The difference between the Bestino people and the Genneva people is that they know that the Bestino company has cheated them. They are requesting BNM and the government to help intervene to get the company to return their money.

http://www.youtube.com/watch?v=gZ1lmEqq13g

The Genneva people are in another planet. They think that BNM has robbed them

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Added on October 30, 2012, 9:58 pmThe difference between the Bestino people and the Genneva people is that they know that the Bestino company has cheated them. They are requesting BNM and the government to help intervene to get the company to return their money.

http://www.youtube.com/watch?v=gZ1lmEqq13g

The Genneva people are in another planet. They think that BNM has robbed them

This post has been edited by terry8: Oct 30 2012, 09:58 PM

Not nice lah .....

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Added on October 31, 2012, 12:08 amYes I agree ... they condemn people then praise people thinking that they can manipulate people.

This post has been edited by terry8: Oct 31 2012, 12:08 AM

The mess started when you had some devious people who thought of a scheme to cheat people and recruited some greedy CONsultants to sell the scheme not with BNM or anyone else.
BNM cannot make any statements until they have all the Confirmed info from the investigation. Not easy to go thru 4 years' transactions which may or may not be properly documented. It's not as if the directors, management or senior CONsultants are helpful to BNM so that they get down to the bottom of this.

Who made the money these 4 years in genneva and who convinced all these customers to buy into the Genneva scheme ?
Answer :- The company and the Genneva CONsultants

Who should be courteous and have the responsibility to talk to the customers who are in confusion ?
Answer :- The company and the Genneva CONsultants
There is no law against talking about the case even with the investigation proceeding. These people dont care anymore, they got the money already in their accounts. In Singapore, they didnt even turn up for one of the court case (private suit against them).

Sitting Down With Genneva Customers :-

Has GM cooperated by giving a full list of customers and contact number ?

Information From BNM :-

BNM already put this company on the alert list but did people pay any attention to the risks ? This is also exactly what Singapore's MAS did - publish a FAQ.

BNM already put out general information such as the FAQ and also to inform the customers that the liabilities are more than the assets. They also stated that "the returns promised are not funded through gold trading but from the monies invested into such schemes".

Any details to be publically announced require proper checking to ensure that information announced are 200% accurate in order not to jeopardise the case against GM and the directors.

Furthermore it has to go to the Attorney General's office (not BNM) for the legal proceedings. At that time the details will be revealed as the AG office deem fit.

BNM also stated that they have no powers to distribute the assets back to the customers without the court's direction.

Can these people accept the fact ? They cant - this is the problem because they are still being brainwashed by the company and CONsultants. If these people want their money back quickly, they should consider lawsuits against GM and the CONsultants - possibly a better avenue. (gotta check with the lawyers though)

Yes we cannot stop people from being greedy. But greedy people have to learn that there are consequences to being greedy.

BNM is the arm for supervising and controlling financial dealings in the country including deposit taking etc. SC is the arm for supervising licensing for trading. So if companies are to be licensed for gold trading (real gold trading and not these trading with interests and no gold in hand), it should fall under the SC purview.



This post has been edited by terry8: Oct 31 2012, 10:54 PM

Many people and I have explained this over and over again. The problem is not tat the explanation is not clear. It is not a logical issue but a psychological issue. Many people are unable to face what they are losing so no logic will be able to penetrate that. They will only wake up when after time they find that there is no Hibah coming in and no sign of their investment.

Anyway here goes again the logic.

Actually I am EXTREMELY upset with the situation. This is because many people who cannot afford to lose their money lost everything. Yet there are these greedy CONsultants out there trying to save themselves and trying to manipulate the situation with lies.

I just want us to come together to find a way to help those who are really victims. Some of them older folks who now need a part time job near their house to sustain their living expenses. Anyone who have vacancies, please yell. The rest of us have to try to find these victims who need help.

You are right on that. We need to regulate gold trading as soon as possible.

However, this will not stop Ponzi schemes coz they can come in many other forms. In the US, there was a case where the Ponzi scheme was conducted by a law firm and they were selling "law settlements" with a 30% gain in 6 - 8 months !

I dont think I will ever see the end to these kind of schemes. As they say just be careful, if an investment is too good to be true, it is most likely not true.

What makes them qualified to advise Bank Negara ? Aren't they the ones pleading with Bank Negara to release the gold ? I dont see Bank Negara begging them.

This post has been edited by terry8: Oct 31 2012, 11:28 PM

I believe in God. God has warned us that we cannot serve both Him and money. Those who did not take heed of His warning are now facing the consequences. Even religious people makes mistakes. We all do. Most importantly is to realise and repent quickly.

God also taught us to be humble. See where pride leads people. That's why there is a saying Pride comes before a Fall.

I can only thank God humbly that I am not in their predicament.

I believe God has His wonderful plans for everyone. They cannot manipulate Him.

Agree

If you buy a drug from a pharmacy and you agree to buy it at the price asked doesn't mean it is not against the law. If the drug is poisonous, or it is not approved by the Ministry of health it is still illegal

What I meant by the example is that even though the buyer willingly bought from the seller, it can still be illegal because the role of the government is to protect the consumer

Even if all these you mention above happens it still does not justify investing in a PONZI scheme such as GM

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

Yes this is the Chinese way - in cantonese its called "wooi"
What they have done is borrow money using gold as collateral and in this case only one borrower ie the company and offering high interest. This is coupled with the Ponzi scheme to pay the interest using the capital instead of generating the income via other means.
Modernise all this by good marketing talk about appreciation of gold and failures of banks and even sound intellectual by dumping a few other economic factiors such as Fiat money.

Yes i totally agree with you. Better ask that guy whether he has seen Genneva's balance sheet in the last couple of years. They didnt even submit their accounts. Genneva has many pseudo experts in accounting and economics. But they certainly do have real experts in marketing and spinning.

This post has been edited by terry8: Nov 2 2012, 06:50 PM

I just read this from GMS FB page. Anybody can verify what was really in the ntv 7 news ?

The likelihood of another rumour is very high

The vampire hates daylight and truth. Over here we want to shine the light on the lies so you should know better who is the vampire