.
SHAREHOLDERS GET PAID LAST.
SHAREHOLDERS DO NOT GO TO JAIL, THE DIRECTORS AND MANAGERS WILL.
RM0.50 IN THE RM SEEMS OPTIMISTIC. RM0.10 /RM OR LESS MORE REALISTIC.

Why only shareholders can abet?

It could well be the tea lady or the toilet cleaner.

Of course.

"Encourage or assist someone to commit (a crime}".

You have any problem with the definition?

It could well be the tea lady or the toilet cleaner.

What I mean is that ANYONE can abet a criminal act.

If the authorities need to investigate every possible candidate and charge them, it would be an exercise in futility.

My examples of a tea lady and a toilet cleaner are just to highlight that futility.

As long as there is a possibility, the investigating authorities can leave no stones unturned.

I see so many Genneva supporters finding faults like these with the BNM statement.

Guess what? If only they were so thorough in reading up and so eager in finding faults with Genneva at the beginning, they probably will not have fallen for this scam in the first place.

Funny isn't it? When it involves hard-earned money, they listen to some sweet talk and sign up. But when authorities issue proper statements.....

AUGUST777    May 20 2012, 10:53 PM Show posts by this member only | Post #80 


New Member


Group: Junior Member
Posts: 32

Joined: May 2012



YES THEY ARE NOW IN CHINA, PHILIPPINE AND SINGAPORE, DOING COMBINED SALES OF MORE THAN 7 BILLIONS RM. THINK THE GOVT IN ALL THESE COUNTRIES MUST BE BLIND, LETTING THIS "SCAM" COMPANY TO OPERATE. HA, ALL THESE TEH TARIK TALK, TALKING NONSENSE WITHOUT FACTS. YOU CAN'T CON CHINA, MAN. OR FOR THAT MATTER, SINGAPORE GOVT.!!!!!

Hope Obama will win!

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Added on November 7, 2012, 12:46 pmObama won Praise God

LOL I was only aware of Genneva when it blew up (I seem to project an anti-scam aura) so I am actually kinda disappointed that I didn't get to debate Pat a bit in V1. That thread is comedy gold though.