This have been answered many times before, UOB don't buy back gold that they do not sell and they will only buy back gold that is sealed by UOB. I have already posted how the seal looks like on another thread.. If your gold is in the seal by UOB, you need to produce the receipt of purchase or they will deduct $300 from the buy back price. So if you never purchase from UOB, there is no way uob will buy the gold from you. As with regards to best price, best price would be to sell to another investor or collectors...
Problems with Genneva Payout
- Thread starter David Fong
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This have been answered many times before, UOB don't buy back gold that they do not sell and they will only buy back gold that is sealed by UOB. I have already posted how the seal looks like on another thread.. If your gold is in the seal by UOB, you need to produce the receipt of purchase or they will deduct $300 from the buy back price. So if you never purchase from UOB, there is no way uob will buy the gold from you. As with regards to best price, best price would be to sell to another investor or collectors...
SuperHunk3488
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So called talking sense????
Now... who is the one on pills??
read the papers or google for the lastest news!!!
those who follow our solution post is been warn not to PARK GOLD with GV!
still listen to those bloody GV agents "sweet talk" now all ice cream liao...
Parked gold? waiting to take it back? how steady now?
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.
Now... who is the one on pills??
read the papers or google for the lastest news!!!
those who follow our solution post is been warn not to PARK GOLD with GV!
still listen to those bloody GV agents "sweet talk" now all ice cream liao...
Parked gold? waiting to take it back? how steady now?
freethinker54321
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Yes, I did ask UOB personally yesterday and they take in gold with their seal and deduct $300 too. What I hope to know is if there are better prices out there. I check out maxi cash and it is way below UOB price. So it seems like UOB price is quite competitive.
stargazer008
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<Source: http://www.asiaone.com/News/AsiaOne%2BNews/Malaysia/Story/A1Story20121002-374909.html>
So as long as you are vested, no matter you from Malaysia or SG, all are affected. But there are still those who put hope on their 'new management' and hoping for a miracle...
PETALING JAYA - The police, Bank Negara, the Companies Commission of Malaysia and the Ministry of Domestic Trade, Cooperatives and Consumerism jointly raided gold trading firm Genneva Malaysia Sdn Bhd and its affiliates in the country for various suspected offences.
Singapore's Commercial Affairs Department also conducted a similar operation against Genneva Pte Ltd in the republic.
In a statement released yesterday, Bank Negara said the raid was to probe suspected offences under the laws administered by the agencies.
"The public is advised to be cautious in investing money to avoid becoming victims of activities that are illegal and in breach of the law," the statement read.
The website for Genneva Malaysia remained accessible providing visitors with information on the company's background and contact details, among others.
The firm's Singapore portal, however, was not fully accessible.
The website for the Genneva Pte Ltd at Genneva Pte Ltd, Singapore - Preserving Values, Leaving a Legacy, takes visitors to a single page with the message that reads: "Work in progress, to ensure all obligations to our customers and consultants are met."
The message urged for calm and cooperation during "these trying times as we work out amicable solutions for everyone".
Genneva Singapore's Facebook stated: "Pray for positive outcome while the new management is working round the clock to solve problems."
"We Shall Overcome!," read a message posted on the page yesterday afternoon. (Genneva Singapore | Facebook)
Meanwhile, several clients and gold traders of the company cried foul over the raid.
A trader, who only wished to be known as Nick, said money earned from the purchase and sale of gold had helped fund his son through university.
"There has never been any complaint by the clients. The company has helped the livelihood of thousands of people. Why are the authorities interfering in a legitimate business?" he asked.
Another trader, S. Shanti, said the money from her buying and selling of gold, which she stressed was done with the relevant documentation and tax deductions, had helped pay for her mother's dialysis weekly treatment costing RM1,000 over the past three years.
"If they put a stop to this company, how am I going to foot the expensive bill for my mother's health?" she asked outside the company's office in Jalan Kuchai Maju 6.
She was among 100 customers, aged between those in their 20s and 70s, who had gathered at the office in support of Genneva after hearing of the raid yesterday afternoon.
They hoped that the authorities would complete the investigations and leave the company alone after that.
It was learnt that Bank Negara held a briefing with all the other agencies in Putrajaya at 8am before the simultaneous raids were conducted.
Staff at the Jalan Kuchai Lama office had their statements recorded until about 9pm before they were allowed to leave.
Officers at the scene were tight-lipped over the operation. However, they were seen carting away documents and files from the two premises located opposite each other.
As of 9.30pm, Bank Negara officers were still going through the records while customers of the company waited.
So as long as you are vested, no matter you from Malaysia or SG, all are affected. But there are still those who put hope on their 'new management' and hoping for a miracle...
PETALING JAYA - The police, Bank Negara, the Companies Commission of Malaysia and the Ministry of Domestic Trade, Cooperatives and Consumerism jointly raided gold trading firm Genneva Malaysia Sdn Bhd and its affiliates in the country for various suspected offences.
Singapore's Commercial Affairs Department also conducted a similar operation against Genneva Pte Ltd in the republic.
In a statement released yesterday, Bank Negara said the raid was to probe suspected offences under the laws administered by the agencies.
"The public is advised to be cautious in investing money to avoid becoming victims of activities that are illegal and in breach of the law," the statement read.
The website for Genneva Malaysia remained accessible providing visitors with information on the company's background and contact details, among others.
The firm's Singapore portal, however, was not fully accessible.
The website for the Genneva Pte Ltd at Genneva Pte Ltd, Singapore - Preserving Values, Leaving a Legacy, takes visitors to a single page with the message that reads: "Work in progress, to ensure all obligations to our customers and consultants are met."
The message urged for calm and cooperation during "these trying times as we work out amicable solutions for everyone".
Genneva Singapore's Facebook stated: "Pray for positive outcome while the new management is working round the clock to solve problems."
"We Shall Overcome!," read a message posted on the page yesterday afternoon. (Genneva Singapore | Facebook)
Meanwhile, several clients and gold traders of the company cried foul over the raid.
A trader, who only wished to be known as Nick, said money earned from the purchase and sale of gold had helped fund his son through university.
"There has never been any complaint by the clients. The company has helped the livelihood of thousands of people. Why are the authorities interfering in a legitimate business?" he asked.
Another trader, S. Shanti, said the money from her buying and selling of gold, which she stressed was done with the relevant documentation and tax deductions, had helped pay for her mother's dialysis weekly treatment costing RM1,000 over the past three years.
"If they put a stop to this company, how am I going to foot the expensive bill for my mother's health?" she asked outside the company's office in Jalan Kuchai Maju 6.
She was among 100 customers, aged between those in their 20s and 70s, who had gathered at the office in support of Genneva after hearing of the raid yesterday afternoon.
They hoped that the authorities would complete the investigations and leave the company alone after that.
It was learnt that Bank Negara held a briefing with all the other agencies in Putrajaya at 8am before the simultaneous raids were conducted.
Staff at the Jalan Kuchai Lama office had their statements recorded until about 9pm before they were allowed to leave.
Officers at the scene were tight-lipped over the operation. However, they were seen carting away documents and files from the two premises located opposite each other.
As of 9.30pm, Bank Negara officers were still going through the records while customers of the company waited.
Durians queen
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Newspaper reported they confistigated gv computer and document but they did not mention Gold bars ? Wat do think ?
Durians queen
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Geneva world signboard is up pl next to gv pte ltd .. I think they hav already transfer a lot of documents n gold to another secret place. They hav other offices not only orchard towers at the 8flr. Hope the Cad knows that too .
Just shows the level of greed of the people and still calling it a legitimate business. Cannot expect from people who invest in Genneva to be intelligent or have any rational thinking as you can definitely see from this kind of comments.
And jumping from Genneva to other "gold investment company" in the MAS investor alert list shows what kind of intelligence people have.
Durians queen
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Gv has made a lot of changes ... Firstly when u dun get yur discount they say their CEO by the name of Leon abused mis managed and cbt etc. Then they get ppl from Malaysia for help to clean up .. Ask us to b patient again they say they going to do E solution so as to pay u promptly to yur bank account every month but nothing happen then they say they found out bat fake gold in malaysia n china asking to park their gold to do datadot .. First 2/3 group got back their gold n discount wat a show to encourage the kiasu to make believe this works unfortunately whoever park more gold was conned . No gold no $$$ . ******* !!! Lastly gv say good news they going to migrate players to GV WORLD . Liars !! Theyre asking u to part yur 1kg bar gv keep 300 u keep 700gm . Do u think gv is helping u solve yur old wounds . PLS dun fall into their trap again . Now that CAD freeze the whole operation .. I believe is the best solution to all the evil scam . So as not to hurt more ppl . After all I've said I think GV was in trouble since early this yr they make ppl believe they not running away but to salvage this buying time actually unable them to make switch all documents gold to another secret pl and start new born GV WORLD .. Mmmmmmmm!!!
My agent just call me, told me my contract will be migrated to Genneva world, all remains the same and I will receive my payout by this mth, latest next mth. It will be a 3 mth payout, 2% x 3.
Not sure true a not, just wait and see...
So far he did not tell me to park gold or pay him more.. etc.. no other schemes..
So cross fingers and hope for the best. Call was just yesterda
GENNEVA GAME PLAN
The following posting was made last month by P C Wong on the Martin Lee Genneva blog:
GENNEVA’S GAME PLAN
#######################
Obviously, the Genneva masterminds (“GMs”) including the Genneva Colonel aka the TROLL, are not stupid people. So this is an exercise to delve into the workings of their minds to interpret how they rationalize their business model approach and strategy.
# Genneva paid up is RM50,000. The plan is to use Other People’s Money (“OPM”) to make a profit, to get rich quick.
# It is a fact of life that a sucker is born every second, so there are no shortage of suckers to lead up the garden path, to take for a ride, to part them from their money. KLANG Valley has population of 5 million approx. If 10 % of these are working adults with some money savings, there are 500,000 potential victims. But not all are gullible or greedy people. Say out of these 500k ppl, one in 25 are gullible and greedy, so the no. of potential victims is 20,000. See the size of the market for Genneva?
# The GMs, and the general public, are aware of the phenomenal rise in gold price in recent years. The time seems right to build up the hype concerning the superlative advantages of gold commodity investment.
# The GMs, genuinely or otherwise, reach the conclusion that gold will continue it’s price surge upwards, inexorably. To profit massively, massive bets must be made with huge positions taken. To do this, huge leverage is needed and what better way than to do this with OPM.
# For Dragon Year promo the Genneva offer was that you buy their gold at GOLDBEAM price (25% over spot price), you receive hibah or dividend 3% pm for 3 months (total 9%), and they. guarantee buy back at original price at end of term. Reportedly RM800m worth of gold was sold.
# The GMs’ expectation, prediction and gamble was that gold would have gone up by more than 25% over the contract term. If this had indeed happened the investors needed not to sell back the gold. Then GMs would have collected a cool RM800m x (20% markup- 9% hibah) = RM88m profit.
# Can you imagine RM88m profit from a RM50,000 investment over 3 months? This is the Genneva gamble !! Do you know that the GMs would have pulled off this stunt if indeed the price of gold had shot through the roof?
# What if the price of gold does not shoot through the roof? The Genneva options:
(1) the Park In scheme whereby you leave the gold with them and they pay you more hibah. REALITY: Your gold is used to sell to other buyers.
(2) Renting gold to Genneva for profit. REALITY: Sell your gold to others, your money investment not backed by gold.
(3) Safe Keeping Receipt. REALITY: Same as above.
(4) Secretly arranging Bank Negara to raid the Company, after hiding away all the money and the gold, then blame the GOVT for spoiling the party.
(5) Declare bankruptcy/insolvency and walk away, of course after hiding all the money and the gold.
# Options 1 – 3 are to buy time in the hope that the gold price will suddenly shoot through the roof.
CONCLUSIONS
##############
# Genneva is a huge money scam, a PONZI.
# The hibah are paid out of investors’ own money.
# Genneva is making a gigantic gamble on the continued spectacular rise in gold price, using OPM.
# Last year the gold price went up to USD1,900/oz; that was the time Genneva should have taken profits, close down the operations. But they got greedy and got caught in their own belief that gold price will shoot up to USD5,000 or 10,000 as predicted by some oracles eg Peter Schiff etc (featured in Genneva Facebook).
# The current sideways movement of gold price is causing intolerable cash flow problems to Genneva because hibah and commission payments are overly lucrative. See what is happening in Genneva S’pore – read hardwarezone Sg website.
GENNEVA IS TAKING A MASSIVE GAMBLE WITH THE INVESTORS’ MONEY. IN THIS GAME, IT IS HEADS GENNEVA WINS, TAILS INVESTORS LOSE. DO NOT GET INVOLVED IN THIS MONEY SCAM, OR GET OUT WHILE YOU STILL CAN!!
The following posting was made last month by P C Wong on the Martin Lee Genneva blog:
GENNEVA’S GAME PLAN
#######################
Obviously, the Genneva masterminds (“GMs”) including the Genneva Colonel aka the TROLL, are not stupid people. So this is an exercise to delve into the workings of their minds to interpret how they rationalize their business model approach and strategy.
# Genneva paid up is RM50,000. The plan is to use Other People’s Money (“OPM”) to make a profit, to get rich quick.
# It is a fact of life that a sucker is born every second, so there are no shortage of suckers to lead up the garden path, to take for a ride, to part them from their money. KLANG Valley has population of 5 million approx. If 10 % of these are working adults with some money savings, there are 500,000 potential victims. But not all are gullible or greedy people. Say out of these 500k ppl, one in 25 are gullible and greedy, so the no. of potential victims is 20,000. See the size of the market for Genneva?
# The GMs, and the general public, are aware of the phenomenal rise in gold price in recent years. The time seems right to build up the hype concerning the superlative advantages of gold commodity investment.
# The GMs, genuinely or otherwise, reach the conclusion that gold will continue it’s price surge upwards, inexorably. To profit massively, massive bets must be made with huge positions taken. To do this, huge leverage is needed and what better way than to do this with OPM.
# For Dragon Year promo the Genneva offer was that you buy their gold at GOLDBEAM price (25% over spot price), you receive hibah or dividend 3% pm for 3 months (total 9%), and they. guarantee buy back at original price at end of term. Reportedly RM800m worth of gold was sold.
# The GMs’ expectation, prediction and gamble was that gold would have gone up by more than 25% over the contract term. If this had indeed happened the investors needed not to sell back the gold. Then GMs would have collected a cool RM800m x (20% markup- 9% hibah) = RM88m profit.
# Can you imagine RM88m profit from a RM50,000 investment over 3 months? This is the Genneva gamble !! Do you know that the GMs would have pulled off this stunt if indeed the price of gold had shot through the roof?
# What if the price of gold does not shoot through the roof? The Genneva options:
(1) the Park In scheme whereby you leave the gold with them and they pay you more hibah. REALITY: Your gold is used to sell to other buyers.
(2) Renting gold to Genneva for profit. REALITY: Sell your gold to others, your money investment not backed by gold.
(3) Safe Keeping Receipt. REALITY: Same as above.
(4) Secretly arranging Bank Negara to raid the Company, after hiding away all the money and the gold, then blame the GOVT for spoiling the party.
(5) Declare bankruptcy/insolvency and walk away, of course after hiding all the money and the gold.
# Options 1 – 3 are to buy time in the hope that the gold price will suddenly shoot through the roof.
CONCLUSIONS
##############
# Genneva is a huge money scam, a PONZI.
# The hibah are paid out of investors’ own money.
# Genneva is making a gigantic gamble on the continued spectacular rise in gold price, using OPM.
# Last year the gold price went up to USD1,900/oz; that was the time Genneva should have taken profits, close down the operations. But they got greedy and got caught in their own belief that gold price will shoot up to USD5,000 or 10,000 as predicted by some oracles eg Peter Schiff etc (featured in Genneva Facebook).
# The current sideways movement of gold price is causing intolerable cash flow problems to Genneva because hibah and commission payments are overly lucrative. See what is happening in Genneva S’pore – read hardwarezone Sg website.
GENNEVA IS TAKING A MASSIVE GAMBLE WITH THE INVESTORS’ MONEY. IN THIS GAME, IT IS HEADS GENNEVA WINS, TAILS INVESTORS LOSE. DO NOT GET INVOLVED IN THIS MONEY SCAM, OR GET OUT WHILE YOU STILL CAN!!
YAT LUK FATT and YEE YEE FATT
The following posting was made yesterday by P C Wong a the Martin Lee Genneva blog:
With 100 units investment, 80 units to buy gold, left with 20 units. Pay 2 units for hibah, 1/2 units for sales comm, 0.3 units for upline comm, total payout = 2.8 units per month or 2.8 x 12 = 33.6 units per annum. The investment return on the net cash of 20 units needed to sustain payout is 33.6/20 x100 = 168% per annum !!!
The Genneva geniuses can achieve an ROI of 168% per annum to pay everybody? If hibah is 3% pm, the required ROI is 228% pa.
168 % pa!!! The YAT LUK FATT scenario.
228 % pa!!! The YEE YEE FATT scenario.
I have posted the above many times on this blog.
Are there investment geniuses out there who can consistently achieve these kinds of ROIs???
From day one, Genneva has been a PONZI, a money game, a scam, a con job with an absolute mathematical certainty of collapse.
BANK NEGARA HAS A MORAL, LEGAL AND SOCIAL DUTY TO STOP THIS PONZI BEFORE IT BECOMES SO BIG THAT THE FINAL COLLAPSE WILL BE CATASTROPHIC!
The small nation of Albania almost saw its government collapse when a giant PONZI collapsed and cause financial ruin to a large swath of its population, some 10 years ago.
The following posting was made yesterday by P C Wong a the Martin Lee Genneva blog:
With 100 units investment, 80 units to buy gold, left with 20 units. Pay 2 units for hibah, 1/2 units for sales comm, 0.3 units for upline comm, total payout = 2.8 units per month or 2.8 x 12 = 33.6 units per annum. The investment return on the net cash of 20 units needed to sustain payout is 33.6/20 x100 = 168% per annum !!!
The Genneva geniuses can achieve an ROI of 168% per annum to pay everybody? If hibah is 3% pm, the required ROI is 228% pa.
168 % pa!!! The YAT LUK FATT scenario.
228 % pa!!! The YEE YEE FATT scenario.
I have posted the above many times on this blog.
Are there investment geniuses out there who can consistently achieve these kinds of ROIs???
From day one, Genneva has been a PONZI, a money game, a scam, a con job with an absolute mathematical certainty of collapse.
BANK NEGARA HAS A MORAL, LEGAL AND SOCIAL DUTY TO STOP THIS PONZI BEFORE IT BECOMES SO BIG THAT THE FINAL COLLAPSE WILL BE CATASTROPHIC!
The small nation of Albania almost saw its government collapse when a giant PONZI collapsed and cause financial ruin to a large swath of its population, some 10 years ago.
SuperHunk3488
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be careful and think carefully...
get more information about the transaction from GV and GV world...
but don't ever fall into 1kg to 700g plan... they already fail you one big time so....
get more information about the transaction from GV and GV world...
but don't ever fall into 1kg to 700g plan... they already fail you one big time so....
stargazer008
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I wouldn't mind GV World continue paying me the interest if I keep all my gold!
But if Genneva is really a scam, how will GV World continue if it is the same circle of directors? Surely the authorities wouldn't allow it!
But if Genneva is really a scam, how will GV World continue if it is the same circle of directors? Surely the authorities wouldn't allow it!
Try checking out some jewelry shop. There is one in china square. I checked it out and the price is quite close to the spot price.
Alexandria J
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Looking for Genneva victims
Hi there,
I'm a reporter with The New Paper and we're working on a follow-up on this. Would appreciate if anyone wants to share their story about Genneva call me at 63195522 or email me at lawsm at sph.com.sg
Thanks very much.
Liz
Hi there,
I'm a reporter with The New Paper and we're working on a follow-up on this. Would appreciate if anyone wants to share their story about Genneva call me at 63195522 or email me at lawsm at sph.com.sg
Thanks very much.
Liz
bearbearfury
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any one managed to sell off the genneva Label Gold? care to update us? Thanks.
redname
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did you have your receipt with you?
what i heard is that the $300 is only when you have no receipt
freethinker54321
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mosaic1979
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Hee hee. Simple mah. They just sell off the gold bars that they get from the earlier who park the gold with them, than give you the interest lor. Than once you get your interest and happy, they will ask you park your gold or buy gold from them
Don t worry I also starting my gold company soon. You can transfer your holdings to me also. Its called Sure Make Money Global Gold Company
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