Aiyah, I actually boring already. That's why feeding his troll. Click his post history already know he troll every single thread in the forum

1. Some here do know what they are talking about, probably more so than genneva consultants.
2. Not everyone trying or attempting to sound like an expert, we are discussing on what is happening currently and following the progress.
And not everyone end up sounding like idiots, I believe there more genneva consultants end up sounding like an idiot with their responses.

3. You have to state what you mean in finding out the truth. Does that mean finding out Genneva is legit? That is biased.
We are quite interested to see what would happen from the court case and investigation, and whether GM process is within legal boundary.
But I would say is it a very long shot.

There are some who posts just for the sake of talking when replying to others post, some humor is part of forum, but serious posts is alos here.


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The only way I see that GM could have been Legal, if they were to operate like an MLM company. and get a direct sales licence.
Then the buyers, could possibility be considered as traders. i.e buying and selling gold. and buying selling gold means, buy from 'distributor'-GM sell to others, not sell to GM back. Then GM is A trading platform for the buy and sell trade. A platform is for the traders to trade like a market. And money made is from the trading which is not fix at 2 percent month. Eventhough in this way it can be a considered a pyramid scheme, it can be legal because, trader T buy from GM, sell to T2.

It may even be practice by GM, ie. when sell back to GM, GM possibilty sells in behalf of trader T to the Trader T2. But without this process stated, the abuse for ponzi is very very high, if all the money is lump together, then 2 percent could have come from buyers own money, or other buyers, before there is enough trade to cover the 2 percent.
Just saying that is it hibah as a gift is not enough to be legal. If the mechanism of hiba matches the definition of interest and dividend, it would be deemed as such. GM would have more luck to find a term for monthly payments, WHich has definition in law that is not considered interest payment.

Saying no guarantee buy back is not enough also. BNM would be looking at whether There Is a BUY back, if it actually happen. Guarantee or no guarantee, if there is buy back, then It Is a buy back.

It is not blue ocean, it is a mark up of gold, selling of gold, margin returned to buyers. Buy back is only possible, when there is another set of buyers to buy into the same gold bar redeemed for buy back. But since many people would want the 2 percent, they would keep making another contract.

Perhaps you give your views instead?

Please bear in mind the goldsmith gold bar selling price and buy back price is higher than spot price. You should compare dispersion. If you are looking for 1kg gold bar, goldsmith shop do sell it by bank rate instead of goldsmith rate.

there is a saying i dunno the origin ody:
you can hire people to make money for you, but you shud never let people volunteer to make money for you

so all the scheme schemes wealth sharing, kindred company, u not rich enuf they cant sleep at nite, ..... just becareful

Tipuism is TIPU-ism which is same as CON-sultan.
We are here to educate non-Genneva members not to join Genneva family.. But be frank, TIME is a factor and also the RATE OF NEW BUYERS is another factor.

Factor: TIME
The longer the authorities holding GM assets, the lesser chance for G to survive.

Factor: RATE OF NEW INVESTORS
The slower rate of new investors investing into this scheme, company will suffer cash flow problems as they have to spend more money to pay HIBAH and commission.

I wish Tipuism all the best hoping these two factors will be in favourable to you. Otherwise, please GET A JOB!!

That's why a paid Financial Consultant is better than free Financial Consultant that only sell his own company product

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Added on November 1, 2012, 10:37 amLOL. I think you guys can stop feeding the troll already

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Added on November 1, 2012, 10:37 amDo you think he is trolling?

This post has been edited by gogo2: Nov 1 2012, 10:37 AM

Wow.

so many comments and so much speculation.

my point?

buy gold bar from goldsmith and pay retail price is perfectly acceptable. right or wrong?

no right/wrong
acceptable/not acceptable.

u don't like u don't buy la

Nothing wrong if both parties agree the transaction. Nothing against the law.

Unless one party trying to scam the other party.... and when busted trying to convince ppl they are legit hopefully it wont happen in Malaysia ... since we have the best regulator body in the world they will act even before these scammers can send their CONsultant to look for victims

Malaysia Boleh!

This post has been edited by mirzan007: Nov 1 2012, 11:11 AM

Failed get-rich schemes and consumer spending
November 1, 2012
Economists say the large amount of cash tied up in those schemes may have an impact on consumer spending.
By Anuja Ravendran & Farah Saad
High-return investment schemes that go bust may hurt more than just the unfortunate investors, as economists say the large amount of cash tied up in those schemes may have an impact on consumer spending.
The magnitude of such investments was revealed by Deputy Finance Minister Dr Awang Adek in Parliament yesterday when he said that one company alone, Genneva Malaysia Sdn Bhd, a gold-trading firm that was shut down by Bank Negara Malaysia (BNM) recently, could have raised RM10 billion from 35,000 investors.
Awang Adek said current investigations into the company has so far accounted for RM4 billion raised from investors.
According to one industry insider, the large amount of money invested in these schemes cannot be captured as a measurement of the gross national product on the supply side, but there will be definitely an impact on consumption.
“Many of these investors were reliant on the monthly returns from these investments to do things like travel, eat out, shop etc. So there is some direct implication on consumption,” he said.
In one possible scenario, Rating Agency Malaysia Holdings Bhd chief economist Dr Yeah Kim Leng said that based on 2011 gross national income figures and assuming 60% of the RM10 billion allegedly tied up at Genneva Malaysia goes into supporting household spending, this would translate into 1.4% reduced spending capacity for consumers in the country.
“Those affected would need to cut back on spending and this could also impact their capacity to repay borrowings or lead to them defaulting on borrowings,” he said.
Genneva was just one of a slew of gold trading companies that were raided by Bank Negara Malaysia and other authorities. In October alone it raided the premises of Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd.
Last year, four directors of Bestino Golden House Sdn Bhd were charged with over 300 counts of money laundering and taking deposits without licence. In that case, authorities recovered RM24.2 million.
In the Dewan Rakyat yesterday, Awang Adek said BNM would need time to investigate Genneva Malaysia because of the large number of investors and sum of money involved.
According to Bernama, Awang Adek told Parliament that Genneva’s liabilities were more than its assets which clearly showed that it would not be able to pay due returns to all its investors.
Awang Adek said BNM may ask for more punishing sentences to deter operators of get-rich-quick schemes to curb the proliferation of such operations which in effect are cheating people.
Such investment schemes doubled to 25 in 2011 as Malaysians searched for investments that offer higher yields than bank interest rates, Bloomberg reported.

Too true, when hibah was flowing, those with a few kilos will buy premium cars, designer goods. Those with less will shop and dine.

If I read that correctly, RM10 billion go into Genneva. Only RM4 billion accounted for. Means 40% still can be return to customer.
Better than Swisscash. Probably due to underlying asset (gold) increase in price.

If the turn over in 3 years is really 10 billion, then lets say renew contract 10 time for the early birds, less for late comers, after counting recycling of gold, maybe 2 billion is a more realistic figure. Take into account the hibah given out, say 1.5 billion. Left half billion. Siphoned off by bosses: ???. Very little left. maybe 5 sens in dollar.

If you clawback the gold from people like Pat Lu and Shereen, and than deny compensation to the consultants, I think they victims might be able to get rather more than 40% back.

@@, this story belum habis?

I pity Andreeww Ng because after 1 MONTH EXACTLY that his gold and hibah confiscated by BNM, he has come out with thirst and hungriness looking for food! All his bank savings must be finished already..
No matter how many post you have posted, your bank account will still lesser than mine. God bless Andreeewww Ngg

good drama for pastime today market damn boring

One thing I wish to add.

Does GM knows what Consultants is?

Consultant are Paid to give consultancy/advice. Give lips service and documents- get money.

Just because they called themsleves consultant does not make them one.

Again, if what they do falls under the definition of an agent, then BNM would see them as agents.