Problems with Genneva Payout

[blueboat]

But they still operating considering the number of seminars being offered

 

[gennevacomplaingroup]

Just curious, what can you do to a SG$500,000 pay-up capital private limited company? At the most they loose the pay-up capital.
You can of course sue the directors, but look at the names in the board of directors. All of them are Malaysian Datoks. The only Singaporean director that you can put him behind bars no longer in the company.

I'm sorry but we cannot comment at anything at this juncture as we have already proceeded with legal actions....lawyers' strict instructions. But we shall keep everyone posted with our developments as each chapter unfolds.

 

[Goodwood]

Genneva closing down or not?

My dad is a New customer, victim of Genneva 3 % empty promises when he bought a 1kg gold from our neighbourhood agent on 23 July 2012 @ 95,000 with option to sell back on Jan 2013. The agent promised to pay 3 % on 23 August 2012, but the money never came. She then promised to give 3% on 15 Sept 2012 ( which was due 23 Aug) but today, she calls me to explain she can't pay the 3% because Genneva is closing down. Genneva boss did not intend to to put more money to save the company and started a new company call Genneva World and want customer to convert to70/30 program. I ask her, why did she sell my dad the gold on July when she knew company did not have sell back option? She said she was not aware of company into financial problem. She then promised me that she takes good care of her client and will ensure her client get he 3 %. Today, my mom and me went down to Genneva Gold office in orchard tower to seek confirmation that Genneva is not paying my dad, a new client any discount because they are closing down. The receptionist Ada said, she will put everything on record and her senior management, Sandy will contact me. I told her that these old folks hard earn money is meant for funeral use, and they didn't even buy funeral space in temple or Fu Gui Shan Zhuang, and very unethical of the agent to sell to old folks knowing company is on the verge of closing. Also, the receptionist said they are still paying out, until 6 aug, and to wait for our time. I told her, how to trust the agent to give the money to my dad when their agent words can shock old people into a heart attack or coma ? I will update all of u to see how management is resolving this issue ? When my mom was narrating the incident in an emotional manner, at the doorstep to other clients, another male Genneva agent came out Of the security room, wants my mom to stop, I raised my voice at him and ask him why can't my mom express her distress. Then the male Genneva agent went inside sheepishly. I think company who intentionally con folks money will have to pay back multiple times. We plan to make a police report and my parents plan to station at Genneva everyday to warn people if Genneva management is not paying my dad the 3%until the option expires. I will update all of U and please, no more selling or conning new customers.

 

[gennevacomplaingroup]

My dad is a New customer, victim of Genneva 3 % empty promises when he bought a 1kg gold from our neighbourhood agent on 23 July 2012 @ 95,000 with option to sell back on Jan 2013. The agent promised to pay 3 % on 23 August 2012, but the money never came. She then promised to give 3% on 15 Sept 2012 ( which was due 23 Aug) but today, she calls me to explain she can't pay the 3% because Genneva is closing down. Genneva boss did not intend to to put more money to save the company and started a new company call Genneva World and want customer to convert to70/30 program. I ask her, why did she sell my dad the gold on July when she knew company did not have sell back option? She said she was not aware of company into financial problem. She then promised me that she takes good care of her client and will ensure her client get he 3 %. Today, my mom and me went down to Genneva Gold office in orchard tower to seek confirmation that Genneva is not paying my dad, a new client any discount because they are closing down. The receptionist Ada said, she will put everything on record and her senior management, Sandy will contact me. I told her that these old folks hard earn money is meant for funeral use, and they didn't even buy funeral space in temple or Fu Gui Shan Zhuang, and very unethical of the agent to sell to old folks knowing company is on the verge of closing. Also, the receptionist said they are still paying out, until 6 aug, and to wait for our time. I told her, how to trust the agent to give the money to my dad when their agent words can shock old people into a heart attack or coma ? I will update all of u to see how management is resolving this issue ? When my mom was narrating the incident in an emotional manner, at the doorstep to other clients, another male Genneva agent came out Of the security room, wants my mom to stop, I raised my voice at him and ask him why can't my mom express her distress. Then the male Genneva agent went inside sheepishly. I think company who intentionally con folks money will have to pay back multiple times. We plan to make a police report and my parents plan to station at Genneva everyday to warn people if Genneva management is not paying my dad the 3%until the option expires. I will update all of U and please, no more selling or conning new customers.

Thanks for the update! So our predictions that Genneva will create or operate a 2nd company once they ran into problems has come true. 1 rumor we obtained is that Genneva World is started by some of the Genneva sales leaders to try to convert some business over from Genneva. Will need time to verify this information and keep everyone posted.

Question now is.....is SG GOLD involved as well?

 

[Asure7]

Geneva World Pte Ltd ?

They are hiring
Genneva World Pte Ltd jobs | Jobs.com.sg

 

[transform]

Directory of Registered Entities

Search Result
Entity Information
Search By Entity Name
Search Details : genneva world (Starting-with)


Search found <1> matches
Displaying Page <1> of <1>

S/No. Registration No.
Click below hyperlink to buy entity information. Entity Name Partial Address
Status
Compliance Rating for Annual Filing
Click on icon for details of compliance records.
1
201210959C
GENNEVA WORLD PTE. LTD.
EAST COAST ROAD
Live


From ACRA. Don't know is it the one ?

 

[transform]

Can anyone share what is this 70/30 Program ?

 

[Goodwood]

I just found out from one member that 70/30 was presented to them in this manner, 1 kg of gold trade in, they give 700 gm of gold, 300 gm in certificate, interest - not yet firm. This is another way to milk the existing pool number of old client. U see, if they can't even pay my dad who is a new member 3% discount, how they sustain the old client ?

 

[Lucy1324]

I just found out from one member that 70/30 was presented to them in this manner, 1 kg of gold trade in, they give 700 gm of gold, 300 gm in certificate, interest - not yet firm. This is another way to milk the existing pool number of old client. U see, if they can't even pay my dad who is a new member 3% discount, how they sustain the old client ?

Just Trust me...

Do not trust any more Gold Companies... What ever attractive their plans are...

Do not trust Genneva, Genneva World, The Gold Guarantee, Asia Pacific Bullion, SG Gold and any other Gold Companies that "promise" such a high unsustainable payout returns...

Do not jump from one hot boiling pot into another hot boiling pot...

 

[transform]

I just found out from one member that 70/30 was presented to them in this manner, 1 kg of gold trade in, they give 700 gm of gold, 300 gm in certificate, interest - not yet firm. This is another way to milk the existing pool number of old client. U see, if they can't even pay my dad who is a new member 3% discount, how they sustain the old client ?

This platform is totally copy-cat. The son copy the father footsteps.
But this one better use the victim's money to generate more money for himself (Genneva World). Come on stop manipulating with the victim when they are weak and vulnerable.

 

[martinlee1688]

Rumours of Lee Song Teck being involved in money lending biz (ah long)

The Gold Guarantee Malaysia and The Gold Guarantee Singapore both have the same director – Lee Song Teck (LST). I have written abt him, pls read my previous posts.

In Singapore, Lee Song Teck is involved in selling gold as well as running MLM company Asia Pacific Bullion (Paper Gold or Silver). He is involved in Timeshare biz The Discovery Group Pte Ltd and I was told also involved in gold mining (unverified).

There were rumours of him being involved in money lending biz (ah long).

 

[martinlee1688]

Surprise visit to The Gold Guarantee office and put their bank account on hold?

The Bank Negara Malaysia (BNM) Investigation unit is now in the know of some many previous transactions done in Malaysia by Malaysians investors with The Gold Guarantee of Singapore bearing Singapore contracts.

Which means funds remitted to Singapore and gold stocks imported to Malaysia that bears no record with local authority.

Should they need to investigate further means surprise visit to the office and put their bank account on hold. Bank Negara Malaysia (BNM) also knows that The Gold Guarantee now operating a Malaysian office at mont Kiara.

 

[Pathetic Wang]

Pathetic

This is the worst thing I met here, quite new and just involve this biz because I trust my friend, didn't do any research and pathetic me.
Need more years to work harder to heal my pain. What a 杯具！

 

[GaoProsper]

SINGAPORE - Trade agency International Enterprise (IE) Singapore hopes to expand the country's share of the global precious metals market at least five-fold within 10 years and create an Asia-Pacific industry hub, its senior executives said yesterday.

'In Asia there really isn't a hub for the physical trading of gold. . . Our aspiration is really to be like London and Zurich, to serve not just Asia but the rest of the world as well,' said IE Singapore assistant chief executive Kathy Lai at a press briefing.


Singapore has about 2 per cent share of the global gold trading market in terms of tonnage, according to IE Singapore.

The agency wants to grow that share to 10 to 15 per cent in the next five to 10 years, IE Singapore director of trade services and policy Gina Lim said.

It aims to capitalise on growing demand for precious metals as global economic uncertainties spur interest in an alternative asset class and the desire to keep those assets close to home. Along the way, Singapore could benefit from 'good-quality jobs' in related industries and boosts to economic segments such as financial services and logistics, Ms Lai said.

Industry group World Gold Council said global demand for gold rose 0.4 per cent to 4,067.1 tonnes, worth about US$205.5 billion, in 2011, with investment demand, particularly from Asia, driving the growth.

Ms Lai's comments came as Singapore said it would exempt investment-grade precious metals from the 7 per cent Goods and Services Tax (GST) beginning in October 2012.

That move would bring tax treatment of investment-grade precious metals in line with other major markets, such as London, Zurich and Hong Kong. Investors, including retail traders, gold exchange-traded funds and private banking clients, will then be able to trade and store their assets in Singapore without having to incur additional tax.

Transactions now are typically done offshore, such as in Europe or within the confines of the Singapore Freeport free-trade zone, to avoid the GST charge.

'IE proposed that we should correct this anomaly,' Ms Lai said.

She said the GST exemption will 'open our door for the party', and getting people to come to the party will be the next step.

This won't be without its challenges.

Singapore's competitors, Dubai and Hong Kong, are already established centres for key Asian markets.

India, which accounts for just over half of the demand in Asia, does a large part of its trading through Dubai.

But 'few people see Dubai as a financial centre of the same stature as, say, Singapore and Hong Kong, and I think given its political context also it's not seen as a business environment that is completely secure for the long term,' Ms Lai said.

Hong Kong gets the bulk of China's trades, but its close ties with the mainland are also a source of concern.

'Many investors do view Hong Kong as part of China,' Ms Lai said. 'Policy changes are a little bit outside the kind of predictability that we have in Singapore, so it's not as 'neutral', so to speak, as Singapore.'

Industry players have generally welcomed Singapore's decision to scrap the GST levy.

Ng Cheng Thye, head of precious metals Asia for Standard Bank, said many clients have been trying to bring some of their gold assets back to Asia from Europe after the 2008 global financial crisis.

'Singapore is actually an ideal location' in the region because of its infrastructure and proximity, and the GST exemption clears a major hurdle for investors, he said.

He said that not having GST will also encourage refineries to set up shop in Singapore, which is key to the development of a viable hub.

'It's a very important piece of the puzzle,' he said.

However, Singapore does not have a gold refiner at the moment, and Ms Lai said there is no new refinery in the pipeline for Singapore to the best of her knowledge.

A key executive for a leading refinery company with plants in the region said his company was studying the viability of setting up in Singapore, but the business case was not obvious.

Refineries that already operate in the region may not have need for another plant in such close proximity, and Singapore's level of demand is still small at the moment, he said.

'In Singapore itself, we don't manufacture jewellery, we don't have goldmines and so on, so that's something we have to study,' the executive said.

no refineries? Another bull.... Actually there are, excluding gov owned.

 

[Goodwood]

Genneva said discount payout queue is 6 Aug ( after I checked 13 Sept)

For Genneva DELAY 2.5% Payout running into the 2nd Months. The agent promise me will transfer to my account on Friday. But until today i haven't get it. Somebody help me!!!

Hi Ivan, I went to Genneva to check yesterday and the notice on the security door state discount payout on 6 August. Hope my info helps but I still think u should make a visit together with your agent to Orchard Tower personally. I am still waiting for my dad's discount and management confirmation that Genneva is not closing down as per what my agent claim or scare my parents. This whole experience just sucks and I am trying to buffer and filter the negativity from my parents.

 

[q1w2e3]

Hi Ivan, I went to Genneva to check yesterday and the notice on the security door state discount payout on 6 August. Hope my info helps but I still think u should make a visit together with your agent to Orchard Tower personally. I am still waiting for my dad's discount and management confirmation that Genneva is not closing down as per what my agent claim or scare my parents. This whole experience just sucks and I am trying to buffer and filter the negativity from my parents.

I was last paid mid Aug, 18 and my agent told me early this month sept there will be delay for Sept payout.
He has not told me of genneva close down, but did say possibly genneva will migrate to another co, not sure how it impacts my gold.
I am holding all my gold now

 

[SuperHunk3488]

Just learn from mistakes...

This is the worst thing I met here, quite new and just involve this biz because I trust my friend, didn't do any research and pathetic me.
Need more years to work harder to heal my pain. What a 杯具！

just keep the gold... whenever u look at it... lesson learned!!
if ur mind set was set to hold on to physical gold... can go UOB, Poh Heng, other bank etc... btw in the very first place you have already prepared to risk the 30% marked up so... you did it!

 

[SuperHunk3488]

Rumour? or Fact?

The Gold Guarantee Malaysia and The Gold Guarantee Singapore both have the same director – Lee Song Teck (LST). I have written abt him, pls read my previous posts.

In Singapore, Lee Song Teck is involved in selling gold as well as running MLM company Asia Pacific Bullion (Paper Gold or Silver). He is involved in Timeshare biz The Discovery Group Pte Ltd and I was told also involved in gold mining (unverified).

There were rumours of him being involved in money lending biz (ah long).

all the above companies you mentioned if is register in Singapore and is still a proper business and acitive... what you trying to prove??
unless you got the prove or people can point at him that can get him behind the bar!! A lot of people outside also run companies like that..... (nothing new)

but if the money lending biz (ah long) is true then report police lor... but nowaday got so many credit companies around and it legal leh....

maybe you should find out is he GAY??? (or you and him are ex?) sorry nothing personal.... but at least more entertaining right?

 

[Pathetic Wang]

No one knows actually what's going on, if they alrdy got financial problem, they planned the 3% offer scheme, that's why they longer the promotion duration, try to scheme more most probably. If they are not planning to run away, why there is rumor they are closing down? What ppl are doubting here? No matter what happened in the end, we've learned a lesson, but this is not the end, if Sth meant to happen, it happens. Oops!

 

[transform]

I was last paid mid Aug, 18 and my agent told me early this month sept there will be delay for Sept payout.
He has not told me of genneva close down, but did say possibly genneva will migrate to another co, not sure how it impacts my gold.
I am holding all my gold now

Usually a second Company will emerge to filter the problem company. And their offer will to very attractive and reliable, on time pay-out for 3 - 6 months to gain trust. After the volume increases to their targeted appetite than History repeat itself. So the moral of the story is greed = $$$$ loss.