Problems with Genneva Payout

[jonchar]

Studying how GV shareholders operate and what they aim to do It is my personal feeling they will not run away with the gold. So all of us having gold parked with them need to be patient but also vigilent as if the company closes down or goes under liquidator or CAD stops temporary its operations it would be hard to retrieve our gold back. What we see is a company with cash problems. If u get ur discount 2 weeks later and not now is not the end of the world. Also if we get our gold back a week later and not now is not that bad. The problem we have now is we worry for the worst and bad psycology creates bad thoughts. But at the end who has given gold to them will probably get it back sooner or later.About the discounts we can probably forget that for a while.

No offence but can I check if you are vested? Because it sounds like you are and in denial.

They will not run away with the gold? 500kg is already missing.

If we get our gold back a week later and not now is not that bad? But at the end who has given gold to them will probably get it back sooner or later? Will not be getting back, sorry to say this.

 

[drago88]

I'm sorry to be the bearer of the bad news but Genneva really screwed you as if it is in the seal, you can sell it for a premium over spot to another person but now you are lucky to get spot for it... Why do they need to remove from certicard really baffle me as all pamp gold have a unique serial number which they can use as reference to check if they sell the gold...

Maybe they break the seal so that some tungsten can be inserted? Were there not some posts here which showed that such things have been done with the original branding and serial no. remaining intact? No limit to what clever counterfeiters can perpetrate!!

 

[drago88]

No offence but can I check if you are vested? Because it sounds like you are and in denial.

They will not run away with the gold? 500kg is already missing.

If we get our gold back a week later and not now is not that bad? But at the end who has given gold to them will probably get it back sooner or later? Will not be getting back, sorry to say this.

When Genneva SDN BHD was raided by Bank Negara M'sia in 2009, at least RM 47 million was missing from the co. accounts. This was widely reported in the media and all over the Blogosphere (just google Genneva gold). The main perpetrators Ng Poh Weng, Marcus Yee and Chin Wai Leong were charged for criminal offences. There were a million bloggers warnig about the Genneva Gold Scam. Yet they continued to happily operate Genneva Sg. HEY,
DON'T S'POREAN INVESTORS READ THE NEWSPAPERS OR DO SOME DUE DILIGENCE BEFORE PARTING WITH THEIR HARD EARNED MONEY.???? AND AS WAS POSTED HERE, WHAT HAPPENED TO THE SQUEAKY CLEAN S'PORE AUTHORITIES MAS AND CAD???!

If 500 kg of gold has gone missing, that is worth 500 x 65,000= SGD32.5 million. If you put SGD32 million in the pockets of some crooks (foreign crooks), do you expect them to wait around for you or your lawyers or your police to nab them, or will they make a quick disappearing act??? These crooks already ran away with the Genneva SDN BHD money!!!!
Anon Me has stuffed his pockets full of cash and gone on his sunshine holiday, that is why he is bidding you ADIEU. He is having the last laugh here or at Low YAT blog or at Martin Lee blog.

 

[makav31i]

you know right that the PAMP is not guaranteed if is broken from the seal and the picture of the fake bars are not in the seal because previously pamp did not put their 100 gram gold bar in a seal but instead issue a certificate of authenticity with a serial number on the bar which match With the coa... This is the problem as people can temper with the gold as it is not sealed... If your gold bar is below 1oz it will not be cost effective to insert a tungsten rod as tungsten is not an easy element to work with as it is very hard... Since it is no longer in the seal why not weigh the gold to see if the weight is correct as there are some cheats who will take out a bit of gold from a gold bar as gold bar have a tolerance level of + or - a few grams and the bigger the bar the higher the tolerance level... If anyone can scrape like 1gram per kilo bar and they are getting 1000 of the 1kilo bars, they will be getting a free 1kilo bars...That is a lot of gold... And removing 1 gram is not noticeable in 1kilo bar if anyone knows how to do it... I am not saying they are doing it but it is something to think about as no sane person would remove a pamp bar which have a serial number different from one another to identify the bar that they sell rather than their dot methods..

 

[transform]

Genneva Gold Scam newsclip Part 2

Part 2 of the newsclip broadcasted at 10.30pm 27 Sept 2012, TCS 8.
Lee Song Teck of The Gold Guarantee was interviewed, also his rescue plan for Genneva's clients.

Don't fall into another SCAM. Do do think how many people will share their $$$$$$ with strangers ? From the start everything is a well masterminded SCAM.

 

[Lover_Handphone]

Summary in English

Genneva Gold Scam newsclip Part 2

Part 2 of the newsclip broadcasted at 10.30pm 27 Sept 2012, TCS 8.
Lee Song Teck of The Gold Guarantee was interviewed, also his rescue plan for Genneva's clients.

For those who do not understand Mandarin, this is the summary of the newsclip Part 2:
======================================

- Genneva Gold is in trouble and unable to fulfill its monetary and gold obligations to its customers.

- Amount of gold involved is suspected to be more than 500kg.

- Company declined to be interviewed and only allow buyers and their agents to enter its premises.

- Their scheme works by allowing customers buy gold from Genneva at 20-30% price above spot rate, but the company will give a cash rebate of 2% every month.

- Customers given many reasons for delay in payment. They were given “payment vouchers” which were not redeemable.

- Lawyers warn that customers dealing in such schemes should always be aware of the full terms and conditions, and more importantly the financial strength of the company. There is a lawsuit ongoing.

- CASE reports that complaints against such companies have been on the rise and they are concerned about the companies.

- As the schemes are not regulated, they do not fall under the purview of MAS. However, at least three of these companies have been already included in the MAS investor alert list.

- Customers relating their experiences and unhappiness.

- A group of 20+ investors have gone to CAD to ask for help. The police declined any comments as to whether investigations have commenced or not.

- Another two gold companies (The Gold Guarantee and Asia Pacific Bullion, both owned by Lee Song Teck) have offered rescue or buyback plans for affected Genneva customers. Customers are required to join their schemes to get a good price.

-The public is warned to check the financial strength of these companies before doing any business with them. These two companies are actually operated by the same person Lee Song Teck and they are also on the MAS alert list.

 

[Lover_Handphone]

Something fishy

Don't fall into another SCAM. Do do think how many people will share their $$$$$$ with strangers ? From the start everything is a well masterminded SCAM.

I have reasons to believe that Genneva Sg and The Gold Guarantee mastermind this whole saga.

The duo connived to trick desperate Genneva Sg clients to part their gold and join The Gold Guarantee or Asia Pacific Bullion (both owned by Lee Song Teck).

Don't jump from 1 hot pot to another !

 

[optima]

OMG, i just watched the news on 'YOU TUBE', Channel 8, 27sep12 on Genneva cheating customers discount and not returning customers gold bar. Sell back gold no cash back.

 

[SuperHunk3488]

Go ORCHARD TOWER!!!

Agents are t 1 go out n prey for next victim. Genneva just a company with all the rules and conditions listed on customer contract. Most of the time it depends on agents feed you t info. If u really think ur frds or family didn't get a clue Genneva having issues, u must be naive! Please help us to identify those irresponsible agents so we may alert ourselves when we spot those devils selling other product in future! Thank you for sharing!

I 100% agreed with you!!! (check my past post on genneva agents)
Yes!! is because of those heartless bloody AGENTS that con all their customers with wrong info and hide all the facts just to get sales!!!
Anybody here got friends or relative fall into genneva trap...

Go to Orchard Tower rear buliding level 2 food court can still find those bloody AGENTS there happliy con-ning new customers....

"IF ANYBODY WANNA MEET YOU AT THAT SPOT!!!" (100% genneva agents)
mostly old uncle and auntie... mixed a bit of PRC as well.....

"ask you to buy 1 KG gold at $97,000 only...."
STRAIGHT AWAY WHACK THEIR BLOODY HEAD OFF!!!!!!!!!

 

[SuperHunk3488]

Hello??? Are U on pills???

Studying how GV shareholders operate and what they aim to do?
They dun even wanna share how they make money with your money??? How are you gonna study??? how? how? by guessing har?
They keep saying:"Trade secret"
Yah that their aim to screw you up!!

It is my personal feeling they will not run away with the gold.
You use what to gurantee??? your feeling har??? or you have golden LP har??


So all of us having gold parked with them need to be patient but also vigilent as if the company closes down or goes under liquidator or CAD stops temporary its operations it would be hard to retrieve our gold back.
Hey? If you want to park gold just go ahead DUN EVER phycho people here to join you!!!


What we see is a company with cash problems.
Your eyes got problems sibo???
the company got a lots of problems not just cash!!!
management problems, management fund problems, manage their policy problems, settle their customers problems, and still creating more problems by keep changing their rules, terms and conditions!!!!

If u get ur discount 2 weeks later and not now is not the end of the world.
Did you said "IF"??? What "IF Not" getting then how???
Also if we get our gold back a week later and not now is not that bad.
You and your "IF" again??? you yourself also not sure whether can get it back a week later??? What "if Not" getting back anymore?!?!? how your personal feeling now??? not too bad still???


The problem we have now is we worry for the worst and bad psycology creates bad thoughts.
Hello??? the problem now is the BAD THOUGHTS is really HAPPENING now!!!

But at the end who has given gold to them will probably get it back sooner or later.
you dare to swear can get it back?!?! for all of them that parked their gold?!?!? if not how????

About the discounts we can probably forget that for a while.

Can forget har???? hellooo.... do you understand what you saying???
Is because of the discount that make you willingly to purchase a over pricing gold bar!!!!

 

[jeffchan23]

My mom n aunties agent is worst .. he is my cousin. Told them the company having problem few years back liao still wanna buy. Really no eye see.

Worst feeling is kena by own relative but what to do he didn't use knife to force them buy .

 

[bugmenot45]

Can forget har???? hellooo.... do you understand what you saying???
Is because of the discount that make you willingly to purchase a over pricing gold bar!!!!

So far only GeorgeBoro is steady and talking with some sense. Unlike the rest who are all on pills might have watch too much horror movies and hallucinating.

 

[GeorgeBoron]

No offence but can I check if you are vested? Because it sounds like you are and in denial.

They will not run away with the gold? 500kg is already missing.

If we get our gold back a week later and not now is not that bad? But at the end who has given gold to them will probably get it back sooner or later? Will not be getting back, sorry to say this.

How you know 500KG is missing? Unverified info spreads panic. I do not say things are good. They are not. But i got back my gold i gave for inspection same other people they posted here. Another lot of gold still in GV for a week now. They promised next week i get it. let us see. If we wait a bit more probably we will get it. That mostly relates to cash flows problems. you see the discount payouts take place after some days of delay but eventually are paid. They hold back the delivery of the gold some more days to delay cash flows goint out from them as they need to pay the discount when contract is completed but intention is not to steal the gold and run away. That is my belief and of course.

 

[Dividends Warrior]

2 Lessons to be learnt.

Dun be greedy.

Dun trust others easily.

 

[SuperHunk3488]

We shall see...

So far only GeorgeBoro is steady and talking with some sense. Unlike the rest who are all on pills might have watch too much horror movies and hallucinating.

GeorgeBoron is steady still of cos... talking sense still i 100% agreed...
(wait till his parked gold goes MIA next week) We can see him doing GANGNAM STYLE at genneva office everyday!!!!

those who dun feel the pain of cos relax lar....
what abt those whom in pain now??? how to relax sia???

 

[sinvestg]

Info:

Visited Valuemax in early evening. They still taking in Geneva gold. 100g buy in at$ 6600.

Though Moneymax and Maxicash stop taking in Geneva labeled gold (as mentioned in another thread #), they should still be taking in swiss gold or SG mint gold, even though was 'sell' by Geneva. They offered to take in at $ 7100 for 100g when I enquired on Sat.

Thanks for the info. May I know which ValueMax and MaxiCash location you visited? The last time I went to check selling price at one of them was offered only $6000 which I did not take.

 

[optima]

YOU TUBE, Genneva Gold Scam, news on channel 8

 

[GeorgeBoron]

When Genneva SDN BHD was raided by Bank Negara M'sia in 2009, at least RM 47 million was missing from the co. accounts. This was widely reported in the media and all over the Blogosphere (just google Genneva gold). The main perpetrators Ng Poh Weng, Marcus Yee and Chin Wai Leong were charged for criminal offences. There were a million bloggers warnig about the Genneva Gold Scam. Yet they continued to happily operate Genneva Sg. HEY,
DON'T S'POREAN INVESTORS READ THE NEWSPAPERS OR DO SOME DUE DILIGENCE BEFORE PARTING WITH THEIR HARD EARNED MONEY.???? AND AS WAS POSTED HERE, WHAT HAPPENED TO THE SQUEAKY CLEAN S'PORE AUTHORITIES MAS AND CAD???!

If 500 kg of gold has gone missing, that is worth 500 x 65,000= SGD32.5 million. If you put SGD32 million in the pockets of some crooks (foreign crooks), do you expect them to wait around for you or your lawyers or your police to nab them, or will they make a quick disappearing act??? These crooks already ran away with the Genneva SDN BHD money!!!!
Anon Me has stuffed his pockets full of cash and gone on his sunshine holiday, that is why he is bidding you ADIEU. He is having the last laugh here or at Low YAT blog or at Martin Lee blog.

How you know 500 KG is missing? Nonsense, fears create rumors...

 

[Lover_Handphone]

Pls watch this video, Sir GeorgeBoron

How you know 500KG is missing? Unverified info spreads panic. I do not say things are good. They are not. But i got back my gold i gave for inspection same other people they posted here. Another lot of gold still in GV for a week now. They promised next week i get it. let us see. If we wait a bit more probably we will get it. That mostly relates to cash flows problems. you see the discount payouts take place after some days of delay but eventually are paid. They hold back the delivery of the gold some more days to delay cash flows goint out from them as they need to pay the discount when contract is completed but intention is not to steal the gold and run away. That is my belief and of course.

Unverified info spreads panic?

Pls watch this video:

Genneva Gold Scam newsclip Part 3

 

[martinlee1688]

The Gold Guarantee owned by Lee Song Teck suspect meeting with financial problem currently!

Latest gold bullion news update,

The Gold Guarantee and Asia Pacific Bullion Owned By Lee Song Teck are on MAS Alert List Now!

The Gold Guarantee Pte Ltd

Please check at MAS Investor Alert List, Click Here >> www.mas.gov.sg/IAL.aspx?sc_p=T

Asia Pacific Bullion Private Limited

Please check at MAS Investor Alert List, Click Here >> www.mas.gov.sg/IAL.aspx?sc_p=A

The Gold Guarantee Pte Ltd and Asia Pacific Bullion Pte Ltd owned by Lee Song Teck which suspect meeting with financial problem currently threatening agents and customers not to sell back their gold!

Dear The Gold Guarantee and Asia Pacific Bullion agents and customers,

The below message may be a bit disturbance and disappointment sent out by the owner Lee Song Teck of The Gold Guarantee Pte Ltd and Asia Pacific Bullion. I feel concern about this company The Gold Guarantee which suspect meeting with financial issue currently threatening agents and customers not to sell back their gold or paper gold back to company and asking their sales leader to sales talk to their The Gold Guarantee agents to ensure their customers not to sell back. Please be careful about the situation.

Message from the Owner of The Gold Guarantee and Asia Pacific Bullion Lee Song Teck to their sales leaders:

“Guys on a serious note. This next few days is crucial. CALL all your agents and communicate with them and also guide them on how to speak to their prospects and clients.

Ensure no sell back. All those that sell back now I will probably ban them from doing new sales after this and also future promotions they will be excluded from it.

I am very very very serious on this.” By Lee Song Teck