Looks like stuff is happening again after such a long break.

Anyone seen the memo on the GMS page about Genneva no longer being a member of GBeam? Such drama...

But wait, isn't Joseph Kow (I refuse to acknowledge him as a Dato, who knows where he got that title from ) the regional director of Genneva?

Absolutely no idea what's going on. All I can speculate is that there's a BIG TUSSLE between GBeam with Joseph Kow heading and he has a number of consultants supporting him like Shanti, Agustine Kow etc. On the opposite side is Lim Kah Keng, GM of GMSB who openly declared that GMSB has quit GBeam and advise consultants to follow suit. This may stem from a rumour flying round that Genneva will operating again soon which I doubt very much UNLESS it's a version 3 (potential suckers are advised to stay away as far as possible from these ponzi scammers). The version 3 is now called Genneva Gold (M) Sdn Bhd. These scammers still wants to continue with this lucrative scam and sucker in more victims. It also appears that we may have two new goldcos in the making.

This post has been edited by Akonn: Jul 12 2013, 11:51 PM

did you all read the comments on those who attended Joseph Kow's speech? priceless lol

where is Dee Casey btw? roflmao~~~

where?! where?! where?!

Yes I did. The scammers have a faction split, the consultants have taken sides, and they are now competing for the loyalties of the flock. I am also wondering where all the notable personalities (Pat Lu, Shereen, Dee Casey, Shanti, etc.) are in this little civil war.

and all the kidney dialysis, single mother that cannot pay bills, hamster died, ceo car, children education, retirement money.... problem all solved?
so actually all just drama, those people actualy extremely rich and don't care bout the money they lost from genneva?
and now even got mood to continue and invest more on genneva ver3 by joseph kow, ver3.1 perhaps pat lu, ver3.2 shanti, ver3.3 shereen, ver3.4 ...
very very puzzle
don't want to march to putrajaya anymore? and protest at BNM HQ?
sigh malaysians are so forgiven and generous, only if u dare to open a zuurich gold company to *help* them *invest* i mean trade

Now got hope to recover loss hibah and profits (even when price of gold is so low).

Most people who join in will be thinking that they are smart enough to exit the plan after they have recovered their earlier losses. I bet, 99.7% of the people there, the CONsultants, are all thinking along that lines. The remaining .3% are the really dumb ones who really believe in fairy tales and harry potter.

so begins another cycle of gold trading with guaranteed or no guarantee buy back.. but surely will have some monthly repayment .. otherwise no one will join..

good luck SUCKERS.. and well done Joseph Kow. Name is very biblical and good.. but actions.. direct opposite.

Wassssup, Doc?

doc, soon will celebrate 1 yr anniversary... open champagne in genneva offices

Latest update?

Light charges only for the directors?

Six Genneva directors slapped with over 900 money laundering charges

BY M.MAGESWARI AND MAIZATUL NAZLINA

KUALA LUMPUR: Six directors from gold traders Genneva Malaysia Sdn Bhd have been slapped with over 900 charges of money laundering involving RM5.5bil and 35,000 depositors in the Sessions Court here.

Genneva Malaysia Sdn Bhd directors Datuk Philip Lim Jit Meng and Datuk Tan Liang Keat faced 246 and 226 counts of money laundering respectively; business advisers Datuk Ng Poh Weng (155), Datuk Marcus Yee Yuean Seng (17), Datuk Chin Wai Leong (23), and general manager Lim Kah Heng (16).

All six claimed trial to the charges.

The company itself, Genneva Malaysia Sdn Bhd, faced 222 counts of money laundering and Success Attitude Sdn Bhd, eight counts.

Four of them, Philip Lim, Tan, Lim Hah Heng and Ng, were also charged with two counts each of accepting deposits without a valid licence via a scheme involving gold transactions under the Banking and Financial institutions Act 1989.

Earlier, Philip Lim and Tan pleaded not guilty at another Sessions Court to making a false statement in an advertisement on the company's website, saying its gold trading was in accordance with Islamic law.

Genneva Malaysia Sdn Bhd also faced a similar charge.

The case has been set for mention on Oct 28 and the two were granted bail of RM20,000 each.


TMI:
Genneva ex-bosses slapped with 923 charges on illegal gold trading involving RM5.5 billion

BY JENNIFER GOMEZ

SEPTEMBER 26, 2013
Six former senior officials of gold trading company Genneva (Malaysia) Sdn Bhd were slapped with 913 money-laundering and 10 illegal deposit-taking charges involving RM5.5 billion at the Jalan Duta Sessions Court today.

Four of them, former directors Datuk Philip Lim Jit Meng and Datuk Tan Liang Keat, general manager Lim Kah Heng and advisor Datuk Ng Poh Weng, who charged with both offences, were granted bail of RM1.1 million each.

Two others, advisors Marcus Yee Yuean Seng and Chin Wai Leong, who faced money-laundering charges, were allowed bail of RM100,000 each.

In a different court, Genneva the company, Tan and Philip Lim, were charged with putting up false advertisements that their business was syariah-compliant. The money-laundering offences were allegedly committed between January 10, 2011 and October 1, 2012.

The six claimed trial to all the charges before Sessions judge Mat Ghani Abdullah. The prosecution was led by Dzulkifli Ahmad who was assisted by Bank Negara Malaysia prosecuting officer Alvin Ong.

Previously, Ng, Yee and Chin faced over 200 charges of money laundering involving more than RM140 million but were acquitted after the court held that the three, who were former directors of another company called Genneva Sdn Bhd, were engaged in a genuine gold trading business. Genneva Sdn Bhd was raided by Bank Negara in July 2009 for allegedly running a dubious gold trading scheme.

In October last year, the Bank Negara also raided Genneva Malaysia Sdn Bhd and its affiliates.

Bank Negara froze Genneva Malaysia’s accounts, cheques and other assets worth RM99.8 million besides seizing 126kg in gold bullion on suspicion that the company had violated various banking and financial laws which included taking deposits without giving gold in return, money laundering, evading taxes, appointing agents without licence, failing to file statutory documents, and misrepresenting itself as an investment firm and giving false descriptions on its business after several people lodged complaints with the police.

Last December, nine investors sued Genneva Malaysia and four of its directors — named as Tengku Muhaini Sultan Ahmad Shah, Philip Lim Jit Meng, Ahmad Khairuddin Ilias and Tan Lian Keng — to get back over RM2 million in investments. They claimed the firm had carried out fraud and misrepresented the scheme as compliant with syariah law. – September 27, 2013.

Malay Mail:

Ex-Genneva bosses charged over illegal gold scheme worth more than RM5b

BY BOO SU-LYNSEPTEMBER 27, 2013

KUALA LUMPUR, Sept 27 — Six former senior staff from Genneva Malaysia Sdn Bhd were charged in the Sessions Court here today with illegal deposit-taking involving RM5.5 billion and faced over 900 counts of money-laundering.

Former directors of the gold trading firm - Datuk Philip Lim Jit Meng and Datuk Tan Liang Keat - were charged with 246 and 226 counts of money-laundering respectively; while business advisers Ng Poh Weng faced 157 counts; Datuk Marcus Yee Yuean Seng, 17; Datuk Chin Wai Leong, 23; and general manager Datuk Lim Kah Heng, 16, according to news portal The Star Online today.

The alleged money-laundering offences are said to have been committed between January 10, 2011 and October 1, 2012.

The six claimed trial to the charges.

Two companies - Genneva Malaysia and Success Attitude Sdn Bhd - were also hit with 222 and eight counts of money-laundering.

Philip Lim, Tan, Lim Hah Heng and Ng were also charged with accepting deposits without a valid license through a scheme that involves gold transactions, under the Banking and Financial Institutions Act 1989.

Philip Lim and Tan, however, pleaded not guilty at another Sessions Court here earlier today to making false statements on an advertisement on Genneva's website, by saying that its gold trading was in line with Islamic law.

Genneva Malaysia was also hit with a similar charge.

The case has been set for mention on October 28.

The Sessions Court acquitted last May Genneva Sdn Bhd directors Ng, Datuk Marcus Yee Yuen Seng, Datuk Chin Wai Leong, and former director Liew Chee Wah of money-laundering and illegal deposit-taking charges, ruling that they had carried out a genuine gold trading business.

Bank Negara Malaysia (BNM) said in response that it would appeal against the ruling, saying that investigations against Genneva had been taken after the bank received complaints from the public.

BNM also noted that Genneva Sdn Bhd and Genneva Malaysia Sdn Bhd are separate entities.

The central bank raided Genneva four years ago over a dubious gold trading scheme. Genneva Malaysia and its affiliates were similarly raided last October.

BNM had frozen Genneva Malaysia's cheques, accounts and other assets worth RM99.8 million in cash, as well as seizing 126kg in gold bullion, based on suspicions that the company had broken several banking and financial laws, such as money-laundering, taking deposits without giving gold in return, appointing agents without license, evading taxes, failing to file statutory documents, giving false descriptions on its business, and misrepresenting itself as an investment firm.

Last December, nine investors sued Genneva Malaysia and four of its directors - Tengku Muhaini Sultan Ahmad Shah, Philip Lim Jit Meng, Ahmad Khairuddin Ilias and Tan Lian Keng - in an attempt to recover RM2 million in investments.

They claimed that the company had committed fraud and misrepresented the gold scheme as complying with syariah law.

Malaysia does not regulate the gold trading business.

fuh, 913 money-laundering and 10 illegal deposit-taking charges involving RM5.5 billion

Any genneva supporters to defend?

5mil penalty is too lil.

Anyone know whether Genneva subscribers may ever get back their "investments"?

what to defend lah? They should ALL be either crying or chasing after CONsultants with parang by now.....lol well, with the exception of those who have gone insane.

This post has been edited by bootroop: Sep 28 2013, 03:50 PM

Sadly to know some investors in tis scam stil shout out proudly they ll b rewarded for the royalty. Just stimes ago relatives who hav $$$ jammed in genneva said I'm childish not to blif in them. Hehe dunno who is fooled now.

too bad, I donno if they would get back their money

you're lucky didn't join the scheme, if not

My auntie was 1 of the victim
Luckily amt is small