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.

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.

You can watch their video condemning JAKIM,

"Kenapa perlu sibuk ganngu kami, ramai lagi yang kat luar sana masuk kelab minum arak, tetapi kenapa ganggu kami" that's what they said

What happen on this world today..sigh how ignorance can they be

That right! their latest message is very poor.

BNM is playing public - playing us.

I am not an activist, but, I would like to defend my right to know, using my common sense.

Liability > Asset
It is not a big finding. We all know many company are liability > asset. The more important is how the company generate incomes for substainable.

142kg gold
You should say "approximately 142.7 kilogram". haha.... this figure brings more curious. It doesn't serves as a message.
etc

While Genneva have 0 update. Why? Because maybe they got nothing to defend?
This is true.
Answer to arubin - about why I have a strong comment on "approximately 142.7 kilogram".
The writer is using approximate word, means the figure is a "agak agak" figure. If so, what is the purpose of putting the 0.7. This 0.7kg gold is a small figure as comparing to the value of the entire case. On the other view, if BNM is certain with 142.7kg, ignore the approximate word. I point this out because I want to say is that what type of the mentality of BNM officers.

With the gold price stagnant for 1 whole year since last year, I think the director might know this hibah scheme will not survive. During the last few months, there's a lot of discount to gold price and also increase in hibah interest. This I think is to maintain liquidity in the Genneva company. I guess Genneva unable to get more client and finally BNM is called in save the director and company from being attacked by Genneva customer.

You see, if Genneva failed by itself, there's 60,000 customer that is going to attack Genneva. Probably some of them is gangster.

But when Genneva call in BNM, that's where the attack of Genneva customer is diverted to Bank Negara.

All I can say is, Genneva tactic is damn good.

Has anyone actually done the actual maths though? When it was announced that the total investment in Genneva could add up to 10 billion, what exactly does it mean? Is that the total value of gold 'sold' by Genneva?

In all fairness, some of the folks on GMS do have a point when they state that the Genneva's total assets does not need to add up to the total value of gold traded. After all, the company does have to source the bullion from somewhere and pay for it. Let's make some simple assumptions; that Genneva delivers its gold at point of purchase and it purchases at spot price. Their markup has been calculated to be 20% above spot. So if Genneva's transactions added up to 10 billion, by rights it should have generated 2 billion worth of profits although this does not take into account heebah payments and buybacks.

So yeah, expecting Genneva to have RM10 billion worth of assets is actually a false assumption unless the company also has 10 billion worth of liabilities (eg. has not paid gold suppliers).

However, the question is - how much, roughly, is Genneva supposed to have in assets and liabilities if it has been conducting its business legitimately. Assuming it is doing nothing illegal, has delivered all its gold, etc etc. How does it compare with the company's current book value? At least I believe that a basis of comparison is important.

1) BNM does not owe you, nor anyone, a complete break down of their findings. The specifics belong to the Attorney General, who will receive the investigation papers in due time. There are legal ramifications if details of an investigation are released too early.

2) Again, BNM does not owe you, nor anyone, the name of the international audit firm which is taking a look at this. Common sense dictates that it is probably one of the big four. So many things could go wrong by revealing which firm is assisting in the investigation.

You ask 'what about BNM staff?'. Well it's THEIR JOB to investigate, just like the police. A police officer who joins the police force accepts the risks attached, just like someone who joins BNM's investigation team accepts the risks that he or she may be targeted. However, an accountant who joins an audit firm does not, and should not expect similar risks.

3) Welcome to the real world. You really think it is so easy to set a timeline in an investigation on an international scale? I'd rather they take their time to ensure that they really did a thorough investigation, rather than setting a deadline and screwing things up due to time pressures. I could go on and on about the potential difficulties the investigators face, but I'll just sum it up for you in one sentence - THIS IS NOT CSI

You've spent literally the whole day criticising BNM again and again. I don't think you understand the realities of an investigation on such a big scale, which now spans across international borders as well. You need to understand how the real world works, before you comment on these things. You may not be impressed, but that doesn't mean everyone else is deluded. It just means that we understand the way things work better than you do.

Although, I do not have the same mind as yours on this BNM subject.
Many thanks for all the replies and your opinions.

Obama is leading by a slim margin but the Republicans are resorting to dirty tricks to prevent Blacks, Seniors,students, poor from voting . It's worse than 3rd World countries elections because America claims to be the best democratic country in the world!

Thats why all the huge multinational corporations run offshore to Mexico, China and SEA to set up factories where they can fully exploit cheap labour and enjoy tax free holidays. Imagine Apples iPads and iPhones are all manufactured in China causing suicides among the workers due to severe and abusive working conditions.

Yeah, why the heck is the US election being brought up here?

I won't hold my breath. This Matthew EE is the guy who calculated that Genneva injects RM900 million into the economy every month no thanks to its heebah. This is based on monthly payout of RM150 million multiplied 6 times.

But what is a reasonable time frame? For the Madoff case, I think it took about 3 years for the trustee to clawback all the funds and calculate the claims.

These GMS folks didn't get heebah for only a month and many of them claim to be in financial distress already.

BNM has also stated that these companies practiced shoddy bookkeeping which further complicates matters. So did Madoff, for that matter, which is why it took that long.

GMS want their gold delivered now, at the very least. They also want their heebah and commissions. For some reason, they think it is their right, and that it is a reasonable request. However, who's claim is BNM supposed to honor?

Consider the gold. Genneva claimed that it had 200kg of gold raided by itself, yet the total gold taken from all the companies adds up to only ~142.7kg, of which we don't know how much is Genneva's. How to distribute? Who gets to claim first?

What about the monies? There's only ~RM101.92million, again from all 4 companies and we don't know what percentage is Genneva's. Matthew Ee claims that RM150 million worth of heebah is paid out by Genneva every month...uh oh...see the problem here?

So no, no one is getting their money and gold anytime soon even if the courts might allow it. BNM has to sort through the mess, figure out how much is lost and work out what is a fair claim for each customer.

I can't answer that. What I can assume, they won't wake up from reality until the angel pull put the soul from their body and leave the world.

is there like any documents or paper that they sign when they agree to 'buying' the gold? would love to see it

anyone has a copy? want to see whether the 'no buy back' claim is real, or just implied orally

Thanks for sharing, that was brilliant.