Problems with Genneva Payout

[climber99]

hmmm i just went to Genneva this morning... plenty of people in the office. hot and stuffy. but i just collect my discount. although had to wait for it at least im glad they are still paying out discount and not defaulting payment.

Hmm create new account just to post this?

So meaning you never encountered delay in payouts or today they payout all your accumulated delayed payouts. Pls clarify thx.

 

[Lucy1324]

Oh no! Genneva didn open today! Sigh
Alot of ppl there at orchard tower

My $ gone.. -_-

A check with a few Genneva friends.

Genneva office still operating as usual.

But whether it is still open or not, prepare for your $ to be gone when you put your $ in any GOLD companies such as Genneva, The Gold Guarantee, SG Gold, Asia Pacific Bullion, Virgin Gold etc...

 

[Paramis]

A check with a few Genneva friends.

Genneva office still operating as usual.

But whether it is still open or not, prepare for your $ to be gone when you put your $ in any GOLD companies such as Genneva, The Gold Guarantee, SG Gold, Asia Pacific Bullion, Virgin Gold etc...

yes, my agent told me office is still open but extremely quiet. everyone has a super long face. no sign of any cash payouts.

 

[q1w2e3]

My last payout was 12 Aug 2012 , I receive email from my agent there will be delay in payout , this email was sent on Sept 8, I did not follow the news and din realised there was so much panic sell off since aug.

Now holding 1.2kg, hoping payout will continue, meanwhile I hold my physical gold, its UOB gold.

A fren just buy, in Aug, and 500g Genneva gold, not UOB. The payout was higher for Genneva minted gold.
He did not get any payout and was informed of the delay.

 

[transform]

My last payout was 12 Aug 2012 , I receive email from my agent there will be delay in payout , this email was sent on Sept 8, I did not follow the news and din realised there was so much panic sell off since aug.

Now holding 1.2kg, hoping payout will continue, meanwhile I hold my physical gold, its UOB gold.

A fren just buy, in Aug, and 500g Genneva gold, not UOB. The payout was higher for Genneva minted gold.
He did not get any payout and was informed of the delay.

Surprisingly those agents still go hunting without being paid.
Sadden.... Another victim.

 

[The voice]

My last payout was 12 Aug 2012 , I receive email from my agent there will be delay in payout , this email was sent on Sept 8, I did not follow the news and din realised there was so much panic sell off since aug.

Now holding 1.2kg, hoping payout will continue, meanwhile I hold my physical gold, its UOB gold.

A fren just buy, in Aug, and 500g Genneva gold, not UOB. The payout was higher for Genneva minted gold.
He did not get any payout and was informed of the delay.

Previously, agents need to fill up a form and drop them into boxes and they will process them after nearly a month. Just yesterday a friend of mine suppose to collect his 2% return from August. He got nothing and the agent called him to tell him that he can only get his 2% only if he park the gold with the company. He in return question the agent need to park the gold for how long? The agent told him 3 days to a week. Next he asked the agent to write him an official email or in writings and the company could not do it. There are no official memo for their agents on what's happening. No black and white, all verbal.
So my friend asked his agent one last question before he hang up on him, "I paid about xxxk for my gold and now I need to park them in your company to get my 2%? And not knowing when I can get them back? You go tell your CEO that could be done, if I can take his wife out for a few night and return to him when I am done!"

 

[The voice]

A check with a few Genneva friends.

Genneva office still operating as usual.

But whether it is still open or not, prepare for your $ to be gone when you put your $ in any GOLD companies such as Genneva, The Gold Guarantee, SG Gold, Asia Pacific Bullion, Virgin Gold etc...

Hi just to share my 2 cents worth, gold is a great financial instrument and investment platform. And I believe not all bullion or precious metal related company are unethical. We do not claim that all mangoes are sour, because our first bite on it was sour. Like Lehman brothers, people still trust banks and invest in mini bonds after they go bust.
It's our duty to find out our risk appetite and how much can we put aside for investment.

 

[SuperHunk3488]

u just kidding rite??

Any signboard Announce Celebrating The Director's Buying NEW EXOTIC SPORTS CAR. Close for few days so that all the senior can go KL to congrat them.

Maybe they will announce X'mas Promotion!!!
8% monthly BUT will be delay till X'mas!!! Ho ho ho hosay liao ahh....

 

[SuperHunk3488]

LOL.... well kind of entertaining!

Previously, agents need to fill up a form and drop them into boxes and they will process them after nearly a month. Just yesterday a friend of mine suppose to collect his 2% return from August. He got nothing and the agent called him to tell him that he can only get his 2% only if he park the gold with the company. He in return question the agent need to park the gold for how long? The agent told him 3 days to a week. Next he asked the agent to write him an official email or in writings and the company could not do it. There are no official memo for their agents on what's happening. No black and white, all verbal.
So my friend asked his agent one last question before he hang up on him, "I paid about xxxk for my gold and now I need to park them in your company to get my 2%? And not knowing when I can get them back? You go tell your CEO that could be done, if I can take his wife out for a few night and return to him when I am done!"

I did mentioned this in my few earlier post regard of "PARKING YOUR GOLD"
with genneva.... Now is really come to a point of "Suka Suka" make changes can liao!!!

But if park the gold bar in exchange of the CEO's wife.. hmmm....(a bit too much but still entertaining)

Take my word... more and more pattern from genneva "COMING SOON"!!!

 

[blueboat]

Maybe if gold hit 2.5k Genneva will start paying out lol

 

[SuperHunk3488]

Are U really against GoldCo???

A check with a few Genneva friends.

Genneva office still operating as usual.

But whether it is still open or not, prepare for your $ to be gone when you put your $ in any GOLD companies such as Genneva, The Gold Guarantee, SG Gold, Asia Pacific Bullion, Virgin Gold etc...

for your info... those who park their money in genneva only...
already prepare their money to be gone!!! (thank for reminding)
and that the truth fact that happening now!!

you really hate goldco hor??? how about diamond, ruby or jade?

 

[SuperHunk3488]

hit 3k better!!

Maybe if gold hit 2.5k Genneva will start paying out lol

Now genneva got NO CASH at all.. how to buy back even if hit 2.5k also useless...

BUT they still have all their customers gold with them....
1) genneva sell off all the agents/customers gold in hand and pay their agents & customers comm & discount?? (no more gold liao)
2) genneva force all agents/customers to park their gold at the same time top up!! (got some cash but still sell off their gold off) after that genneva either they pay you comm + discount only or POOOOM BO-QUAY

 

[gennevacomplaingroup]

FREE Legal Advice Talk for Genneva Customers

Attention all Genneva Customers!!!

Our group is arranging our next meet-the-lawyers session on 19th September 2012 (Wed) at 5pm. You can gain a useful insight into how they can help you in your current predicament.

There will be no charges for attending the session and it should last for about 1-1.5 hours.

Please remember that you must be an existing Genneva customer and therefore, you will be required to bring along your Genneva contract to verify against your NRIC.

RSVP by sending us a private message latest by 18th September (Tue) and we shall follow up with the address thereafter.

 

[Lucy1324]

for your info... those who park their money in genneva only...
already prepare their money to be gone!!! (thank for reminding)
and that the truth fact that happening now!!

you really hate goldco hor??? how about diamond, ruby or jade?

Can you guarantee that the rest of the GOLD Co like The Gold Guarantee has no problems in years to come?

It is not the commodity that I hate. I only dislike unscrupulous businessman using Gold, Silver and whatever they can said, to cheat on others.

 

[transform]

Can you guarantee that the rest of the GOLD Co like The Gold Guarantee has no problems in years to come?

It is not the commodity that I hate. I only dislike unscrupulous businessman using Gold, Silver and whatever they can said, to cheat on others.

The Evil Mind created the system. Even a pcs of stone can be a scam.

 

[martinlee1688]

The Gold Guarantee and Asia Pacific Bullion are founded by Lee Song Teck

Pls pardon me as I am hijacking this thread to discuss abt The Gold Guarantee (TGG), Asia Pacific Bullion (APB) and both companies’ founder are Lee Song Teck.

Once I reached home after The Gold Guarantee (TGG)’s seminar on Thursday night , I googled The Gold Guarantee (TGG) and Lee Song Teck to know more abt their business.

At Hardware Zone forum under thread “Must read : Time Share Scam Awareness! Don’t be the next victim! ” there were complaints abt Lee Song Teck .

The relates to timeshare which is another type of scam.

Many people got scammed by this company selling timeshare packages called iDiscover / DiscoveryGroup. They bought the packages after attending sales seminars which offered freebies like IPads and travel vouchers just to attend a 2 hours sales talk. But they never got to use to their satisfaction any of the tour packages/hotel stay/cheap flights etc promised in the timeshare package.

Many people sort refunds but to their horror the owner of the iDiscover / DiscoveryGroup has taken all their money and sold the company to Lee Song Teck.

Lee Song Teck himself then was looking to recover his cost paid to the previous owner by getting those who wanted refunds to pay up the remaining unpaid membership fees owed or alternatively, change their so-called travel service into some kind of “consolidated investment” with unbelievable compounded returns of 23% over 15 years ($73,000 returns for $26,000 investment).

What is this consolidated investment? Buying Gold from The Gold Guarantee (TGG) !!

When asked what backs up such a ridiculous claim or “promise” of 23% returns, they were shown a sample of the 3 “gold warrant” certificates signed for by a certain unheard of “Gold Guarantee Pte Ltd” (which itself is not being monitored by MAS), probably some commodity derivative of gold (which is sky-high at the moment), provided the gold does exists and the warrant or underwriting company are real and does not “default”.

What they asked why would Lee Song Teck want to buy such a scam company like iDiscover, which already has so many complains and has very poor after-sales/mediocre product-line. The answer very much surprised them – aside from Mr Lee being very rich (net-worth 20 million and can spent millions easily), the new owner want to change the direction of the company, such that the existing 5000 members can take their minds off travel (meaning no longer interested in providing this service) and instead wait every 5 years for the pay-out return of $23,000 each time.

The smarter ones then went back to do backgound checks on The Gold Guarantee (TGG). The so called “trustee” company is call The Gold Guarantee, it is ALSO owned by the new boss of The Discovery Group Mr Lee Song Teck.

How can the same owner be both the issuer of the so called “warrant”, that guarantees the payout, and at the same time be the trustee?

It’s like saying give me cash to buy gold from me, I will keep the gold in trust for you and guarantee return it to you in 15 years time plus interest.

Lee Song Teck now owns all the shares of iDiscover, with the “old” boss Jerry Tan still listed a director.

I hope you can understand so far the story of Lee Song Teck’s involvement in timeshare, The Gold Guarantee (TGG) and Asia Pacific Bullion (APB).
Many things like this goes behind the curtains of Goldcos, with one intention in mind – to suck more and more people into their scam!

 

[ceecookie]

We did investment in Geneva last year. Did get nice handouts.

The guy who represented Geneva was kind enough to warn us about imminent financial issues with the co and urged us to sell back. Sold back everything by Q1 this yr and heng, no issue now

 

[Lover_Handphone]

Joined Sept 12, post #1 ??

hmmm i just went to Genneva this morning... plenty of people in the office. hot and stuffy. but i just collect my discount. although had to wait for it at least im glad they are still paying out discount and not defaulting payment.

Exitscene,

This is your first post, you just registered your nick today. You are a paid mercenary of Genneva.

Forumers here in HWZ are no fools. Who are you trying to deceive?

Are you the clone of the troll Anon Me at Uncle Martin's blog?

 

[Lover_Handphone]

The Gold Guarantee

Pls pardon me as I am hijacking this thread to discuss abt The Gold Guarantee (TGG), Asia Pacific Bullion (APB) and both companies’ founder are Lee Song Teck.

Once I reached home after The Gold Guarantee (TGG)’s seminar on Thursday night , I googled The Gold Guarantee (TGG) and Lee Song Teck to know more abt their business.

At Hardware Zone forum under thread “Must read : Time Share Scam Awareness! Don’t be the next victim! ” there were complaints abt Lee Song Teck .

I read this in Uncle Martin's blog. But no harm posting this here.

Lee Soon Teck again advertised in the Straits Time today 11 Sept 2012 pg A14 for a similar "buy gold and get rich seminar".

Do not attend the seminar. Do not buy gold from any goldcos especially those companies which are private limiteds (Pte Ltd). Buy and trade gold only from proper platforms like UOB.

 

[arty79]

After reading so many postings, I now realised why UOB had no more stocks of several categories of bullions including the 1 ounce.

I am the guy who posted up the picts of Metalor gold bullion with tungsten rods. While I have much more full confidence in UOB sealed Pamp suisse gold bars, I would feel very insecure with other brands without UOB sealant.

May I suggest to the genuine gold investors to hold on to their gold bars instead of placing back into the companies for a little payout.

There are two ways we can see this:
1. Gold companies are deliberately throwing up a ruse to discourage investors from placing with them to avoid a drawdown on their capital due to massive outflow from the monthly 2% payoffs given to their investors.
2. The firms are having a cashflow problem, and all these mumurings of them having real cashflow problems are real.

In either both scenarios, it would be safer to hold the bars by your side even with the 30% markup that you paid up already.
Investors have a choice of either losing 30% or losing it all.

Besides that, gold bars can be left for posterity, ie. your descendants.
I can bet with my last cent in my account, the gold bars you bought previously will be far cheaper than what your grandchildren will pay for.
Look at the bars as a legacy for them.

Ultimately, its your choice.