Problems with Genneva Payout

[Lucy1324]

1 of the many legal suits against Genneva by its customers

At least something is happening.

Wonder how long it will take to reach a settlement?

 

[jackong78]

At least something is happening.

Wonder how long it will take to reach a settlement?

As far as i know, we can sue them and win but may not get any money back because they are delaying payment and Not stopping the payment. This puts us in a spot!

 

[gennevacomplaingroup]

As far as i know, we can sue them and win but may not get any money back because they are delaying payment and Not stopping the payment. This puts us in a spot!

True but at least we can stop Genneva from taking in more victims. Also a 50% chance of getting back our money is better than 0% if we just sit around and do nothing.

 

[jackong78]

I understand from the situation that likely Genneva pte ltd is closing down and transferring their business to Genneva world. IE, we will waste our money on legal fee and get nothing back.

 

[SuperHunk3488]

Somebody ought to do something...

I understand from the situation that likely Genneva pte ltd is closing down and transferring their business to Genneva world. IE, we will waste our money on legal fee and get nothing back.

Not everybody think the same way when come to situation like that...
Some might think the same way as you....
Some will just want to have JUSTICE from the Singapore Law and not about the money anymore..

Similar Example:
**is just like when a young girl had been rape.... after the incident she decided to keep it to herself and not to report.... worry about her future and how people gonna look at her... from there more and more poor young innocent girls follow the same step...

until one brave young girl stand up and have the courageous to report the whole incident... she dare to face whatever that will come to her way not worry about anything...

That should be the way...

 

[BenLCP]

I am also a client. Genneva is bankrupt

Guys, I was told by my agent that it is 99.99% (like the gold, forgive the pun) that Genneva is bankrupt. I also want to be involved if there is legal action to be taken. I am also stuck. I will not put in any more money. Cannot trust anymore. Have to wait it out. How to sell my gold, guys? Where is the best place to sell?

 

[jangwl]

Do not rush to sell first. Wait until the government remove the 7% GST on gold. More gold trading house will be coming and can get a better price.

Pawnshops and banks always buy in at 15% to 20% below market value. They will profit from it and not us the consumers.

 

[gennevacomplaingroup]

Another legal suit against Genneva......

 

[gennevacomplaingroup]

Free legal talk session for Genneva customers

Sorry to get back so late but our next legal talk session, strictly for Genneva customers, will be held on 26th September 2012 (Wednesday) at 4.30pm.

For those who are interested to attend kindly PM us and we will provide the other details thereafter. RSVP latest by 25th September 2012.

 

[Lover_Handphone]

gennevacomplaingroup

Genneva is not honoring their present contract (re balancing) and instead forcing customers to re contract. If they can not honor their existing contract how can one trust that genneva will honor new contract ....and parking gold with company for seven days!!!!!!!!!!!

Any people who want to hire a lawyer and share the cost please pm.

Pls send a pm to gennevacomplaingroup. They can advise you.

 

[Lover_Handphone]

gennevacomplaingroup

Genneva is not honoring their present contract (re balancing) and instead forcing customers to re contract. If they can not honor their existing contract how can one trust that genneva will honor new contract ....and parking gold with company for seven days!!!!!!!!!!!

Any people who want to hire a lawyer and share the cost please pm.

I am quoting gennevacomplaingroup:

=========================

Sorry to get back so late but our next legal talk session, strictly for Genneva customers, will be held on 26th September 2012 (Wednesday) at 4.30pm.

For those who are interested to attend kindly PM us and we will provide the other details thereafter. RSVP latest by 25th September 2012.

=========================

CronJob - pls contact the group.

 

[drago88]

Can I offer my two cents worth?

Genneva Sg is a limited liability company. Investors' contracts are with Genneva Sg. If Genneva Sg runs out of money or becomes insolvent, all those whose rebates or discounts or gold bars or commissions or cash proceeds from selling back gold bars are stuck with the company WILL BE ALL LEFT OUT IN THE COLD. Ask around among business people who were unfortunate enough to be owed money by a pte LTD company which went bankrupt. You will be very lucky if you can get back 10 cts in the $, and even then it will be after years of waiting and some legal costs. Therefore if Genneva Sg collapses, your money or your gold still parked with them is as good as gone. Don't waste good money chasing after bad.

The directors and shareholders are generally not liable for the company's debts and obligations. However, if you can prove that the directors were engaged in cheating, or misrepresentation, or breach of fiduciary duty or breach of trust, then there is possibility of having the police arrest the guilty directors and subjecting them to criminal prosecution.

 

[gennevacomplaingroup]

Can I offer my two cents worth?

Genneva Sg is a limited liability company. Investors' contracts are with Genneva Sg. If Genneva Sg runs out of money or becomes insolvent, all those whose rebates or discounts or gold bars or commissions or cash proceeds from selling back gold bars are stuck with the company WILL BE ALL LEFT OUT IN THE COLD. Ask around among business people who were unfortunate enough to be owed money by a pte LTD company which went bankrupt. You will be very lucky if you can get back 10 cts in the $, and even then it will be after years of waiting and some legal costs. Therefore if Genneva Sg collapses, your money or your gold still parked with them is as good as gone. Don't waste good money chasing after bad.

The directors and shareholders are generally not liable for the company's debts and obligations. However, if you can prove that the directors were engaged in cheating, or misrepresentation, or breach of fiduciary duty or breach of trust, then there is possibility of having the police arrest the guilty directors and subjecting them to criminal prosecution.

We are Singaporeans.....even if there's a chance we can't get back our money we will not just sit down and do nothing. We will fight back for sure!

Nevertheless, it doesn't mean that the Genneva directors are malaysians and therefore they can get away scot free after they have cheated Singaporeans' money. There are international laws that can be used against them.....they wont get away so easily.

If you are a Genneva customer reading this.....please take note that even if you don't do anything.....YOU WON'T GET BACK YOUR MONEY TOO!!! SO DO SOMETHING NOW!!!

 

[Goodwood]

Can I offer my two cents worth?

Genneva Sg is a limited liability company. Investors' contracts are with Genneva Sg. If Genneva Sg runs out of money or becomes insolvent, all those whose rebates or discounts or gold bars or commissions or cash proceeds from selling back gold bars are stuck with the company WILL BE ALL LEFT OUT IN THE COLD. Ask around among business people who were unfortunate enough to be owed money by a pte LTD company which went bankrupt. You will be very lucky if you can get back 10 cts in the $, and even then it will be after years of waiting and some legal costs. Therefore if Genneva Sg collapses, your money or your gold still parked with them is as good as gone. Don't waste good money chasing after bad.

The directors and shareholders are generally not liable for the company's debts and obligations. However, if you can prove that the directors were engaged in cheating, or misrepresentation, or breach of fiduciary duty or breach of trust, then there is possibility of having the police arrest the guilty directors and subjecting them to criminal prosecution.

If Genneva already knew they are in financial crisis yet they continue to make use of their agent to sell option with 3% discount to old couple, and after customer bought, Genneva don't even bother to honor the 3 % discount at all, after overcharging 30% premium price, is this consider, cheating new client, mislead new client? The salesperson told me they did not get a single cents commission from new sale, and company stop paying them for quite some time ... How can this company open and close their operation without accountability?

 

[Goodwood]

Not everybody think the same way when come to situation like that...
Some might think the same way as you....
Some will just want to have JUSTICE from the Singapore Law and not about the money anymore..

Similar Example:
**is just like when a young girl had been rape.... after the incident she decided to keep it to herself and not to report.... worry about her future and how people gonna look at her... from there more and more poor young innocent girls follow the same step...

until one brave young girl stand up and have the courageous to report the whole incident... she dare to face whatever that will come to her way not worry about anything...

That should be the way...

What Genneva Gold did was financially raped Singaporean, and even old man and old woman, they don't spare a thought to rob the old couple of a burial place in temple as well. Such a sicko company still want to open another company, in another man, and continue the rape .... Omg!!!

 

[casper86]

Can I offer my two cents worth?

Genneva Sg is a limited liability company. Investors' contracts are with Genneva Sg. If Genneva Sg runs out of money or becomes insolvent, all those whose rebates or discounts or gold bars or commissions or cash proceeds from selling back gold bars are stuck with the company WILL BE ALL LEFT OUT IN THE COLD. Ask around among business people who were unfortunate enough to be owed money by a pte LTD company which went bankrupt. You will be very lucky if you can get back 10 cts in the $, and even then it will be after years of waiting and some legal costs. Therefore if Genneva Sg collapses, your money or your gold still parked with them is as good as gone. Don't waste good money chasing after bad.

The directors and shareholders are generally not liable for the company's debts and obligations. However, if you can prove that the directors were engaged in cheating, or misrepresentation, or breach of fiduciary duty or breach of trust, then there is possibility of having the police arrest the guilty directors and subjecting them to criminal prosecution.

If it's a LLP, there'll be 1 person who is Unlimited Liability. So you can get that person's asses off...

 

[denisd]

If it's a LLP, there'll be 1 person who is Unlimited Liability. So you can get that person's asses off...

if directors have been transfering money to other accounts whilst still taking new customers they face criminal action, and accounts overseaas can be frozen. They have large amounts in Malaysia, and Singapore will co-operate with Malasian police to seize their assets..

 

[Goodwood]

GOLDCO and ILL GOTTEN MONEY

I had learnt a lot from all of you, and learn to identufy the whole scam or gameplan operated by unethical Merchant, through my parent's ignorance and monetary loss. I wonder how many old people or retirees (through goldco agent who are just as naive) who are not as educated as those on the Internet are ripped off their life savings, retirement fund and possibly all they had. The only comfort I can offer is, These director and their workers will face their Karma. And for those old folk who lose the 30%, may they enjoy a healthy and free of illness retirement. Those who are able o continue working in the workforce, to save more money and move on ...

 

[drago88]

The point I am trying to make is:

DO NOT GO NEAR THE GENNEVA PEOPLE. THEY ARE RUNNING A FRAUDULENT SCHEME WHICH IS VERY CLEARLY A PONZI FEEDING ON NEW INVESTORS MONEY TO PAY OFF THE LUCRATIVE REBATES, DISCOUNTS AND COMMISSIONS. WHEN THE TIMING IS RIGHT THEY WILL PACK UP AND RUN AWAY WITH THE MONEY AND THE GOLD. EXACTLY WHAT IS HAPPENING NOW IN SG. BEING A PTE LTD CO, YOU CANNOT TOUCH THE DIRECTORS AND SHAREHOLDERS, EXCEPT FOR THE POLICE UNDER CRIMINAL AND OTHER FINANCIAL REGULATORY LAWS. BUT EVEN IF DIRECTORS ARE PUT IN JAIL, IT DOES NOT MEAN YOU GET BACK YOUR MONEY OR YOUR GOLD.

They are so imaginative that they came up with the Genneva World Scheme, to which you can migrate and lose another 30%!! YOU WILL BE REALLY FOOLISH TO CONTINUE TO HAVE TRUST IN THESE PEOPLE.
Previously, investors asked to migrate from SAMUDRA to Genneva to Genneva M'SIA and now to Genneva World. The Genneva masterminds Ng Poh Weng, Marcus Yee, Chin Wai Leong etc are accused of illegal deposit taking and moneynlaundering under M'SIAN laws for the Genneva operations where at least RM40 million were missing from the co accounts. If convicted, they face jail time of up to five years and fines of up to RM10million.

CURRENT STRATEGY FOR GENNEVA INVESTORS LIMITED TO A CUT LOSS OPTION.
If still holding gold NEVER NEVER surrender it to Genneva under any circumstances, no matter how sweet the promises from them are. They are crooks who will not hesitate to cut you down further.

 

[drago88]

Never never believe the words of the Genneva apologists and supporters. Especially those of Anonymous Me who has already made quite a name for himself in Martin Lee Genneva Gold blog. There he has been called the "100 epithet troll" for all the rubbish he posted there.

Now Anon Me says Genneva Sg has problems because "senior echelon manager" ran away with gold and money, and made huge unauthorized forex trades which lost a lot of money. This is RUBBISH and CO.K AND B.LL and B.LL S..T pure and simple.

Anon Me may have filled up his pockets and run, that is why he is not making any noise on this blog for now.

As for Genneva My not coming to Sg aid, do we not know that Genneva My paid up capital is RM50,000 or about S$16,000 only? Whatever money is in their bank account, many many millions, is the investors' money. Do you think they will use it to save the Sg investors' skin, or they will rather run away with it in My when the timing is right?