Problems with Genneva Payout

[bearbearfury]

my only concern was the purity of the genneva gold bar. thus i was hoping to hear fromthe experience of those who has happened to sell.

Anyone has managed to sell off.the.genneva label.gold yet?

 

[bbmars1128]

...........Did you go to genneva office to request they give it back to you? In my opinion its best to try get it back from genneva although im not so sure whether the office is still open......

Unfortunatgely, I don't think it is that simple of asking Genneva to return you the gold since CAD had raid the office. I think all assets are freezed and nothing can be taken out by Genneva except for operating expense. Likely to only get anything back is when the investigation and action sorted out by CAD then will this happen..... when.... ?? that's the catch and also depending on how huge the amount invested, CAD needs to investigate by calling those people up for interview..... easily >2yrs.... I reckon. imagine that some listed companies being investigated took few years and some cases, longer to complete.....

Its a sad case once CAD comes in... nothing can be retrieve unless the company is operating on a separate account... otherwise..... For those holding on to your gold, you are much more fortunate..... for those who aren't...... just too bad.

 

[drago88]

RAGE DIRECTED VS BANK NEGARA??

The following comment/prediction was posted on Martin lee Genneva gold blog on 30 May 2012:

"That the goldco will ask Bank Negara to raid is a very real possibility. Before asking for raid to be carried out, won’t the GM2 generals have spirited away all the money and gold and hide them, maybe offshore? After raid, the generals will tell everybody to blame the stupid government for ruining the party, spoiling the show, messing up the gold-fest. So in that way, the fury of the cheated customers will be directed at the bank negara rather than at the generals, who may fear some crazies coming after them with parangs.

Was not GM1 found far short of the gold and the cash when raided some years back? Was not Bestino found to have been short of RM411,000,000 belonging to 6,700+ investors when raided some years back? You think GM2 will be any different?"

THIS PREDICTION HAS VERY CLEARLY NOW TURNED INTO REALITY. SEE THE HEADLINES NOW SHOWING THE CONSLTANTS AND CLIENTS ALL SCREAMING "FOUL! MURDER! ETC" AGAINST BANK NEGARA. IN FACT, THE VICTIMS' RAGE SHOULD BE DIRECTED VS THE GNNEVA OPERATORS AND ALL THEIR LYING CONSULTANTS !!!

 

[chex]

Not all of genneva consultants are lying. Some are just doing it for a job.

Of course there are always some black sheep out there....consultants that do 'bad' things. Some consultants will do unsruplous things just to get more commission.

I've heard of consultants advising their clients to take loan or mortgage just to buy more gold...taking advantage of whatever promotion the company is having. Then when the promo is over, just sell back and take the money. Then some consultants also jump to other competitor company...bringing their clients with them. So when a lot of clients sell back...a lot of money also go out of the company.

Ever heard of bank run...if one day majority of bank customers want to take out their money, the bank will also run into problems paying out.

Sometimes what the consultant tell the clients are passed down from the management. If the info is untrue, then the mgmt is lying to the consultants. Don't forget the consultant are also victims. They didn't get paid commission too.

Btw before anyone think they are smart and call me a consultant...in disguise. I'm not working as their consultant.

 

[SuperHunk3488]

Game Over!!!

For those who read most of my posts will know where i coming from...
I did mentioned "NOT TO PARK YOUR GOLD"!!!
but somehow still got some clown go for it.... too bad...
listen here GV had failed and never go for their part 2 GV world...

As for those with gold bar in hand... lucky you! (70% safe)
you still in the game... so there are few options for you to select....

1) keep the gold and forget about the 30% marked up!! (game over)

2) there are few rescue plan for GV customers but.... don't just go for it without knowing their platform well (game on again)

 

[stargazer008]

For those who read most of my posts will know where i coming from...
I did mentioned "NOT TO PARK YOUR GOLD"!!!
but somehow still got some clown go for it.... too bad...
listen here GV had failed and never go for their part 2 GV world...

As for those with gold bar in hand... lucky you! (70% safe)
you still in the game... so there are few options for you to select....

1) keep the gold and forget about the 30% marked up!! (game over)

2) there are few rescue plan for GV customers but.... don't just go for it without knowing their platform well (game on again)

Relax bro. GV office close and raided liao. No one is able to buy-sell back anything.

As I said earlier, if in no urgent need to sell gold for cash, hold it as gold price is rising. Of cos skeptics will say gold price may drop. I dun deny there is this possibility, but I take the risk.

For me, better option is to pawn the gold and get the cash reinvest in stocks, of cos at appropriate time. This is better than you sell the gold now. What if you hold fake gold? Upon you said want to sell, likely they may cut it in half to authentic real gold (pawnshop ppl told me). So for me, better option is wait and reinvest.

 

[freethinker54321]

Not all of genneva consultants are lying. Some are just doing it for a job.

Of course there are always some black sheep out there....consultants that do 'bad' things. Some consultants will do unsruplous things just to get more commission.

I've heard of consultants advising their clients to take loan or mortgage just to buy more gold...taking advantage of whatever promotion the company is having. Then when the promo is over, just sell back and take the money. Then some consultants also jump to other competitor company...bringing their clients with them. So when a lot of clients sell back...a lot of money also go out of the company.

Ever heard of bank run...if one day majority of bank customers want to take out their money, the bank will also run into problems paying out.

Sometimes what the consultant tell the clients are passed down from the management. If the info is untrue, then the mgmt is lying to the consultants. Don't forget the consultant are also victims. They didn't get paid commission too.

Btw before anyone think they are smart and call me a consultant...in disguise. I'm not working as their consultant.

Unless the consultant is also a customer, the consultant is only looking at loss of commissions while his customers are looking at partial or total loss of capital. I personally hear consultants still asking customers to park gold or buy more during my visits to the office weeks before the raid.
If the management give one or two excuses to delay payment, it might sounds possible. But the consultants choose to believe all the excuses given over the last 3-6 months. I really wonder why so.

To be fair, I know some consultants are also using their own money to pay their customers in the last few weeks. I can only interpret as these consultants choose to believe their golden rice bowl will not break with all these actions. I really hope these consultants also learn their lessons too.

I am not a consultant but I am a customer.

 

[mosaic1979]

Unless the consultant is also a customer, the consultant is only looking at loss of commissions while his customers are looking at partial or total loss of capital. I personally hear consultants still asking customers to park gold or buy more during my visits to the office weeks before the raid.
If the management give one or two excuses to delay payment, it might sounds possible. But the consultants choose to believe all the excuses given over the last 3-6 months. I really wonder why so.

To be fair, I know some consultants are also using their own money to pay their customers in the last few weeks. I can only interpret as these consultants choose to believe their golden rice bowl will not break with all these actions. I really hope these consultants also learn their lessons too.

I am not a consultant but I am a customer.

The straits times quoted internal staff as being aware of financial irregularities in the company some time back. So the question really is, if the staff knew something was wrong some time back, why were they still asking clients to buy the plan, etc?

 

[GoldInvestor]

UOB Buy and Sell Price

I wonder did anyone of you monitor the UOB pricing that fluctuate with Gold Spot Prices?

On 1 Oct, UOB is selling $70,149 and buying back at $69,909 for 1 kg.
On 4 Oct, UOB is selling $70,607 and buying back at $70,367 for 1 kg.

So if you buy 1 kg of Gold on 1 Oct and sell on 4 Oct, you already made $218...


And please also note that the spread for buy-sell price is very low which makes it very attractive for REAL Gold investors to buy and sell REAL Physical Gold...

 

[makav31i]

I wonder did anyone of you monitor the UOB pricing that fluctuate with Gold Spot Prices?

On 1 Oct, UOB is selling $70,149 and buying back at $69,909 for 1 kg.
On 4 Oct, UOB is selling $70,607 and buying back at $70,367 for 1 kg.

So if you buy 1 kg of Gold on 1 Oct and sell on 4 Oct, you already made $218...


And please also note that the spread for buy-sell price is very low which makes it very attractive for REAL Gold investors to buy and sell REAL Physical Gold...

If they monitor UOB price you think anyone will pay 90+k for 1kilo bars? But than again people can make very funny decision...

 

[veritasgnow]

Yes..with GST removed, the days of Genneva, TGG, APB and all those with similar concepts are over...

With the spread so thin (abt 0.3%), you can buy/sell yourself.. If gold price goes up by 2%, you can sell-back to UOB immediately for a profit.. Why pay for expensive gold.. If gold is too heavy, trade GOLD SPDR..

Therefore, "intelligent" investors should understanding this. Will this cause a massive sell-back and cripple/crash the other gold companies ??

We will see...

 

[TanAhKhow]

 

[SuperHunk3488]

If they read my earlier post....

Relax bro. GV office close and raided liao. No one is able to buy-sell back anything.

As I said earlier, if in no urgent need to sell gold for cash, hold it as gold price is rising. Of cos skeptics will say gold price may drop. I dun deny there is this possibility, but I take the risk.

For me, better option is to pawn the gold and get the cash reinvest in stocks, of cos at appropriate time. This is better than you sell the gold now. What if you hold fake gold? Upon you said want to sell, likely they may cut it in half to authentic real gold (pawnshop ppl told me). So for me, better option is wait and reinvest.

I keep telling people NOT to listen to those GV agents....(idiots)
even explain what GV gonna do with the gold if they park their gold with them... in the end still got people willing to park the gold with them...

I also mentioned that GV is gonna close down soon and confirm close down!
reinvest is a good ideas to cover some losses but invest wisely on the platform that you choose....

NEVER GO BACK TO GENNEVA WORLD!!! (better listen to what i advice)
whatever they promised you are bullshi_t!!! (still the same group of clown running the show)

Did a few research... I personally will place a small bet on LEE SONG TECK & his rescue plan (not easy for a guy to face to face with the media and openly offer his rescue plan during this situation now) but then again some financial expert did warn about not to rush into any new product!!!
Any way for those who can't wait may listen to their offer and make your own betting on them... If it is gonna ended up be the same as GV... this LEE SONG TECK confirm and guarantee get it big time!!! (based on his profile... i don't think any possible he will do such stupid things and get himself into it)

The best part is he dare to stand up and face the media even both of his companies are listed on the IAL... but if we put the whole thing and make into a movie... whenever bad situation happened there is always a HERO that will show up and rescue those who in trouble...

So HERO is CAD? GV World? LEE SONG TECK?

 

[makav31i]

I keep telling people NOT to listen to those GV agents....(idiots)
even explain what GV gonna do with the gold if they park their gold with them... in the end still got people willing to park the gold with them...

I also mentioned that GV is gonna close down soon and confirm close down!
reinvest is a good ideas to cover some losses but invest wisely on the platform that you choose....

NEVER GO BACK TO GENNEVA WORLD!!! (better listen to what i advice)
whatever they promised you are bullshi_t!!! (still the same group of clown running the show)

Did a few research... I personally will place a small bet on LEE SONG TECK & his rescue plan (not easy for a guy to face to face with the media and openly offer his rescue plan during this situation now) but then again some financial expert did warn about not to rush into any new product!!!
Any way for those who can't wait may listen to their offer and make your own betting on them... If it is gonna ended up be the same as GV... this LEE SONG TECK confirm and guarantee get it big time!!! (based on his profile... i don't think any possible he will do such stupid things and get himself into it)

The best part is he dare to stand up and face the media even both of his companies are listed on the IAL... but if we put the whole thing and make into a movie... whenever bad situation happened there is always a HERO that will show up and rescue those who in trouble...

So HERO is CAD? GV World? LEE SONG TECK?

And you want people to jump from one MAS investor alert list Company to another company which is in the MAS investor alert list? CSB.. If anyone listen to your advice, they seriously need to reevaluate how they make financial decision in life...

 

[SuperHunk3488]

Look?!

And you want people to jump from one MAS investor alert list Company to another company which is in the MAS investor alert list? CSB.. If anyone listen to your advice, they seriously need to reevaluate how they make financial decision in life...

companies that in MAS alert list are those comapanies that are not regulated by MAS that all... Only Banks, Insurance co, money changes and financial firm etc... need to be regulate by MAS.
those companies who are in the list most of them still running their business healthy until today as long as they run it professionally and not against the law...

If GV did all the comm and discount payout nicely and allow all the buy back on due date... they don't have to face the current situation now...

read every lines of my advice clearly before you quote me...
I did mentioned of "financial expert warned not to rush into any new product" (choice is still up to people themself whether they keen on putting a small bet?)

At the end of the day.... people in GV just wanna break even or get back their hard earn money.... nobody will be happy when they loose money and not given a chance to fight back!!

financial decision in life come in every different stages of our life... also have to depend on right opportunity and connection.... there are so many people got burn in stock and share... but they are still in it.... there are people that fail in their business but they never give up and start another business and run it again... You mean all these people seriously need to reevaluate how they make financial decision in life???

 

[climber99]

And you want people to jump from one MAS investor alert list Company to another company which is in the MAS investor alert list? CSB.. If anyone listen to your advice, they seriously need to reevaluate how they make financial decision in life...

Ya. Seriously dunno why he is still posting here when its fairly obvious where he is coming from.

 

[makav31i]

companies that in MAS alert list are those comapanies that are not regulated by MAS that all... Only Banks, Insurance co, money changes and financial firm etc... need to be regulate by MAS.
those companies who are in the list most of them still running their business healthy until today as long as they run it professionally and not against the law... Did I ever say that TGG or APB is against the law or did I just say that MAS put them in the investor alert list like Genneva?

If GV did all the comm and discount payout nicely and allow all the buy back on due date... they don't have to face the current situation now... So you are ok with Genneva as long as you get your money due to you? You don't care what and how they get their money from as long as you get your money?

read every lines of my advice clearly before you quote me...
I did mentioned of "financial expert warned not to rush into any new product" (choice is still up to people themself whether they keen on putting a small bet?) Yes, I did read and most of it is promoting Lee Song Teck and this is what you say "Did a few research... I personally will place a small bet on LEE SONG TECK & his rescue plan (not easy for a guy to face to face with the media and openly offer his rescue plan during this situation now) but then again some financial expert did warn about not to rush into any new product!!!
Any way for those who can't wait may listen to their offer and make your own betting on them... If it is gonna ended up be the same as GV... this LEE SONG TECK confirm and guarantee get it big time!!! (based on his profile... i don't think any possible he will do such stupid things and get himself into it)" So the Genneva directors some of them the position is Datuk what happen to the company now?


The best part is he dare to stand up and face the media even both of his companies are listed on the IAL... but if we put the whole thing and make into a movie... whenever bad situation happened there is always a HERO that will show up and rescue those who in trouble... "
At the end of the day.... people in GV just wanna break even or get back their hard earn money.... nobody will be happy when they loose money and not given a chance to fight back!! So if you are losing money in casino you pump more money to earn back what you loss? Or do you learn to cut losses?

financial decision in life come in every different stages of our life... also have to depend on right opportunity and connection.... there are so many people got burn in stock and share... but they are still in it.... there are people that fail in their business but they never give up and start another business and run it again... You mean all these people seriously need to reevaluate how they make financial decision in life??? I am referring to those people who did not do any research on the things that they are investing and merely heed the advice of agents or the company and blindly following what other people say and not doing adequate research... And yes if I got burn in stocks I would definitely analyze what goes wrong so that I do not make the same mistake of losing money again..Same for running a business...Will reevaluate how I make financial decision if I am losing money and to see how I will not get it the same predicament all over again..

So if anyone wants to jump from one MAS investor alert list to another, it is their own free will and I am not stopping anyone...But for those genuinely want to seek advice on whether to take up this rescue package, think about this points:

Genneva started in 2008 and they are in the MAS investor alert list around Feb 2011 and only now they are being investigated by CAD. TGG started in 2011 and only now they are in the MAS investor alert list. APB started this year and they are already made it in the MAS investor alert list. Look at spot price of gold and how much TGG is selling their gold. If worst case scenario that TGG is having the same problem as Genneva what will happen to you? Repeat of Genneva all over again? You really want to go through the pain all over again.

If you are an agent of TGG or APB just say it openly and let people make informed decision if they want to join TGG or APB...

 

[makav31i]

Ya. Seriously dunno why he is still posting here when its fairly obvious where he is coming from.

Like what wondergirl say that Lee Song Teck is zipping around in Lambo. So need to PCW-ing...

Added the quote from wondergirl:

Doesn't matter la. What matters is that Lee Song Teck is zipping around in a Lambo and doing big things and the rest of you prefer to debate craps ...

 

[climber99]

So if anyone wants to jump from one MAS investor alert list to another, it is their own free will and I am not stopping anyone...But for those genuinely want to seek advice on whether to take up this rescue package, think about this points:

Genneva started in 2008 and they are in the MAS investor alert list around Feb 2011 and only now they are being investigated by CAD. TGG started in 2011 and only now they are in the MAS investor alert list. APB started this year and they are already made it in the MAS investor alert list. Look at spot price of gold and how much TGG is selling their gold. If worst case scenario that TGG is having the same problem as Genneva what will happen to you? Repeat of Genneva all over again? You really want to go through the pain all over again.

If you are an agent of TGG or APB just say it openly and let people make informed decision if they want to join TGG or APB...

GV's markup is higer than APB and TGG. If even with the higher margins they encounter problem now, how much confidence to you have in these 2 with lesser cash to work with.

 

[makav31i]

GV's markup is higer than APB and TGG. If even with the higher margins they encounter problem now, how much confidence to you have in these 2 with lesser cash to work with.

Like what Albert Einstein say it beautifully, "Insanity is doing the same thing over and over again and expecting different results."