Problems with Genneva Payout

[peterchan75]

hi superhunk ,
pm-ed you but no replies.

let me know asap thanks

Make sure it's a cash sale. Hard cold cash... nothing else.

 

[bearbearfury]

Make sure it's a cash sale. Hard cold cash... nothing else.

why genneva gold is so.much lower as it is not fake gold...

 

[makav31i]

why genneva gold is so.much lower as it is not fake gold...

Genneva Gold in LBMA list of good delivery bars? Do you even know what LBMA is? Even in Singapore, ONLY bars in the LBMA list are exempted from GST and a few other specific coins...

 

[peterchan75]

why genneva gold is so.much lower as it is not fake gold...

Because he or she already paid the geneva gold at a premium of X% above spot price hoping to "earn" back from the buy back scheme. Just want to make sure they get back some money instead of some worthless piece of check or contract.

Now you know gold is not so much of a standard after all. Gold is gold... why need PAMP or LAMB ? oh.. there are fake gold bars around. Parting your cash for a piece of gold bar is easy. Selling it is not so simple.

Gold is suppose to hedge against devaluation of fiat currency. So, it's a long term investment. Not buy this month and sell next. Gold doesn't pay interest or dividend or any income.

 

[makav31i]

Because he or she already paid the geneva gold at a premium of X% above spot price hoping to "earn" back from the buy back scheme. Just want to make sure they get back some money instead of some worthless piece of check or contract.

Now you know gold is not so much of a standard after all. Gold is gold... why need PAMP or LAMB ? oh.. there are fake gold bars around. Parting your cash for a piece of gold bar is easy. Selling it is not so simple.

Gold is suppose to hedge against devaluation of fiat currency. So, it's a long term investment. Not buy this month and sell next. Gold doesn't pay interest or dividend or any income.

Because LBMA is a standard body and if gold is just gold, any Tom, Dick and Harry can mint gold bars and stamp 99.9 purity and expect customers to trust their purity...

 

[SuperHunk3488]

Need to look at it...

Do you still take if the seal is broken? Thanks.

If the seal is broken to us is still ok but better take a look first before i promise you anything... our objective is either keep it for another few years (anyway we buy at below spot price so still fine with us)

so far i only received 2 PMs and i did reply regards of the pricing so just keep it to yourself... anyway it 5%-8% below spot price and we pay cash!!! YES all CASH!!! but then again.. as for GV gold will be 10%-12% lower...

We are Buyer we have the choice to buy from whoever we prefer...

 

[SuperHunk3488]

people are people...

not too sure on the helping part .. but you are profiteering from the victims ..

but then again .. willing buyer .. willing seller

for those who can sell it off easily or get a higher price dun need to PM me.... therefore those who PM me really need help so here stand my point of helping...

whether they are victims or not also depend how long have they been with GV? some of them with them for 3 to 4 years so?? business is still business!!

willing buyer and willing seller... (at least make sense...)

 

[bearbearfury]

Because LBMA is a standard body and if gold is just gold, any Tom, Dick and Harry can mint gold bars and stamp 99.9 purity and expect customers to trust their purity...

so u saying that genneva gold is not real gold. i have heard people selling off the genneva gold with no issue. There should be tons of genneva gold being sold already. Eventually they will.melted. again.

 

[Tee_bag]

for those who can sell it off easily or get a higher price dun need to PM me.... therefore those who PM me really need help so here stand my point of helping... ....

but your "help" comes at a price .... itz more like providing a "service" rather than a rescue.

hence i feel that by using the word "help" seems a bit too noble in this situation.

> the above represents my own personal point of view and i respect that others may feel that you are genuinely providing assistance to help them in such diffcult times.

 

[bearbearfury]

We have genneva conman and opportunists around taking advantage of situation.

 

[makav31i]

so u saying that genneva gold is not real gold. i have heard people selling off the genneva gold with no issue. There should be tons of genneva gold being sold already. Eventually they will.melted. again.

I never say Genneva gold is fake or not real gold...I only state that LBMA is a independent body that will do check on gold refiners to meet the quality to be in the LBMA good delivery list and if there is no proper check on gold, how will a potential investor know if he is getting a real gold or not...LBMA list are list of bars readily accepted to be traded in the international market...Yes, a refiner can produce 999 gold but whether people want to have faith in that is a different thing altogether...One more thing in Singapore context, Gold dealers are not allowed to melt the metal without first obtaining permission from the Criminal Investigation Department's director.

Added link to show that you need approval of CID director before melting gold.
http://www.asiaone.com/print/News/AsiaOne%2BNews/Crime/Story/A1Story20120706-357640.html

 

[anddrool]

Gold bar such as PAMP, Credit suisse, etc provide assurance and authenticity of the gold. Especially when the gold is still in sealed package.
Without such standards, how do a layman knows whether the gold is genuine.

If there is 1kg gold bar without packaging, not in LBMA and there are 1kg PAMP, Credit suisse, UOB gold bar in sealed package. Which gold will the buyer buy with confidence? Its definitely going to be PAMP, Credit Suisse and UOB. If buyer buy an gold of unknown source, they will have the same trouble selling out in the future.

 

[bearbearfury]

anyone has any new updates in regards to the progress?

 

[makav31i]

anyone has any new updates in regards to the progress?

Genneva Pte Ltd

 

[PeacefulNemesis]

'sg side seems v quiet?
------------------

BNM: Genneva’s liabilities 10 times more than assets

KUALA LUMPUR, Dec 3 ― Gold trader Genneva Malaysia’s debt was over 10 times the amount of its assets despite having sold the precious metal at up to 25 per cent higher than the market rate, showing that its venture was unsustainable in the long run, Bank Negara Malaysia said today.

The central bank also said initial investigations showed that the company had relied heavily on cash from new customers to keep it afloat, which appeared to confirm suspicions that the firm had violated various banking and financial laws, which include taking deposits without giving gold in return, misrepresenting itself as an investment firm, and giving false descriptions on its business after several people lodged complaints with the police.

“Initial forensic accounting has uncovered considerable losses being experienced by the company in 2012 and the company has liabilities exceeding 10 times its assets,” Bank Negara said in a joint statement with the police, the Domestic Trade, Co-operative and Consumerism Ministry and the Companies Commission of Malaysia (CCM).

The banking regulator noted that Genneva Malaysia had sold gold at between 20 per cent and 25 per cent over the market price while paying monthly returns of between 2 per cent and 3 per cent to customers at the initial purchase price.

“In this regard, the cash flow for the company to sustain its operations has relied heavily on the monies collected from new customers,” Bank Negara said.

It added that such a venture was not sustainable, as proven by seized documents that showed the company had yet to deliver the over 4,000kg of gold to over 8,000 paid customers.

It also said the records showed Genneva Malaysia had not paid out more than RM80 million to customers who had traded in their gold to the company for the guaranteed cash payments.

Genneva has some 60,000 customers and a monthly turnover of RM2 billion, according to its traders interviewed by The Malaysian Insider last month, but the company’s website states 50,000 customers and a turnover of RM3 billion.

Bank Negara Governor Tan Sri Zeti Akhtar Aziz has also said the central bank was fast-tracking investigations into the controversial gold trading company so that its customers would not be kept waiting for too long.

Genneva, Pageantry Gold Bhd, Caesar Gold Sdn Bhd, Worldwide Far East Bhd and Bestino Group Bhd are among 25 individuals and companies offering unlicensed activities that were placed on an investor alert list by the central bank last year, double the number from 2010 and the highest on record since 2003.

Genneva Malaysia’s bank accounts and other assets worth RM99.8 million in cash and 126kg in gold bullion were seized and locked up as evidence Bank Negara since October 1, following suspicion that the company allegedly breached a laundry list of banking and financial laws such as illegal deposit-taking, money laundering, tax evasion and appointing agents without licence, after several people lodged complaints with the police.

Earlier today, Deputy Finance Minister Datuk Donald Lim told the affected gold traders to file for a court order if they want to reclaim money from accounts suspected of being used in illegal investment schemes as Bank Negara has no legal authority to the return to investors’ money from accounts it had frozen.

“Such monies and gold are required for the investigations and will only be dealt with at the direction of the courts,” the central bank said, confirming the deputy minister’s remarks to the senate.

Main - Malaysia - BNM: Genneva?s liabilities 10 times more than assets @ Mon Dec 03 2012

 

[Kimiko^Des]

One of Genneva GMC : Desmond Peh reopens Gold company again

Hey all, please spread the news & draw attentions, concerns about one of Singapore Genneva GMC member, Desmond Peh who was in charge of selling left over physical gold back to UOB, Gold Branch at Battery road, just launch another Gold scheme %% returns per month again.

I was informed by my workplace manager, name of company + owner registered is not using old names or Desmond's. Its the same guy who've keep on selling to many aunties & uncles despite delayed payments occurred for long time til its seized period by CAD.

Photo of him taken on 2 days right after the seizing by CAD at UOB selling his gold as well as being cursed & sweared by other investors. This Desmond if you happened to know him, resides at Bt Timah area, driving a BMW 7 series who's brother is running a Taoist Medium at HDB premises with many victims recruited from there.

I am one of his victims, making me referred 2 of my clients to him.

 

[Kimiko^Des]

Will inform the name of company & name of registered in-charge once I got the info. Thanks.

 

[bigfoot]

Pls do not get involved in another gold trading scheme again. No matter how reliable or what insurance/assurance they can give you. It's just another scheme to suck out whatever you have or have left. Pls warn your friends and relatives. Let this epsisode be a lesson to all.

And I think mod should ban ppl from 'advertising' such scheme. For example, promoting for such company or their agent. We should not allow hwz to b a medium for such promoter to endorse such scheme.

Just giving my $0.02 worth. Thanks for reading.

 

[optima]

Genneva gold chairman is Tengku Muhaini Sultan Ahmad Shah, the daughter of the Sultan of Pahang.

Royal gold operating now chairman is from Pahang royalties YM Tengku Dato' Sri Kamarul Zaman Ibni Almarhum Sultan Sir Abu Bakar.

Both chairman from royal family operating the same platform of gold trading. Can u still trust both trash from Malaysia royal family? What's their intention, to scam/steal gold or money from this platform of investor??

You can see for yourselves, Genneva Malaysia after police raid, bank negara reported liabilities far more than assets, unable to pay back investors money, some investors need even seen their gold even though paid fully, gold gone missing, no discount payout, people's life savings gone.

Singapore Genneva, gold were stolen from customers during gold inspection, no discounts payout, agent commission not paid for almost 10 months(reported in BT).

Tengku Muhaini did she comment anything/protecting the company interest till today? The answer is no. Think 100 times before joining Royal Gold, another new scam.

 

[casson]

Hi All Genneva Ponzi Scheme victims,

If you would like to sell out your genneva label gold bar, my company can offer USD34,000/KG. Paid out by cash after tested.
If someone is interested, PM me your quantity and i will do the calculation for you guys.