It's so obvious this LULU is a thief, liar and manipulator to the end, i can hear stirring  in a grave now....

However, what is actually relevant is that gold by itself has no intrinsic value aside from looking shiny and some limited industrial uses. If this world ever gets into a situation of total economic collapse to the point where fiat currencies are no longer trusted, holding physical gold isn't going to be any better. In a barter economy, what actually matters is useful goods. The most valuable items will be what fulfills our basic needs (food, clothing, and shelter). Gold is pretty much of little value in such a situation.

BREAKING: Hitler (Fuhrer Lu) loses his top over Police Reports:

http://www.youtube.com/watch?feature=playe...d&v=WQxD6MBWwqs



Please watch this Youtube Video. HILARIOUS!!

Wow, probably another scam exploding in the face of investor:-

http://forum.lowyat.net/topic/545351/+600

This time is buy land to grow palm oil.

In Malaysia, better don't join any investment scheme. Just buy stock or mutual fund.

Bank Negara will have another issue to deal with:-

Officially also opened by minister. De javu:-

On the related news, The Gold Guarantee (SG) CEO Lee Song Teck also cabut already after offering to take up Genneva business. Same kind of modus operandi where they offer up to 20% monthly rebate to gold contract holders.. again. another unsustainable business model, eventually all collapse under this pyramid scheme.

http://www.asiaone.com/print/News/AsiaOne%...126-398065.html

Better report these scam artists and take them to court. Don't be foolish and hope that they will resume business.
The people in the Genneva Support group in FB really need to open their eyes. 

What were they surviving on before Genneva came in existence ???

You do not buy gold unless you have spare cash! I was exchanging views with a few individuals over this Buy GOLD thingy.

First one tells me he is from an Investment House in East Malaysia. They buy gold as investment for their clients. Genneva Gold is one place where they would buy their gold. (How can an investment house buy gold at 25% premium as an investment???) This is self deluding and trying to justify their action.

The other one was a lady who said, she invested into Genneva Gold because she needed to get a iPAD for her son!!! What has iPAD got to do with buying gold?? This one is pure stupidity and GREED.

These directors think that they can hide under the "Sdn Bhd" of Genneva. I am glad someone took action. attached below is the comment from a lawyer who acted on behalf of one of his client and they sued the directors and consultant as well - Yeah ! Their case will start in April - faster that their supposed JR. I got this from the comments in the Disgruntled Genneva Customers FB site. Investors out there - TAKE ACTION NOW ! Sue them.

"FROM LAWYER ALFRED:

Yesterday, together with one of the investor we represent, we meet up with one of the director of an gold investment company and their main consultant to negotiate the terms of payment for the invested amount of RM280,000. Yes, the director had to come meet us personally to try to resolve our woes.

Thinking that the company of a Sdn Bhd and that it was widely known BNM had raided and frozen all related bank accounts, never had they expect that by we represent our client, the investor, were we able to find means to sue not only the company but on the director personally and the consultant. Initially, they had ignore our client, the even ignore the letter of demand that we had issued. Thinking that they could use BNM as an excuse to fences off any demand or litigation, never had they expect that our client would eventually allow us to file several cases at once and had the court date all set in early April next month.

Although, the consultant, as usual, will maintain his innocent and throughout the negotiation repeatedly stated that he is only willing to negotiate due to friendship with our client, to help him as our client is desperate and not for any other reasons. We had an hour of negotiation. During this hour, I could feel that it was is longest hour the consultant and the director ever had. Being able to brush aside with logical and lawful argument all their excuses they keep throwing, they are infact panic. Because we had made them realize that hat we could touch them and touch them where the hurt most. Because of our tactics, it would utterly destroy their BNM shield and the joyful hope of the consultant that he is immune since he is not the director. He was wrong, dead wrong.

The terms they had provided to repay the investment in installment was not a good deal because they could not put up any form of collateral while the amount is being repaid. However, we will always respect our client to accept the offer or not since the consultant was his friend and he was close to the director. Either way, we vowed to continue to protect the investor's interest whether the deal is to be accepted or not. Now the ball is on the hands of the directors and the consultant. Will they offer a better deal of repayment or they will battle us in court where their fate has already been seal by us long before the 1st hearing on the 10th April 2013.

I, myself and my associate have no quarrel with any of the consultant nor the directors of these dodgy companies. However, I would always have to hold my anger when they try to turn the ball around by claiming that they are only helping the investors to get their money back and to listen to all their excuses. These investors would never had got burn in the 1st place if it wasn't because of them. Would a friend ensure that you to walk over a road knowingly that you would eventually fall in a pot-hole in the 1st place? These people claim that they will hold your hands while walking up the tough road. The fact is while you struggling downhill they would just observe by standing across the street next to an ATM, enjoying the fruits of from your demise."

   

On a related note, I wonder what happened to that little group who went to UMNO for the free lawyer...

The charge was for money laundering and deposit taking.  Of course, acquitted.  They were not charged for running a ponzi.

It is funny when someone says "Genneva Sdn Bhd and NOT Genneva Malaysia Sdn Bhd".
The old is not the same as new eventho they may share similar name and use same address, same business tactics but hey we got different directors this time. 

Also, the recent ruling on the acquittal of the "old" Genneva is also shed some hope for the new Genneva and they may use the same escape clause because of the precedent ruling.  BNM and govt can't charge them without direct proof of money laundering and deposit taking if the law view this as just "trading".

So, what does it mean for the victims?  Probably still very little because the old company is still not business and they still got their funds locked inside this company.

Are they still solvent? It will be interesting to find out later.