if u said like that, all bank also gone case lah... malaysia national debt level also gone case lah... what's the different?

Chae Yeon Lee
Pat Lu, its obvious that you're the Page Admin. I'm no Sherlock Homes but a smiley after every sentence by the Page and Pat Lu. Even the way you talk are the same. Haha!
26 minutes ago · Like

Actually Genneva has NO product..........they dont Produce anything xcept some sort of trading service.

Maybe VIRTUAL gold at best.   

i would class Genneva as a gold DERIvative company....its using gold to Derive its trades or sales.

i once said        "IT COULD BE TULIPS FOR ALL PIPO CARE. AS LONG AS THEY GET THEIR HEEEE BAH!"   

Legal here but illegal elsewhere.........such deposit taking.  What i am saying here is they have NO actual tangible PRODUCT
cept what they call a trading PLATFORM.

They dont mind gold or do they even have a factory to mint their bars? Anyone CONsultant seen that?

Thye could have Tulip plantations and still trade such derivative...  
Depends on the sentiment of the moment. At the mo, GOLD IS HOT. So ride on IT!

Genneva hibah model is at 24% pa + commision to their consultants/agents at around 12% pa. That's a hefty 36% pa and we have yet to also include their overhead cost. So, gold will probably have to rise at about 40-50% pa just for their operation to be viable/profitable. We're also assuming that they will be able to sell their internally minted gold buillion to the open market at a price very close to the spot price (in the very unlikely event that the gold indeed does rise so substantially). Also, in the long run, what are the chances of this suceeding? Finally, this is a very stupid way to raise capital if indeed you do project gold to raise so substantially.

So yeah, Genneva's business is really nothing but a ponzi scheme.

If it is true that if GM sold a piece of gold over and over again to the same customer, gold value up didn't really help GM in generating profit. Simply because that GM has to fork out more to pay the same amount of customer.

So in order to be sustainable, GM has to be able to attract new customer even faster than before! Being unable to do so, or the gold price simply jumped too much, would lead to hard crash.

Just my crude view, I don't know their trade secret anyway.

Something that I've forgotten to add on in my previous post, since the buyback clause is an option to be exercised at the discretion of the customer, if indeed gold do rise by 50% in that ever year, customer will have keep the gold instead selling it back to Genneva. So really, there is really no way Genneva to profit under this scenario either.

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...

This topic still so hot ah....

Just went back to my hometown last week, and heard my dad discussing with his friend about Genneva. Some of their friends had invest in GM but dint not get the hibah money. Until one of their friend house kena auction by the bank due to refinancing of their house just to buy GM gold.

Viola.....

Since when public gold have Hee Bah????

I wonder why is it that I never ever hear of any dodgy MLM or ponzi scheme until it blows up in a very public way. I've never even heard of Lampaberger until it was brought up here.

Than again, I'm pretty selective about my friends and who I mix with. Anyone who would dabble in this kind of nonsense, I would have cut ties with them ages ago. Heck, I even warn my friends to never forward any chain letter/jokes/stories to my personal e-mail or I will punch them in the face when I next see them. If the e-mail is not personally written by them, I'm not interested in reading it.

Suffice to say, I have minimal exposure to scams and spam even.

Just to re-cap why Genneva is illegal deposit taking in simple terms.

Pay 100k to genneva, genneva give back change 75K (not in cash but in gold)
GM give you fixed deposit certificate for 3 months tenure (they call it non binding contract)
The indicative rate is 2 - 3 % (on 100k) per month depending on promos. They call it non binding hibah
Effectively you are placing 30k fixed deposit with Bank Genneva for returns of 6k to 9k for 3 months tenure. But they call it gold purchase at premium.
Someone earlier said all banks assets less than liabilities also. Thanks for the tip. I did not know this, I 'd better sell off all my Public Bank shares. Maybe they pakat with auditors to cook their books to deceive us. They claim their net asset as at 31.12.11 is 27 billion. maybe they are lying and have net liabilities. I shall consider selling my PBbank shares and buy physical gold. At least this I can see and  feel. Only thing, takut kena rompak. Maybe spray green colour and use as paper weight.

   
You see:
- Bank do not you give you 6 hours lecture or make you go training center
- Bank do not talk till make you feel so good so saved so peace in mind
- Bank usually won't tell you how evil other investment is and won't tell you something like fixed deposit isn't investment
- Bank would not ask you to sell your property or end your business and put all the cash to them
- Bank is no trade secret, and they don't have to make you so saved like after a church session

So, if I am a Gm customer and sing I luv GM everyday 7am+pm, I will feel hella good and waaaay above all human being because I am on the same side of this *trade secret*. Not just that, all my families and friends are saved too because I hv brought them in!

And I won't understand a thing about why the hell bnm raided my capital letter G.
   

bosan already this case... very good tactic both BNM & Genneva directors & management, silence ... until no one bother anymore.. lol otherthan ppl who lost their life saving

Andrew PM me

Why the moderator / admin kept banning everyone from posting comments that they, all in their very own opinions, perceived or miscontrued as non-constructive? Great News, I am also being banned!

yes, that andrew.. lol. he also sent me many other thing... links and all..

credit card give "one time" rebate if you buy 10g of gold at RM1000.
genneva give you "every month" rebate if you buy 10g of gold at RM1200.

The problem is, Genneva is build and designed to collapse when the pyramid is large enough and push the blame to the authority. Technically the business itself is not sustainable without any new recruitment. This mean the only way to run is to have more people to join. Do take note, malaysian population is a fixed number. Which mean the business will collapse no matter what.

you should know the answer very well that, they all currently bising is because they do not have the gold with them...
Genneva unfreeze again is BIG NO WAY...
but if you want to talk about miracle, if unfreeze again, i bet 100% of the investors will try to get back their gold or to sell back all their gold to Genneva...
Genneva knew it from the start, the blame is put to the authority and once the authority banned them, they just walk away without a single thoughts of reopenning back Genneva again...

To all the Genneva supporters, the real boss behind this scam is enjoying his good holiday with your money in somewhere corner of this world now. And there is nothing you can do about it !!! 

That fella, when corned will come up with quotes or some obscure points or theory to divert the focus point of the argument.

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.

Can anybody confirm this statement?

"In order to get HIBAH, customers have to allowed the company to keep the Gold bar"

Which means HIBAH = NO GOLD
NO HIBAH = GOLD BAR

If this is true, then this scheme has something very wrong, because the GOLD BAR is just the lacing on the cake.

Sorry, the part about they can only hold it for a short time - ... and later have to return for contract renewal makes no sense.
Is the gold theirs? If it is.. why do they want to return it? What contract to renew?

Can someone publish this contract here for everyone to see? Something about this scheme doesn't make sense.