You are right. I didn't take into account the rebalancing price and 2% discount at the various moment cos their price have been $96 since feb 2012.
Problems with Genneva Payout
- Thread starter David Fong
- Start date
You are right. I didn't take into account the rebalancing price and 2% discount at the various moment cos their price have been $96 since feb 2012.
Yes, i totally agree with you. But with current situation, giving back your gold is like a gambling game with them where you show hand. It is either you lose all or win all. I rather cut loss, learn from my mistake and move on. Legally, we can't do anything, police aint doing anything, CDA aint doing anything and government aint stepping in. So i rather have the gold with me personally.
SuperHunk3488
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A Song for You!!!
To all the Members and Customers onboard of GENTanic,(same same titanic)
Now you have come to a point that GENTanic had hit collided with an iceberg(trap / scum) and sank.
Many Members and Customers will financially died and some Members and Customers will still survived.
Here's the song for Members and Customers of GENTanic:
My Heart Will Go GONG?!?!
Every night in my dreams
I see Gold, I feel Gold
That is why I joined GEN-Tan-nic.
Own us all the discount!
make Changes between us
You have come to show us your colour!
Wait! Park!
wherever you like,
I believe that my heart does give up!.
Once more, you come out the dot???
And you do Sh-t to my Gold,
and my Gold will pass on and on...
Lies can con us one time
and last for a lifetime
And never let go till we're GONG
!!!
To all the Members and Customers onboard of GENTanic,(same same titanic)
Now you have come to a point that GENTanic had hit collided with an iceberg(trap / scum) and sank.
Many Members and Customers will financially died and some Members and Customers will still survived.
Here's the song for Members and Customers of GENTanic:
My Heart Will Go GONG?!?!
Every night in my dreams
I see Gold, I feel Gold
That is why I joined GEN-Tan-nic.
Own us all the discount!
make Changes between us
You have come to show us your colour!
Wait! Park!
wherever you like,
I believe that my heart does give up!.
Once more, you come out the dot???
And you do Sh-t to my Gold,
and my Gold will pass on and on...
Lies can con us one time
and last for a lifetime
And never let go till we're GONG
!!!gennevacomplaingroup
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Again....we would like to correct you.....we can do something legally. Please stay tuned to this forum and we shall update you on the progress of our legal suits against Genneva.
I heard from the grapevine, or rather it was posted and verified on the Martin Lee Genneva Gold blogsite, concerning the story surrounding the demise of Genneva Sdn Bhd. It was raided by Bank Negara, assets including gold stock and cash in bank seized by BNM. Gold stock and cash were found to be far below that shown in books. Cash should have been RM67 million but only RM20 million was found. So the company directors or managers or controllers had pilfered at least RM47 million of the cash. THIS IS NO SMALL CHANGE!! (Can read in press reports and court records). The directors including Ng Poh Weng, Marcus Yee and Chin Wai Leong were charged with illegal deposit taking and money laundering and trial is ongoing in the K L Sessions Court. (read about it in the Case Status Report page of BNM Website). Max penalty = 5 years jail and RM10 million fine. (Read the BAFIA Act, and the AMLATFA Act, MY).
The impugned directors went on to operate Genneva MALAYSIA Sdn Bhd, and surprise of surprise, there were no shortage of new customers for the gold! The same directors are the masterminds behind Genneva Sg. Do you think they have suddenly turned into honest and scrupulous businessmen? Or they will continue to milk the investors for whatever they are worth?
One very noteworthy point. Reportedly, Ng Poh Weng was kidnapped THRICE, presumably by disgruntled investors in Genneva Sdn Bhd who obstinately wanted their money or gold back.
We can only speculate what ransom had to be paid each time, to secure his release and making good of the investors' losses. These facts are posted on Martin Lee blog, read it there.
The impugned directors went on to operate Genneva MALAYSIA Sdn Bhd, and surprise of surprise, there were no shortage of new customers for the gold! The same directors are the masterminds behind Genneva Sg. Do you think they have suddenly turned into honest and scrupulous businessmen? Or they will continue to milk the investors for whatever they are worth?
One very noteworthy point. Reportedly, Ng Poh Weng was kidnapped THRICE, presumably by disgruntled investors in Genneva Sdn Bhd who obstinately wanted their money or gold back.
We can only speculate what ransom had to be paid each time, to secure his release and making good of the investors' losses. These facts are posted on Martin Lee blog, read it there.
Lover_Handphone
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Gold Summit Asia seminar 29 Sept 2012 1 to 5 pm
Hi,
I am not advertising for Gold Summit Asia (GSA).
GSA advertised for a seminar to be held on 29th Sept 2012:
Gold Summit Asia 2012 - Singapore
This is what GSA claimed in the ad:
===============
Here's what you will learn in this FREE Seminar:
Hi,
I am not advertising for Gold Summit Asia (GSA).
GSA advertised for a seminar to be held on 29th Sept 2012:
Gold Summit Asia 2012 - Singapore
This is what GSA claimed in the ad:
===============
Here's what you will learn in this FREE Seminar:
- What To Do In The Event Your HARD EARNED Commission Is NOT Paid ...
- What To Do If Your Loved Ones or Friends Discounts are NOT Paid ...
- What Happens Not JUST In Singapore But Also In Malaysia...
- Discover The Hidden Secrets That The Industry NEVER Wanted You To Know...
- Start Discovering How You Can Profit & Succeed In This Highly Secret Niche Industry...
- ===========
- Personally, for those affected by Genneva Sg, my opinion is to attend this seminar with an open mind and hear what they have to offer. But do not enter into any agreement with them during the seminar. Do not sign any contract/papers. Do not bring credit card or cheque book. Go home, do some research first before committing to what they have to offer.
bearbearfury
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Hi, both my wife and myself have bought gold from Genneva. We are affected by their parking of gold and non payment of the cash discount. your mailbox is full. please link me up for the talk. thanks.
They are on business times today. Let's see if the person can get money back.
Gold trading firm taken to court by customer
Gold trading firm taken to court by customer
Yes, do something legal with them. What i meant was: Don't ever give back your gold to them at this stage!
vengeance2012
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Genneva
Dear Genneva Complaint group
I tried to send a PM to your group but was unable to as your mailbox is full.
Dear Genneva Complaint group
I tried to send a PM to your group but was unable to as your mailbox is full.
basilbasol007
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hi, my family invested $400k (after discount) in both physical (2%) and paper gold(4.3%). i borrowed $ from sister and mortage my car ($110k). now my physcial gold of 1.2kg is also with Genneva. May I join your group? Please provide me with the details. T Q. (I laso tried to PM u but your message quota is full)
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Gold trading firm taken to court by customer
She wins interim judgment; other lawsuits may follow
Genneva Pte Ltd, a gold trading company offering a "buyback" scheme, appears to be in hot water.
At least one customer has recently won an interlocutory judgment against it in the Subordinate Court, pending an assessment of damages. It remains to be seen, however, whether she will recover her claim of about $190,000. Genneva failed to respond to the writ of summons or to contest the case.
The plaintiff, Lee Bee Ghok, is represented by Goh Kok Yeow of De Souza Lim & Goh.
A second writ of summons has also been filed in the Subordinate Court claiming a total sum of roughly $86,000.
A number of other customers are also looking into launching a lawsuit against the firm for its alleged failure to honour its part of the agreement to buy back gold. One group of about 60 customers, representing a total of roughly $10 million in gold purchases, is understood to be consulting lawyers.
Genneva is on the Monetary Authority of Singapore's Investor Alert list of unlicensed entities. Its scheme basically sells gold to customers at a hefty premium of 20-30 per cent. Customers, however, are told that they enjoy a "discount" of about 2 per cent off the headline price.
They are given the option to sell back the gold after a pre-agreed term of one month or three months. The gold can be sold back at the headline price and customers get to pocket the so-called discount. Assuming monthly rollovers, this could mean a return of as much as 24 per cent a year.
Genneva's website lists a price of $96 per gram as at August. This is the equivalent of about $96,000 per kilobar of gold. UOB, which offers gold investment services, sells gold to the public at about $74,500 per kilobar.
Sources said that the firm had also offered a "safekeeping receipt" (SKR) scheme some years ago, where the customer does not take delivery of physical gold. The gold is held by the company for safekeeping, and customers can exercise the option to withdraw via a "sellback".
Genneva director Leow Wee Khong could not be reached. Calls and e-mail to the company were not answered.
More recently, a source said, customers were marketed a scheme similar to SKR, but under a contract linked to a Malaysian company.
BT understands that in the last few months, customers have not been able to sell back their gold. Agents are also owed commissions for up to six or seven months. Customers that BT spoke with managed to make at least one rollover, earning 2 per cent, after which some invested yet more money.
Spot gold price touched a high of US$1,888 per ounce last year. It is now trading at US$1,759.
Customers who bought from Genneva are in a bind because of the high premium paid. Those BT spoke with paid between $91,000 and $93,000 per kilobar. UOB will buy back from the public at about $69,400 based on yesterday's indicative prices.
Some customers are believed to have filed police reports. A police spokesman said: "It is inappropriate to comment on police investigations, if any."
Based on Genneva's latest available filings, 2009 revenue came to $236 million. Assets totalled $67 million and liabilities, $68 million. Paid-up capital came to $500,000. The company was registered in 2008 with four directors, three of whom are Malaysian.
The three Malaysians - Marcus Yee Yuen Seng, Ng Poh Weng and Chin Wai Leong - are also directors of Genneva Sdn Bhd. They are being sued by Bank Negara in Malaysia for alleged illegal deposit taking and alleged offences under anti-money laundering laws. The case is ongoing.
In Singapore, there are four apparently related Genneva companies registered as businesses. Apart from Genneva Pte Ltd, there is also Genneva Remittance, set up ostensibly for remittance services, and Genneva Syariah, described as gold bullion traders and dealers.
In March, Genneva World Pte Ltd was registered also for gold trading. It has six Singaporean directors, one of whom is Mr Leow, the Genneva director.
Customers are concerned that assets of Genneva are being transferred to Genneva World, which is expected to trade on a similar business model. Sources say that some customers have been invited to transfer their contracts to Genneva World, but they are asked to keep 30 per cent of their gold holding with the company.
Genneva's model appears to fall into a grey regulatory area. Because there is typically a physical purchase of gold, the company is not classified as an investment adviser. The so-called discount that customers are extended is also not described as a yield or return.
Meanwhile, on its website, the MAS warns against schemes that dangle high returns, citing gold buyback schemes. It urges customers to question how the returns are generated, and whether the operators are regulated.
Gold trading firm taken to court by customer
She wins interim judgment; other lawsuits may follow
Genneva Pte Ltd, a gold trading company offering a "buyback" scheme, appears to be in hot water.
At least one customer has recently won an interlocutory judgment against it in the Subordinate Court, pending an assessment of damages. It remains to be seen, however, whether she will recover her claim of about $190,000. Genneva failed to respond to the writ of summons or to contest the case.
The plaintiff, Lee Bee Ghok, is represented by Goh Kok Yeow of De Souza Lim & Goh.
A second writ of summons has also been filed in the Subordinate Court claiming a total sum of roughly $86,000.
A number of other customers are also looking into launching a lawsuit against the firm for its alleged failure to honour its part of the agreement to buy back gold. One group of about 60 customers, representing a total of roughly $10 million in gold purchases, is understood to be consulting lawyers.
Genneva is on the Monetary Authority of Singapore's Investor Alert list of unlicensed entities. Its scheme basically sells gold to customers at a hefty premium of 20-30 per cent. Customers, however, are told that they enjoy a "discount" of about 2 per cent off the headline price.
They are given the option to sell back the gold after a pre-agreed term of one month or three months. The gold can be sold back at the headline price and customers get to pocket the so-called discount. Assuming monthly rollovers, this could mean a return of as much as 24 per cent a year.
Genneva's website lists a price of $96 per gram as at August. This is the equivalent of about $96,000 per kilobar of gold. UOB, which offers gold investment services, sells gold to the public at about $74,500 per kilobar.
Sources said that the firm had also offered a "safekeeping receipt" (SKR) scheme some years ago, where the customer does not take delivery of physical gold. The gold is held by the company for safekeeping, and customers can exercise the option to withdraw via a "sellback".
Genneva director Leow Wee Khong could not be reached. Calls and e-mail to the company were not answered.
More recently, a source said, customers were marketed a scheme similar to SKR, but under a contract linked to a Malaysian company.
BT understands that in the last few months, customers have not been able to sell back their gold. Agents are also owed commissions for up to six or seven months. Customers that BT spoke with managed to make at least one rollover, earning 2 per cent, after which some invested yet more money.
Spot gold price touched a high of US$1,888 per ounce last year. It is now trading at US$1,759.
Customers who bought from Genneva are in a bind because of the high premium paid. Those BT spoke with paid between $91,000 and $93,000 per kilobar. UOB will buy back from the public at about $69,400 based on yesterday's indicative prices.
Some customers are believed to have filed police reports. A police spokesman said: "It is inappropriate to comment on police investigations, if any."
Based on Genneva's latest available filings, 2009 revenue came to $236 million. Assets totalled $67 million and liabilities, $68 million. Paid-up capital came to $500,000. The company was registered in 2008 with four directors, three of whom are Malaysian.
The three Malaysians - Marcus Yee Yuen Seng, Ng Poh Weng and Chin Wai Leong - are also directors of Genneva Sdn Bhd. They are being sued by Bank Negara in Malaysia for alleged illegal deposit taking and alleged offences under anti-money laundering laws. The case is ongoing.
In Singapore, there are four apparently related Genneva companies registered as businesses. Apart from Genneva Pte Ltd, there is also Genneva Remittance, set up ostensibly for remittance services, and Genneva Syariah, described as gold bullion traders and dealers.
In March, Genneva World Pte Ltd was registered also for gold trading. It has six Singaporean directors, one of whom is Mr Leow, the Genneva director.
Customers are concerned that assets of Genneva are being transferred to Genneva World, which is expected to trade on a similar business model. Sources say that some customers have been invited to transfer their contracts to Genneva World, but they are asked to keep 30 per cent of their gold holding with the company.
Genneva's model appears to fall into a grey regulatory area. Because there is typically a physical purchase of gold, the company is not classified as an investment adviser. The so-called discount that customers are extended is also not described as a yield or return.
Meanwhile, on its website, the MAS warns against schemes that dangle high returns, citing gold buyback schemes. It urges customers to question how the returns are generated, and whether the operators are regulated.
Gold trading firm taken to court by customer
To Genneva Complain Group
Looks to me your actions to pursue your rights seem pretty mild and gentlemanly!
Lawsuits against a pte ltd co operating a con game of gigantic proportions? Are you not throwing good money after bad? You think they will respond to the lawsuits?
You are dealing with a bunch of crooks, charlatans, conmen, FRAUDSTERS, SCAMSTERS.
Maybe you should have a conference among your members to contemplate actions similar to what the My guys have done to Ng Poh Weng.
Looks to me your actions to pursue your rights seem pretty mild and gentlemanly!
Lawsuits against a pte ltd co operating a con game of gigantic proportions? Are you not throwing good money after bad? You think they will respond to the lawsuits?
You are dealing with a bunch of crooks, charlatans, conmen, FRAUDSTERS, SCAMSTERS.
Maybe you should have a conference among your members to contemplate actions similar to what the My guys have done to Ng Poh Weng.
Genneva still has not return customer's gold park with them since the 2nd week of september. Numerous calls were made to the hotline and gold inspection(GI) department but the staff kept giving excuse of system down. No payout of discount, and now trying to run with customers gold parked inside.
mosaic1979
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stargazer008
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Hi Gennevacomplaingroup, kindly include me in your discussion. Tks.
Who would expect Genneva to fold up? Their chairman was said to be the daughter of Pahang Sultan. And didnt Dr. M grace their opening ceremony??
Who would expect Genneva to fold up? Their chairman was said to be the daughter of Pahang Sultan. And didnt Dr. M grace their opening ceremony??
FOOLS WILL NOT!!!
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