Genneva GOLD investors in limbo

Disgruntled investors are claiming that they are still in a limbo over the status of their investments with gold investment company Genneva (under Genneva Sdn Bhd and Genneva Malaysia Sdn Bhd).

Following the sessions court ruling on Tuesday that Bank Negara Malaysia has the right to freeze Genneva's assets, investors told theSun that this does not change anything, as they have never had assurance that they will be repaid.

"It does not matter whether Genneva's assets have been frozen as a lot of us believe Genneva will not give what is owed to us anyway," said James Lim, a businessman.

"The present directors have been unresponsive to all demands.

"We have never received any reimbursement or assurance in any way," he said, claiming that Genneva has only asked customers for more money.

Lim claims the Facebook page, Genneva Malaysia Supporters, is "a front staged by Genneva directors to alleviate blame from themselves and direct it towards Bank Negara."

"That Facebook page has been rallying customers to lodge police reports and pay for a judicial review.

"They appealed to elderly customers and those with special medical needs to make their plight known and lodge a report against Bank Negara," he said, adding that another link to their website, www.gms101.wordpress.com, led customers to an article guiding them what to say in the report.

"A special clause was added after the reports were lodged, stating that customers were not coerced to make reports and that the customers all had concrete evidence against Bank Negara before lodging reports," he said.

The Facebook page has also asked customers to churn out RM50 each to pay lawyers to file a judicial review with Bank Negara.

"As of now, the review has been cancelled as they could not meet the 90-day deadline to file it and customers have not been given any updates.

"They did not disclose how much money had been collected, where it has gone, and customers are not allowed to meet with the lawyers that their money hired," Lim said.

Fellow investor Michelle Kwan, a businesswoman, said she, too, has failed to contact the Genneva directors.

Echoing Lim's claims on customers being asked to file for a judicial review, Kwan claims that Genneva had threatened to abandon customers if they do not do as asked.

"They do it in very subtle ways but it's enough to convince some customers who are less educated," she opined.

"We have absolutely no idea where our money is and if we will ever get it back. We are in complete darkness," she said.