Genneva Gold. Not all that glitters is gold.

12 December 2017

..

Found guilty: Ng Poh Weng, 67, Marcus Yee Yuen Seng, 65, Chin Wai Leong, 41, and Liew Chee Wah, 63.

Sentencing on 4 January 2016. Bail of RM1 million each with two guarantors. Passports to be handed over.

..

Former directors of Genneva convicted of money laundering


FOUR former directors of gold bar investment company Genneva Sdn Bhd (GSB) were today found guilty by the Court of Appeal on 293 counts of money laundering and five counts of receiving non-licensed deposits involving transactions worth more than RM100 million.

The three-man panel comprising Mohtarudin Baki, Zakaria Sam and Abdul Karim Abdul Jalil made the decision after allowing the prosecution’s appeal to set aside the decision of the Kuala Lumpur High Court to release Ng Poh Weng, 67, Marcus Yee Yuen Seng, 65, Chin Wai Leong, 41, and Liew Chee Wah, 63.

Justice Mohtarudin, who chaired the panel, said the court unanimously found the prosecution succeeded in proving the charge beyond reasonable doubt.

Mohtarudin said the court found a gold sale and purchase transaction conducted by all respondents including in the definition of the deposit business.

He said the court found the sale of gold was only a camouflage to prevent legal action taken against them.

https://www.themalaysianinsight.com/s/27297/

3 December 2015

The court fixed Jan 13 for re-mention. 

Star

3 December 2015 | MYT 5:58 PM

Genneva Malaysia directors, manager told to enter defence

KUALA LUMPUR: The High Court found there was a case against Genneva Malaysia Sdn Bhd and ordered its three employees to enter defence for making false statement over the company’s gold investment trading.

High Court judge Justice Mohd Azman Husin in his ruling said that evidence given by three prosecution witnesses proved that the statement and advertisement in the website of the company were false and was not Syariah compliant.

He instructed Genneva Malaysia, its directors Datuk Tan Liang Keat, Datuk Phillip Lim Jit Meng and manager Ahmad Khairuddin Ilias to enter their defence after the prosecution had established a prima facie case against them.

They were charged on Sept 27, 2013, with making false statement in an advertisement in relation to gold trading which was based on Syariah compliance at 52A-1, Jalan Kuchai Maju 6, Off Jalan Kuchai here between Feb 16 and Oct 1, 2012.

Justice Mohd Azman made the order Thursday following an appeal by the prosecution against their acquittal and discharge on Aug 27 last year.

He said the website could be accessed by the public without a password. “The court views that a prima facie case has been proven and it is proper for the respondents to enter their defence.

“Therefore, I transfer the case back to the Sessions Court for trial,” Justice Mohd Azman said.

http://www.thestar.com.my/news/nation/2015/12/03/gold-trading-company-genneva-malaysia-court/?utm_source=dlvr.it&utm_medium=twitter

16 July 2014

GENNEVA MALAYSIA SDN BHD: SUED! Bank Negara as well.

  • Over a thousand investors are suing gold trading firm Genneva Malaysia Sdn Bhd to recover over RM146 million the company owes them in gold buillions and cash. ― file pic

Bank Negara raided Genneva four years ago over a dubious gold trading scheme. Genneva Malaysia and its affiliates were similarly raided on October 1, 2012.  

The bank froze Genneva Malaysia’s cheques, accounts and other assets worth RM99.8 million in cash, and  seized 126kg in gold bullion, based on suspicions that the company had broken several banking and financial laws.

https://my.news.yahoo.com/investors-sue-firm-gold-trading-fiasco-over-rm146-014900776.html

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theSundaily

Bank Negara ordered to file defence in RM146 mil Genneva suit

KUALA LUMPUR: The High Court here today ordered Bank Negara Malaysia to file its statement of defence by July 23 in the RM146 million suit by 1,065 investors against gold investment firm, Genneva Malaysia Sdn Bhd.

The suit was filed to claim for over RM146 million in damages against Genneva for alleged breaching of the gold sales and purchase agreements.

Deputy registrar Norfauzani Mohd Noor fixed before or July 23 for BNM to file its defence when the case was heard in chambers today for case management.

Present at the proceeding was counsel James Joshua Paul Raj, acting for the gold investors, and counsel Muhamad Riduan Baba who appeared for BNM.

Met by reporters, Joshua said Norfauzani also fixed Aug 7 for case management. He said BNM also wanted to file an application before Aug 7 to strike out its name as the second defendant in the case.

http://www.thesundaily.my/news/1114789

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5 JULY 2014

YAHOO! NEWS MALAYSIA

Investors sue firm in gold trading fiasco for over RM146 million

KUALA LUMPUR, July 5 ― Over a thousand investors are suing gold trading firm Genneva Malaysia Sdn Bhd to recover over RM146 million the company owes them in gold buillions and cash.

In a statement of claim filed on Monday, the investors said the firm had breached its contract with them.

They also said Genneva had “advertised and represented” itself as a “licensed firm authorised to conduct gold trading.”

The plaintiffs allege that they engaged in three separate categories of agreement with the firm that led to combined loss of RM146 million in investments.

The suit was filed by Messrs Raj, Ong and Yudistra, who are also acting as solicitors for the 1,065 plaintiffs.

The plaintiffs are also seeking damages and costs.

They name Bank Negara Malaysia (BNM) as second defendant and are seeking an order to force the central bank to release gold and cash it had confiscated from the firm during a raid in 2012.

“Bank Negara also owes a common law duty to return the gold and monies to the plaintiffs,” the statement said.

https://my.news.yahoo.com/investors-sue-firm-gold-trading-fiasco-over-rm146-014900776.html

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Datuk Joseph Kow Hock Beng, 55: Charged with abetting in illegal deposit-taking involving RM5.5 billion two years ago.

The court set November 27 for case management and April 7 to 24 next year for hearing of the case which would be heard together with another of Kow’s case in Penang, but had been transferred to the Sessions Court here.

Malaysian Insider

Genneva consultant charged with abetting in illegal deposit taking worth RM5.5 billion – Bernama

November 12, 2013

A consultant for gold investment company Genneva (M) Sdn Bhd was charged in the Sessions Court here today with abetting in illegal deposit-taking involving RM5.5 billion two years ago.

However, Datuk Joseph Kow Hock Beng, 55, pleaded not guilty to the charge of abetting Genneva in accepting the deposit from the public without a valid licence through a scheme, which involved gold transactions, through two CIMB Islamic Bank Berhad current accounts.

He was charged with committing the offence at Jalan Kuchai Maju 6, Off Jalan Kuchai Lama here between January 10, 2011, and October 1, 2012.

Deputy public prosecutor Fahmi Abd Moin, from Bank Negara Fahmi, offered bail at RM1 million in one surety, but lawyer Datuk Ghazi Ishak, representing Kow, requested the bail to be reduced to RM50,000 because all the assets belonging to his client had been frozen.

Judge Mat Ghani Abdullah then allowed Kow bail of RM200,000 in one surety and also ordered him to surrender his passport to the court.

http://www.themalaysianinsider.com/malaysia/article/genneva-consultant-charged-with-abetting-in-illegal-deposit-taking-worth-rm

CORRECTION: 932 CHARGES!

Malaysian Insider

Genneva ex-bosses slapped with 923 charges on illegal gold trading involving RM5.5 billion

BY JENNIFER GOMEZ
September 27, 2013

Six former senior officials of gold trading company Genneva (Malaysia) Sdn Bhd were slapped with 913 money-laundering and 10 illegal deposit-taking charges involving RM5.5 billion at the Jalan Duta Sessions Court today.

Four of them, former directors Datuk Philip Lim Jit Meng and Datuk Tan Liang Keat, general manager Lim Kah Heng and advisor Datuk Ng Poh Weng, who charged with both offences, were granted bail of RM1.1 million each.

Two others, advisors Marcus Yee Yuean Seng and Chin Wai Leong, who faced money-laundering charges, were allowed bail of RM100,000 each.

For the full report, read

http://www.themalaysianinsider.com/malaysia/article/genneva-ex-bosses-slapped-with-923-charges-on-illegal-gold-trading-involvin

Malaysiakini

Gold firm bosses slapped with record 900 charges

Four former high-ranking officers of a gold trading company stood in the dock to face a record number of more than 900 charges.

The four, from Genneva Gold, were charged in the Kuala Lumpur Sessions Court under the Banking and Financial Institution Act 1989, Anti-Money Laundering Act and Trade Description Act 2011.

Gold firm bosses slapped with record 900 charges

Star

Friday September 27, 2013 MYT 3:55:01 PM

Former Genneva Malaysia directors charged

KUALA LUMPUR: Former directors of Genneva Malaysia Sdn Bhd Datuk Philip Lim Jit Meng and Datuk Tan Liang Keat pleaded not guilty at the Sessions Court here to making false statements in an advertisement on the company’s website saying its gold trading was in accordance with Islamic law.

Their company also face a similar charge.

The case has been set for mention on Oct 28.

Former Genneva Malaysia directors charged

Lim claims the Facebook page, Genneva Malaysia Supporters, is “a front staged by Genneva directors to alleviate blame from themselves and direct it towards Bank Negara.”

“That Facebook page has been rallying customers to lodge police reports and pay for a judicial review.

Sundaily

Genneva investors in limbo

PETALING JAYA (May 22, 2013): Disgruntled investors are claiming that they are still in a limbo over the status of their investments with gold investment company Genneva (under Genneva Sdn Bhd and Genneva Malaysia Sdn Bhd).

Following the sessions court ruling on Tuesday that Bank Negara Malaysia has the right to freeze Genneva’s assets, investors told theSun that this does not change anything, as they have never had assurance that they will be repaid.

“It does not matter whether Genneva’s assets have been frozen as a lot of us believe Genneva will not give what is owed to us anyway,” said James Lim, a businessman.

“The present directors have been unresponsive to all demands.

“We have never received any reimbursement or assurance in any way,” he said, claiming that Genneva has only asked customers for more money.

Lim claims the Facebook page, Genneva Malaysia Supporters, is “a front staged by Genneva directors to alleviate blame from themselves and direct it towards Bank Negara.”

“That Facebook page has been rallying customers to lodge police reports and pay for a judicial review.

“They appealed to elderly customers and those with special medical needs to make their plight known and lodge a report against Bank Negara,” he said, adding that another link to their website, www.gms101.wordpress.com, led customers to an article guiding them what to say in the report.

“A special clause was added after the reports were lodged, stating that customers were not coerced to make reports and that the customers all had concrete evidence against Bank Negara before lodging reports,” he said.

The Facebook page has also asked customers to churn out RM50 each to pay lawyers to file a judicial review with Bank Negara.

“As of now, the review has been cancelled as they could not meet the 90-day deadline to file it and customers have not been given any updates.

“They did not disclose how much money had been collected, where it has gone, and customers are not allowed to meet with the lawyers that their money hired,” Lim said.

Fellow investor Michelle Kwan, a businesswoman, said she, too, has failed to contact the Genneva directors.

Echoing Lim’s claims on customers being asked to file for a judicial review, Kwan claims that Genneva had threatened to abandon customers if they do not do as asked.

“They do it in very subtle ways but it’s enough to convince some customers who are less educated,” she opined.

“We have absolutely no idea where our money is and if we will ever get it back. We are in complete darkness,” she said.

Genneva investors in limbo

Earlier today, the Sessions Court ruled that the four accused – Genneva’s three directors and a former director – had carried out a genuine gold trading business, saying that the buy-back concept was merely the company’s marketing strategy to assure buyers that the gold bars were genuine gold.

Malaysian Insider

Bank Negara ‘not satisfied’ with Genneva directors’ acquittal, to file appeal tomorrow

By Ida Lim
May 16, 2013

KUALA LUMPUR, May 16 — Bank Negara Malaysia (BNM) has said it will appeal against a court decision today that acquitted four gold traders from Genneva Sdn Bhd of charges of money-laundering and illegal deposit-taking said to involve over RM141 million, saying that it is “not satisfied” with the ruling.

“The AGC and BNM are not satisfied with the decision by the Sessions Court to acquit Genneva Sdn Bhd and its directors today,” the central bank said in a three-paragraph statement today, referring to the Attorney-General’s Chambers by its initials.

“The AGC has agreed for BNM to file the notice of appeal tomorrow. BNM will also apply for the assets of Genneva Sdn Bhd to remain seized under Anti-Money Laundering and Anti-Terrorism Financing Act 2011 pending the appeal,” it added.

http://www.themalaysianinsider.com/malaysia/article/bank-negara-not-satisfied-with-genneva-direc

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A mass protest is planned on Feb 26 in front of the Prime Minister’s Office

Free Malaysia Today

Bestino investors plan demo at PM’s office

B Nantha Kumar | February 14, 2013

‘We want our money back before the 13th general election.’

PUTRA JAYA: Disgruntled investors in the Bestino gold scheme will stage a mass protest on Feb 26 in front of the Prime Minister’s Office in their ongoing struggle to get their money back.

The decision for the demonstration was taken at a recent meeting of investors and the group representing them, the Bestino Action Committee.

K Kunasekaran, a spokesman for the committee, disclosed this today after meeting an aide to the Prime Minister in Putrajaya.

“The investors want back their money before the 13th general election,” Kunasekaran told FMT.

He accused Bank Negara of pretending to be ignorant of the issue.

“The investors want Bank Negara to disburse to the investors the RM24.2 million it seized from Bestino,” he said.

Bestino investors plan demo at PM’s office

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Genneva Malaysia Supporters

BNM & BN, WHY THE LONG DELAY IN RELEASING GENNEVA MALAYSIA?

1. If GM has not violated any known law, is it not right and just to announce this fact to the public and allow GM to resume operations, if for no other reason but to settle and assuage the concerns of all existing customers and consultants?

2. If no law is violated, why must the public be made to suffer for the misjudgement and baseless suspicions of over enthusiastic civil servants?

3. If the authorities are earnest about the gold trade being operated properly, why this crucifixion of good people? Why not complete the investigations speedily as promised, issue appropriate guidelines and let the GM community get on with their lives?

4. Is it too much to expect the elected politicians who constantly claim to be champions of the Rakyat to speak up for the GM community?

Learn more, http://bit.ly/VJuBxB

a

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Educating Gennevarians as well as the public at large. Stage II entails the High Court process of Judicial Review against BNM’s unjust action against Genneva Malaysia Sdn Bhd.

► Backtrack: BAD FAITH #14, http://on.fb.me/XtkQmM
► Visit this site: http://bit.ly/14i7Nvd to find out more.

__________________________________________________________

Genneva Malaysia Sdn Bhd

  • Sessions Court (Criminal No. 2) Kuala Lumpur ruled that the prosecution has proven a prima facie case against all the accused persons for all the charges under BAFIA and AMLATFA
  • The Court has fixed 15 March 2013 and 1 to 5 April 2013 for the hearing of the defence case
Next hearing dates:
1) 15 March 2013
2) 1 – 5 April 2013

____________________________________________________________

Status of Cases Investigated

Companies/ Individuals Date Activities Status Related Press releases
Genneva Malaysia Sdn. Bhd. 1 & 2 October 2012
  • A joint raiding operation was conducted on Genneva Malaysia Sdn. Bhd. and its affiliates by the Royal Malaysian Police, Ministry of Domestic Trade, Cooperatives and Consumerism, Companies Commission of Malaysia and Bank Negara Malaysia for suspected offences under the laws administered by the respective enforcement agencies.
  • These companies are being investigated jointly by the relevant enforcement agencies for suspected offences among which include illegal deposit taking, money laundering, tax evasion and avoidance, misrepresentation including false description and appointment of agents without licence.
  • The raids on these companies were conducted at their premises in Kuala Lumpur following information received from members of the public. Relevant assets and documents of the company were seized for the purpose of investigation.
Ongoing Investigation Bank Negara Malaysia Investigates Genneva Malaysia Sdn. Bhd. and its affiliate
Genneva Sdn Bhd 23 Jan 2013
  • Sessions Court (Criminal No. 2) Kuala Lumpur ruled that the prosecution has proven a prima facie case against all the accused persons for all the charges under BAFIA and AMLATFA
  • The Court has fixed 15 March 2013 and 1 to 5 April 2013 for the hearing of the defence case
Next hearing dates:
1) 15 March 2013
2) 1 – 5 April 2013
Bank Negara Malaysia Investigates Genneva Sdn Bhd and Etika Emas Estet Sdn Bhd
16 Jan 2013
  • The Court set 23 January 2013 for decision on prima facie case.
Next hearing dates:
23 January 2013
29 Nov 2012
  • The Court has set submission dates as follows:
    • 21 December 2012 – All parties to file with the Court their respective written submission;
    • 2 January 2013 – Written replies by parties to the written submission filed on 21 Dec 2012;
    • 4 January 2013 – Oral clarifications
Next hearing dates:
21 December 2012
2 January 2013
4 January 2013
19 Nov 2012
  • AMLATFA case was heard at Kuala Lumpur Sessions Court.
  • Mention date fixed on 29 Nov 2012 to schedule submissions by parties.
Next hearing dates:29 Nov 2012
4 – 5 October 2012
  • VACATED
Next hearing dates:19 & 29 Nov 2012
13 – 17 Aug 2012
  • AMLATFA case was heard at Kuala Lumpur Sessions Court.
  • 13 & 17 Aug 2012 – Vacated
Next hearing dates:4 – 5 October 2012
29 – 31 May 2012
  • AMLATFA case was heard at Kuala Lumpur Sessions Court.
Next hearing dates:
13 – 17 Aug 2012
2 – 4 May 2012
  • Case was heard at Kuala Lumpur Sessions Court
  • Finished with BAFIA case and AMLATFA case to start in next dates
Next hearing dates:
29 – 31 May 2012
17 – 18 April 2012
  • Case was heard at Kuala Lumpur Sessions Court
Next hearing dates:i. 2 – 4 May 2012
ii. 29 – 31 May 2012
1-2 March 2012
  • Case was heard at Kuala Lumpur Sessions Court
Next hearing dates:i. 17 – 18 April 2012
ii. 2 – 4 May 2012
iii. 29 – 31 May 2012
10 Feb 2012
  • Case was heard at Kuala Lumpur Sessions Court
Next hearing dates:1 & 2 March 2012
14 December 2011
  • Case was heard at Kuala Lumpur Sessions Court
Next hearing dates:10&13 – 17 Feb 2012
12 September 2011
  • Case was heard at Kuala Lumpur Sessions Court
Next hearing dates:12 – 15 Dec 2011
12 August 2011
  • Case was heard at Kuala Lumpur Sessions Court
Next hearing dates:i. 12 – 14 Sept. 2011
ii. 14 – 16 Nov 2011
iii. 07 – 09 Dec 2011
v. 12 – 15 Dec 2011
1 July 2011
  • Case was heard at Kuala Lumpur Sessions Court.
Continued hearing dates is fixed as follows: –
i) 28-29 July 2011; and
ii) 8-12 August 2011
18 – 22 April 2011
  • Case was heard at Kuala Lumpur Sessions Court.
The following dates was fixed for continued hearing:
i) 10 May 2011;
ii) 23 May 2011;
iii) 24 June 2011;
iv) 27 June 2011; and
v) 28 June to 1 July 2011.
21 March 2011
  • Case was mentioned at Kuala Lumpur Sessions Court.
The court has set the hearing of the AMLATFA case to be heard together with the BAFIA case as follows:
i) 4 – 8 April 2011; and
ii) 18 – 22 April 2011.
18 March 2011
  • Liew Chee Wah, the director of Genneva Sdn.Bhd. was charged at Kuala Lumpur Sessions Court for an offence under Section 25(1) of the Banking and Financial Institutions Act (BAFIA) 1989.
The court has fixed 21 March 2011 for the mention of the case.
16 March 2011
  • The company and the directors of Genneva Sdn.Bhd., Chin Wai Leong, Ng Poh Weng and Marcus Yee Yuen Seng were charged at Kuala Lumpur Sessions Court for an offence under Section 25(1) of the Banking and Financial Institutions Act (BAFIA) 1989.
The court has fixed 21 March 2011 for the mention of the case.
14 November 2010
  • AMLATFA case was heard at Kuala Lumpur Sessions Court.
The Court has set the trial dates as follow:

  1. 4-8 April 2011; and
  2. 18-22 April 2011
14 Oktober 2010
  • Ng Poh Weng, Marcus Yee Yuen Seng, Liew Chee Wah and Chin Wai Leong, the directors of Genneva Sdn. Bhd. were charged at Kuala Lumpur Sessions Court for an offence under Section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).
Mention date was set on 16 November 2010
21 July 2009
  • Bank Negara Malaysia has commenced investigations into Genneva Sdn Bhd and Etika Emas Estet Sdn Bhd under suspicion of conducting illegal deposit taking activities in breach of Section 25(1) Banking and Financial Institutions Act 1989 (BAFIA) and Section 4(1) of Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).
  • The raids on these companies were conducted at their premises in Kuala Lumpur following information received from members of the public. Relevant assets and documents of the company were seized for the purpose of investigation.
Ongoing Investigation

3 Status of Cases Investigated – Portal Rasmi Bank Negara …

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Bestino was once the nation’s largest gold investment scheme. It had collected more than RM411 million from investors before Bank Negara and Securities Commission officers raided its premises in 2010 on suspicion that it was guilty of money laundering.

Since then, investors have been trying to get back their money by petitioning both Bestino and Bank Negara.

Free  Malaysia Today

Small victory for Bestino investors

B Nantha Kumar | February 2, 2013

The Ipoh High Court dismisses the company’s application for a stay of proceedings.

KUALA LUMPUR: The Ipoh High Court earliert this week had dismissed with costs Bestino Group Berhad’s application for stay of proceedings in a suit brought against it by subscribers to a gold investment scheme.

Bestino had sought the stay pending the disposal of a criminal case brought by Bank Negara against the company and its directors.

Judge Harminder Singh heard the application in chambers. He ruled that the investors were entitled to proceed with their suit.

Thilaga Kaliaperumal, the plaintiffs’ lawyer, said this was a small victory for the investors but cautioned that a long legal battle lay ahead.

“Many have invested their savings in Bestino and our clients have instituted this suit in order to salvage whatever that remains of their investment,” she added.

Small victory for Bestino investors

For background, click on the following:

  1. IPOH: An Ipoh-based company, Bestino Group Bhd, which was raided by Bank Negara Malaysia (BNM) and the Securities Commission (SC) in June last year on suspicion of …

    www.freemalaysiatoday.com/…/macau-hand-in-ipoh-gold-scam – Cached

  2. Bestino collected the last of their gold bars from investors on 30th April 2009. Less than 2 months after this, they were raided and their bank account frozen.

    besti-news.blogspot.comCached

The raids on Bestino Group Berhad and its related companies we

Bestino Group Berhad 21 May 2012 Case was mentioned at Ipoh Sessions Court. Next mention date is fixed on 25 July 2012.
23 April 2012
  • Case was mentioned at Ipoh Sessions Court.
Next mention date is fixed on 21 May 2012.
20 February 2012
  • The above case was set for hearing from 20 February 2012 to 23 February 2012.
  • However, on 20 February 2012, the Court granted postponement pending the outcome of the Court of Appeal in the case of Gan Boon Aun.
Next mention date is fixed on 23 April 2012.
14 November 2011
  • Case was mentioned at Ipoh Sessions Court.
Next mention date is fixed on 19 December  2011.
19 September 2011
  • Case was mentioned at Ipoh Sessions Court.
Next mention date is fixed on 14 November 2011.
25 July 2011
  • Case was mentioned at Ipoh Sessions Court.
Next mention date is fixed on 19 September 2011.
23 May 2011
  • Case was mentioned at Ipoh Sessions Court.
The court will fix the trial dates on 25 July 2011.
15 April 2011
  • Case was heard (mentioned) at Ipoh Sessions Court.
The Judge allowed for prosecution’s application for joint trial of the BAFIA & AMLATFA charges.Next mention date is fixed on 23 May 2011.
11 April 2011
  • Joint trial application for BAFIA & AMLATFA charges were heard at Ipoh Sessions Court.
The Court will give its decision on 15 April 2011 on the prosecution’s application for joint trial for all charges.
23 February 2011
  • Chong Yuk Ming, Goon Koon Lee, Chang Kuei Geh and Ho Chee Cheong, the directors of Bestino Golden House Sdn.Bhd. were charged at Ipoh Sessions Court for an offence under Section 25(1) of the Banking and Financial Institutions Act (BAFIA) 1989 and Section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).
Bail amount for each accused was set at RM1.5million with 2 sureties (one of it must be a family member) and passport to be surrendered to the Court.The court set date on April 11, 2011 to hear on the prosecution’s application for joint trial for all charges.
16 June 2009
  • Bank Negara Malaysia and the Securities Commission Malaysia have commenced investigations into Bestino Group Berhad and its related companies suspected of conducting illegal deposit taking and illegal investment schemes, in breach of subsection 25(1) of the Banking and Financial Institutions Act 1989 (BAFIA) and the offering for subscription or purchase of preference shares in breach of section 212(2) of the Capital Markets and Services Act 2007
  • The raids on Bestino Group Berhad and its related companies were conducted at their premises in Ipoh, Perak and Petaling Jaya, Selangor following complaints received from members of the public.

________________________________________________

UPDATE: NEW TEMPLATES covering customers who want to make police report but purchase documents are withheld by the consultant.
Please download:
1. English version – http://bit.ly/VBnxo9
2. Malay version – http://bit.ly/X06REzThe templates can also be downloaded at http://bit.ly/Zc50y9 or http://bit.ly/XCiHovDateline for Submission: 31 January 2013.
Enquiries and submissions of police reports, email: gennevafamily@gmail.comNOTE: Please copy paste the above and email fellow customers. Thank you.
On Making a Police Report
gms101.wordpress.com
如 何制作报警投诉程序: http://on.fb.me/VA6AJC Your police report is only to complain to the police to investigate possible foul play in BNM’s raid on GMSB, nothing more. Nobody can ever guarantee you su…
如何制作报警投诉程序: http://on.fb.me/VA6AJC
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Hey people, we have kicked off with Stage II that entails the High Court process of Judicial Review against BNM’s unjust action against GMSB. From now onward, we will be educating Gennevians as well as the public at large as to why we say BNM’s action is unjust. Let’s look at the bad faith exercised by the very authority within BNM who have spun lies into the noble claim of protecting us instead:-

BAD FAITH 1. Genneva Malaysia’s Syariah-compliant gold was officially launched by former Prime Minister Tun Dr Mahathir Mohamad on 15/12/10. Datin Seri Rosmah, wife of Prime Minister, members of the Malay royalty and other prominent personalities have graced the company’s official events. So, after assurances provided by the presence of these dignitaries, why the raid?

We will post one everyday. Stay tuned!

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Lowyat.NET Forums

Today, 12:03 AM

Three Genneva directors, ex-director ordered to defend money-laundering charges

KUALA LUMPUR: Three directors and a former director of gold investment company Genneva Sdn Bhd were ordered by a Sessions Court here Wednesday to enter their defence on 224 charges of money-laundering and five charges of illegal deposit-taking involving more than RM100mil.

Judge Datuk Rozana Ali Yusuff made the decision after finding the prosecution had succeeded in establishing a prima facie case against Ng Poh Weng, 63, Marcus Yee Yuen Seng, 61, Chin Wai Leong, 37, and Liew Chee Wah, 59, respectively.

The court fixed March 15 for the defence trial. All four had opted to testify under oath.

For the money laundering charges, Ng is facing 93 counts, Yee, 40 counts, Chin, 61, and Liew, 30 counts.

They allegedly committed the offences at Public Bank Berhad, Kuala Lumpur branch, City Main Office, Menara Public Bank, 146 Jalan Ampang here between July 2008 and June 2009.

For the illegal deposit-taking charges, they allegedly committed the offences at Jalan Kuchai Maju 6, off Jalan Kuchai Lama between November 2008 and July 2009.

Mardziatun Nisa is deputy public prosecutor while Datuk Hanif Hashim represented the four accused. – Bernama

Three Genneva directors, ex-director kena liao

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23/1 3 Genneva directors, one ex-director ordered by KL Sessions Court to defend 224 money-laundering charges; alleged offences committed in 2008/9/STAR – via DiGi SMS

NST

23 January 2013| last updated at 03:57PM

4 Genneva directors to enter defence for money-laundering

By Jennifer Gomez
KUALA LUMPUR: Four directors of gold investment company Genneva Sdn Bhd were ordered by the Sessions court yesterday to enter their defence on 224 counts of money-laundering.

Liew Chee Wah, 58, who has since resigned from the company, Ng Poh Weng, 62, Marcus Yee Yuen Seng, 60, and Chin Wai Leong, 36, were also ordered to enter their defence on illegal deposit taking charges.

Judge Datuk Rozana Ali Yusoff ruled that the prosecution had established a prima facie case for all the charges against the four.

Lawyers for the four, Mohamed Haniff Khatri and Keppy Wong said their clients will give sworn evidence.

The court fixed March 15 to enter defence.

Ng, 62, was charged with 93 charges of money-laundering, Yee was charged with 40 counts, while Leong and Liew were charged with 61 and 30 counts of money-laundering respectively.

The offences were allegedly committed between July 2008 and June 2009.

________________________________________________

Based on information received by BNM, below is the list of known companies and websites which are not authorised nor approved
under the relevant laws and regulations administered by BNM:

No Name of unauthorised entities/individual Website Type Date Added to
Alert List
1 1globalcash                                   Unlicensed activities 13/07/2012
2 1Gold.com.my http://www.1gold.com.my Gold investment 13/07/2012
3 Al-Saliha Worlwide Sdn. Bhd.    Unlicensed activities 13/07/2012
4 Amazing Yields Sdn Bhd                    Gold investment 23/01/2013
5 Amsyiq Gold Enterprise                    Gold investment 13/07/2012
6 AU Niaga Sdn. Bhd.                            Gold investment 13/07/2012
7 AU79 International                             Gold investment 13/07/2012
8 Azea Property Sdn Bhd               Unlicensed activities 27/09/2012
9 Bumi Klasik Warisan Enterprise Unlicensed activities 13/07/2012
10 CGF Fine Metal Sdn Bhd                  Gold investment 27/09/2012
11 CTK Network http://CTK2U.com Unlicensed activities 16/10/2012
12 Dana Haji Jasman                        Unlicensed activities 13/07/2012
13 Degold Empire S/B                             Gold investment 13/07/2012
14 DNA Profile Sdn. Bhd                  Unlicensed activities 13/07/2012
15 Dynamic Wira Marketing Sdn Bhd – Skim Beras
1 Malaysia
Unlicensed activities 23/01/2013
16 Eagle Aeronautics (M) Sdn Bhd Unlicensed activities 27/09/2012
17 East Cape Mining Corp Gold investment 13/07/2012
18 Energetic Gateway Sdn Bhd Gold investment 23/01/2013
19 Extra Capital Programme http://extracapitalprogram.com Forex trading 13/07/2012
20 Ezey Marketing                           Unlicensed activities 13/07/2012
21 FE Brands (M) S/B                      Unlicensed activities 13/07/2012
22 Flexsy Enterprise & Barrilorne Corp Gold investment 13/07/2012
23 FNZ Capital Limited http://www.intelfx.com Forex trading 13/07/2012
24 Future Trade Indojaya Sdn Bhd http://ftindojaya.blogspot.com http://www.ftindojaya.
com
Gold investment 27/09/2012
25 Gain FX Capital S/B http://www.gainfxcapital.org Forex trading 13/07/2012
26 Gan Patt Services                   Unlicensed activities 13/07/2012
27 GGF Golden House Sdn Bhd        Gold investment 13/07/2012
28 Global Creation Trading         Unlicensed activities 13/07/2012
29 Global Peace Loving Family http://www.globalpeacelf.com Unlicensed activities 27/09/2012
30 Global Venture Financing http://globalventurefinancing.com Forex trading 13/07/2012
31 Gorgeous Chain Sdn. Bhd.                  Forex trading 13/07/2012
32 Great Access Sdn. Bhd.           Unlicensed activities 13/07/2012
33 Greenmillion Agrosolution Enterprise http://greenmillionagrisolution.blogspot.c
om
Unlicensed activities 27/09/2012
34 Hexa Commerce Sdn Bhd                   Forex trading 13/07/2012
35 Honest Group Ltd                     Unlicensed activities 13/07/2012
36 Iconhill Holding Sdn Bhd          Unlicensed activities 13/07/2012
37 IGC Diamond                              Gold investment 13/07/2012
38 Instaforex Forex trading 13/07/2012
39 Isothree Gold Sdn. Bhd. Gold investment 13/07/2012
40 Jalatama Management Sdn Bhd http://www.jalatama.com Unlicensed activities 13/07/2012
41 Jazlaan Enterprise Unlicensed activities 13/07/2012
42 JM Communications & Technology Sdn Bhd Unlicensed activities 13/07/2012
43 JMI Global                                   Unlicensed activities 13/07/2012
44 JTGold                                                Gold investment 13/07/2012
45 Kris Plus Enterprise                   Unlicensed activities 13/07/2012
46 Lestari2U http://www.lestari2u.com  Unlicensed activities 13/07/2012
47 Liberty Reserve http://www.libertyreserve.com Forex trading 13/07/2012
48 Life Time Holidays Sdn. Bhd.    Unlicensed activities 13/07/2012
49 LocalAdClick http://localadclick.net Unlicensed activities 13/07/2012
50 Mari Wholesale (M) S/B           Unlicensed activities 13/07/2012
51 Mega Dynasty S/B Gold investment 13/07/2012
52 Megaherbs Bioextreme            Unlicensed activities 13/07/2012
53 One AutoCash http://www.clubautocash.com
http://www.1autocash.com

Bank Negara’s Consumer Alert List

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TGG is on Bank Negara’s consumer alert list, which was sent out after several other gold traders in an unregulated industry, such as Genneva Gold, left more than 60,000 people in a lurch after the companies accounts were frozen following the central bank’s raid last October on suspicion of violating several financial and banking laws including illegal deposit taking, money laundering and tax evasion.

Malaysian Insider

Gold trader says ‘business as usual’ despite missing Singapore CEO

By Syed Jaymal Zahiid and Ida Lim
January 23, 2013

KUALA LUMPUR, Jan 23 ― Operations are proceeding uninterrupted, Singapore-based gold trader The Gold Guarantee Malaysia (TGG-M) said today, despite growing investor concern in the island republic over the reported disappearance of its chief executive, Lee Song Teck.

TGG is on Bank Negara’s consumer alert list….

“As you can see its business per usual,” an official from TGG-M told The Malaysian Insider during a visit today to its office in the upscale Mont Kiara suburb here.

The official, who spoke on condition of anonymity, said they were aware of the news report but added Malaysian clients should not be spooked by the news report and that the local subsidiary is run separately from its Singapore parent.

“What happens in Singapore will not affect what is going on here. We are independent,” the official added.

Another senior official from TGG-M had told The Malaysian Insider in an earlier phone call that the company was “in the process of legally removing” Lee but did not explain the reason behind the decision.

The Gold Guarantee was added to Bank Negara’s Consumer Alert List on November 29, 2012, with its activity listed as “gold investment”.

According to Bank Negara’s website, the list is intended to alert the public of companies that are “neither authorised nor approved under the relevant laws and regulations administered by BNM”.

Gold trader says ‘business as usual’ despite missing Singapore CEO

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Malaysian Insider

Nine investors sue Genneva for return of over RM2m

In a statement of claim filed today, the nine investors also sought for a court order to get Bank Negara or other related parties to release the over RM2 million back to them.

According to Mohamad, they will serve a notice of action to Bank Negara to make it a party to the suit.

But he clarified that they are not seeking to make the bank a defendant.

UPDATED @ 02:01:44 PM 20-12-2012
By Ida Lim
December 20, 2012

Lawyer Mohamad Siddiq holds up a copy of the lawsuit filed against Genneva, in Kuala Lumpur, December 20, 2012. — Picture by Choo Choy May

KUALA LUMPUR, Dec 20 ― Nine investors are suing Genneva Malaysia Sdn Bhd and four of its directors to get back over RM2 million in investments, claiming that the gold trading firm had carried out fraud and misrepresented the scheme as compliant with Syariah law.

“We don’t know if Bank Negara will press charges against Genneva. That’s not our concern now.

“As far as investors are concerned, we want our money back,” Mohamad Siddiq Azani, the lawyer representing the investors, told reporters after filing the civil suit at the High Court here.

Mohamad said the nine investors ― who include housewives, professionals and businessmen ― want to secure their position as creditors.

The highest investment made among the nine is over RM670,000 while the smallest individual sum lost is over RM40,000.

The nine are among an estimated 60,000 nationwide who lost their money after the company’s gold bullions and accounts were frozen by Bank Negara Malaysia (BNM) in October under suspicion of violating several financial and banking laws including illegal deposit taking, money laundering and tax evasion.
………………

The four Genneva directors named as defendants are Tengku Muhaini Sultan Ahmad Shah, Philip Lim Jit Meng, Ahmad Khairuddin Ilias and Tan Lian Keng.

Nine investors sue Genneva for return of over RM2m

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What can the Genneva buyers do to get back their hard-earned gold and money?

{ 1 }  Demand Genneva Directors’ Explanation

First thing first – ever since the raid, none of Genneva’s directors – Marcus Yee Yuen Seng, Ng Poh Weng or Chin Wai Leong – make any personal appearance to either calm the loyal Gennevarians or to deny Bank Negara’s claim of money laundering and whatnot. These directors must be the world’s more generous philanthropists for welcoming outsiders, in this case Central Bank, taking away their company’s gold bullions and billions of ringgit with open arms.

Genneva Gold Director Ng Poh Weng and Chin Wai Leong with Mahathir

Genneva Gold Director Ng Poh Weng

{ 2 }  Clear Doubt and Accusation about Ponzi Scheme

The directors should show proofs about the existence of gold and money prior to the raid, and the assets should not differs by a Mars journey against the liabilities. They should show that there were enough gold to be reimbursed to Gennevarians should they wish to claim it back. With such huge amount of gold and money, the company should have some records or archives elsewhere about vaulting, insurance coverage, security guards force information, CCTV recordings and anything associated with the treasures stored in their shoplot in Kuchai Lama.

{ 3 }  Show / Prove of Genneva Business’s Sustainability

One of the reasons given by Bank Negara for the raid was the business model sustainability – meaning Genneva cannot sustain its business by giving away up to 24% annually in gift money to investors. It’s time for Genneva directors to show some proofs about its sustainability….

{ 4 }  Bring Bank Negara (Central Bank) to Court

……it was Bank Negara’s fault for not stopping the three directors scammers 3-years earlier, if indeed the business was a Ponzi scheme.

{ 5 }  Seek Assistance from Genneva Chairperson

The fact that nobody from Genneva fans club seek advice and assistance from its chairperson,Tengku Muhaini Sultan Ahmad Shah, the daughter of Sultan of Pahang, was simply mind-boggling. Being the strongest supporter of the federal government, the royal house has great influence and could easily pull string to get the sleepy Central Bank working overtime to get to the bottom of the investigation.

Genneva Gold Chairperson Tengku Muhaini Sultan Ahmad Shah

{ 6 }  Seek Assistance from Top Gun Mahathir Mohamad

If there’s one person who can send Central Bank Governor, Dr Zeti Aziz, into retirement with a phone call, that person is none other than former premier Mahathir Mohamad. The fact that Mahathir launched Genneva’s Syariah in 2010 carries more weight than you can imagine.

Genneva Gold - Mahathir Assistance

{ 7 }  March from Kuchai Lama to PutraJaya

If there’s one thing that can make PM Najib Razak carries two handkerchiefs to wipe his saliva out of panic, the name is street demonstration. But street demonstration is illegal, technically speaking, so please don’t do that. Instead you can “march peacefully” while holding placards and banners praising the current federal government. Better still – bring tons of Barisan Nasional, UMNO, MCA, MIC flags and not forgetting “We Love Najib” gigantic banners from Kuchai Lama to PutraJaya.

{ 8 }  Launch Nationwide Signature Campaign

Genneva Gold - Signature Campaign

{ 9 }  Launch Hunger Strike

{ 10 }  Call for International News Conference

There it goes – 10 things to do to get back your gold and money; and monthly gift money if Genneva can resume its business. But the three directors have to come out from their hiding and lead the 60,000 supporters. Leaving the battle to the senior consultants while the directors enjoy their fruits in hiding will not help the current situation.

How to Get Back Your Genneva Gold and Money – 10 Things To Dowww.financetwitter.com/2012/…back-your-gennevagold-and… – Cached

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Free Malaysia Today

Don’t tar gold victims with same brush

Teoh El Sen | December 13, 2012

A 2010 Bank Negara probe on a gold trading company resulted in no charges; instead the group claims they are being victimised in a court action to forfeit gold rightfully belonging to them.

PETALING JAYA: A group of “victims” of a gold trading company raided by Bank Negara Malaysia (BNM) in 2010 has questioned the government’s sincerity in clamping down on similar “illegal” schemes.

Speaking to FMT recently, representatives of a group comprising some 100 customers of The Gold Label Sdn Bhd said that it was perplexing that BNM has, until today, failed to even charge a single director of the said company.

Instead, the authorities are seemingly more interested in confiscating some RM1.5 million worth of gold bars (100kg) they claim rightfully belonged to them, said Cynthia Wong, the head of the group.

They are part of an estimated 1,000 customers affected in the case with losses estimated between RM100 million and RM200 million, but the authorities have managed to so far seize less than RM20 million in assets.

On May 7, 2010, BNM raided The Gold Label at its premises in Mid Valley City, following complaints received from the public.

BNM then announced that it had commenced investigations into The Gold Label on suspicion of conducting illegal deposit-taking and money-laundering activities.

The company was reportedly investigated under subsection 25(1) Banking and Financial Institutions Act 1989 (BAFIA) and sub-section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).

BNM’s completed investigations then led to a court action in 2011 where the government filed for a civil forfeiture under Section 56(1) of AMLATFA at the Kuala Lumpur High Court. This trial is still ongoing.

Wong’s lawyer, Lee Min Choon, who represents some 60 victims in the case, said that his clients are innocent and are being wrongly victimised in the court action.

“They are innocent here, nobody would willingly risk their life savings just to be part of an illegal scheme.

“BNM and the Attorney-General’s Chambers are trying to establish that these people had colluded and participated in this as a partner,” said Lee, adding that this was a prerequisite to forfeit and confiscate the assets.

“It is one thing to tar the directors of the company as conmen, but is it fair to tar all these victims with the same brush? That’s illogical.”

Don’t tar gold victims with same brush

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Malaysian Insider

BNM: Genneva’s liabilities 10 times more than assets

December 03, 2012

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).
………………

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.

BNM: Genneva’s liabilities 10 times more than assets

————–

Star

Monday December 3, 2012 MYT 5:51:00 PM

Bank Negara: 8,000 Genneva customers failed to get gold even after they paid

 By LOSHANA K SHAGAR
PETALING JAYA: Bank Negara has revealed that more than 8,000 customers of gold investment company Genneva Malaysia Sdn Bhd have yet to receive their gold amounting to over 4,000kg, despite having settled the payments.In a statement on Monday, the bank added that documents seized from the company also revealed that some customers, who had surrendered their gold to the company, had not received their cash reimbursements amounting to more than RM80mil in total.“Initial forensic accounting has uncovered considerable losses experienced by the company in 2012. The company has liabilities exceeding 10 times its assets.

Bank Negara: 8,000 Genneva customers failed to get gold even after they paidLatest News

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Free Malaysia Today

Bank Negara no power to return frozen money

December 3, 2012

Investors can file third party suit for return of their assets, says Deputy Finance Minister Donald Lim Siang Chai

KUALA LUMPUR: Bank Negara Malaysia (BNM) has no authority to defreeze accounts which are frozen due to investments in illegal schemes.

Deputy Finance Minister Donald Lim Siang Chai said any assets involved in criminal proceedings could only be administered with a court order.

“Investors can file a third party suit to the court for the return of their money or assets,” he told the Dewan Negara today.

He was responding to a supplementary question by Senator Chew Lee Giok who wanted to know whether investors in illegal investments schemes whose assets had been frozen could have back the money they had invested.

Bank Negara no power to return frozen money

Read also:
Authorities say doing best to wrap up gold trading probe

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Genneva Malaysia customers contacted by theSun are, however, supportive of the management of their gold trading firm, reaffirming that Genneva Malaysia has always fulfilled its obligations to customers until the raid in October

Sundaily

No ‘hibah’ for 50,000 Genneva Malaysia investors

Posted on 3 December 2012 – 05:24am

KUALA LUMPUR (Dec 3, 2012): Following the raid on gold trading firm Genneva Malaysia, some 50,000 investors have not been receiving their dividends for the last two months.

Genneva Malaysia was raided on Oct 1 by Bank Negara Malaysia, the police and Domestic Trade, Cooperatives and Consumerism Ministry under the Anti-Money Laundering Act 2001.

The raid was conducted as the company was suspected of committing illegal deposit-taking, money laundering, tax evasion and avoidance, false description including misrepresentations, appointment of agents without licence and failure to lodge statutory documents.

In a phone interview with theSun, Genneva Malaysia senior consultant Pat Lu said under their scheme, customers buy gold from Genneva at a rate which is 22% to 25% above spot price.

Addition of this mark-up covered the overheads and profits of Genneva Malaysia, which gives customers 1.5% of the initial gold purchase price as a hibah (dividend) every month.
………………

No ‘hibah’ for 50,000 Genneva Malaysia investors

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Genneva’s syariah compliant gold was officially launched by former Prime Minister Dr Mahathir Mohamad, on Dec 15, 2010.

Free Malaysia Today

Bank Negera urged to speed up Genneva investigation

November 28, 2012

A senator says the central bank should resolve the activities of the gold trading company as many investors are affected.

by M Krishnamoorthy

PETALING JAYA: Bank Negera Governor Zeti Akhtar Aziz should expedite the central bank’s investigation into Genneva’s Sdn Bhd gold trading activities.

Senator S Ramakrishnan said it has taken Zeri two months and still the issue has not been resolved.

Billions of ringgit of the savings of some 60,000 Genneva’s customers has been frozen by Bank Negara since its raid about two months ago.

Bank Negara urged to speed up Genneva investigation

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Free Malaysia Today

Dr M: I don’t know what’s wrong with Genneva

Anisah Shukry | November 26, 2012

The former prime minister says authorities should probe the gold trading company first before shutting it down.

PETALING JAYA: Tun Dr Mahathir Mohamad said today he did not know what was wrong with gold trading company Genneva Malaysia, and stressed that authorities should probe the gold trading business before shutting it down.

“I don’t know what is wrong with the Genneva thing. They claim that they are not operating this [ponzi] scheme.

“I think they should be investigated to find out exactly what they did that was wrong,” said the former premier, who had also launched Genneva Malaysia on Dec 15, 2010.

Dr M: I don’t know what’s wrong with Genneva

———-

Look at who is talking about investigating Genneva!

Dr Mahathir said Genneva should be investigated to find out exactly what they did that was wrong. Asked whether the decision to investigate gold trading companies for suspected offences would cause a backlash to the government, Dr Mahathir said: “I feel that we should circumspect when taking a decision without fully appreciating the problem. Must investigate first.”

Sundaily

M’sia needs proper regulations on gold trading: Dr M

Posted on 26 November 2012 – 03:50pm

KUALA LUMPUR (Nov 26, 2012): There is a need for proper regulations enacted to govern gold trading in Malaysia to curb illegal profit-taking by unscrupulous parties, former prime minister Tun Dr Mahathir Mohamad said today.

He said regulations for gold trading was important as the precious yellow metal was traded in high value.

“This is very important as we need to buy and keep gold as gold appreciates in value,” he told reporters on the sidelines of the Third Annual World Conference on Riba (usury).

Dr Mahathir said gold trading firm, Genneva Malaysia Sdn Bhd, should be investigated thoroughly on the firm’s trading activities. Genneva Malaysia was among four gold trading companies raided by the authorities, including Bank Negara Malaysia, on suspected offences like illegal deposit-taking, money laundering and tax evasion.

Bernama

M’sia needs proper regulations on gold trading: Dr M

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Malaysiakini

BN MPs slam Bank Negara over gold investment fiasco

Two Barisan Nasional parliamentarians took turns to pound Bank Negara for failing to prevent the recent incidents of companies allegedly using improper means to amass investments from Malaysian investors for questionable gold-based investments.

“This involves negligence on the part of Bank Negara,” lamented  (BN-Pasir Salak) (left) during the policy stage debate of the Financial Services Act Amendments Bill in the Dewan Rakyat today.

He also insisted that the investors are those duped and it is the company that must be made accountable for any wrongdoings.

Joining him in the tag team against the central bank was Idris Harun (BN-Tangga Batu).

BN MPs slam Bank Negara over gold investment fiasco

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Sundaily

When investments go wrong

Posted on 20 November 2012 – 09:36pm
Last updated on 21 November 2012 – 03:32am

R. Nadeswaran

EARLY last month, the inbox was inundated with comments from readers together with links to two videos on YouTube which featured VVIPs officiating at functions of what we now know as “gold trading” firms. Some of the recipients forwarded the email to their friends, and it was not long before the hate mail started streaming in.

“We are investors in a legitimate business of trading of gold,” one remarked. Another, a university professor asked: “How can you say things when a member of the royal family and a distinguished member of society is on the board of directors? How can they be involved if this company is not genuine?” Another declared: “Friends I know have got their dues and no one I know has been cheated.”
……………..

However, there were voices of reason. One reader wrote: “Regulatory authorities and the VVIPs should have checked the business model right from the beginning and should have realised that there is no such thing as a free lunch and that no business can pay a sustainable yield 2-3% per month or 24-30% per annum.”

……………..

Going by the figures provided by the authorities (they were not picked from thin air), only RM133.31 million of the RM10 billion has been traced. So, what are the chances of the people getting back their so-called investments?

It is wrong to speculate on the outcome and perhaps offer some sympathy for those who parted with their hard-earned money for quick and big returns. There are others who say they should be shown no compassion because they were “greedy”. Opinions vary and for good reasons too. From the grapevine comes a story that a group of members of a prominent golf club in the city were among those who parted with their money running into millions. Also a victim is a journalist who is said to have “invested” RM600,000. They may not see the money but have paid big bucks for a lesson that there’s no quick way to riches.

R. Nadeswaran was on the receiving end of a barrage of criticism on the gold scheme. He is happy that he has been vindicated. Comments: citizen-nades@thesundaily.com

When investments go wrong

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Free Malaysia Today

Genneva gold scheme raked in RM10b

October 31, 2012

Deputy Finance Minister Awang Adek Husin says Genneva Malaysia had taken in some RM10 billion from customers.

KUALA LUMPUR: A gold-trading business shut down this month by Malaysian authorities for suspected illegalities may have raised as much as $3 billion (RM10 billion) from its clients, a government minister said Wednesday.

Authorities raided trading firm Genneva Malaysia on Oct 1 on suspicion of taking deposits illegally, money-laundering and tax evasion, and later expanded the crackdown to three other firms.

The raids have sparked anger from thousands of clients of such firms, who have petitioned authorities to let operations continue and have threatened to hold anti-government demonstrations over the issue.

But authorities have defended the crackdown, and Deputy Finance Minister Awang Adek Husin told lawmakers on Wednesday that Genneva Malaysia alone had taken in some RM10 billion from customers.

“The information that I have is that there (are) 35,000 (Genneva) investors that can be detected, but the total investment can reach RM10 billion,” Awang Adek was quoted by local media as saying in parliament.

An aide confirmed his remarks to AFP.

The controversy has focused on Genneva due to the reported large size of its business, but authorities also raided Pageantry Gold, Caesar Gold and Worldwide Far East. Authorities in Singapore also seized Genneva assets there.

Genneva gold scheme raked in RM10b

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Free Malaysia Today

Bestino investors’ ‘Occupy Putrajaya’ called off

B Nantha Kumar | October 31, 2012

The Bestino Action Committee decides to call off its Occupy Putrajaya campaign after a meeting the prime minister’s special officer.

PETALING JAYA: The Bestino gold scheme investors have called off their ‘Occupy Putrajaya’ campaign after the Prime Minister’s Office today agreed to hold a discussion with them.

Speaking to FMT, the investors’ spokesman K Kunasegaran said the campaign, which kicked off yesterday, was called off after the Bestino Action Committee met Prime Minister Najib Tun Razak’s special officer Ravin Ponniah at the Prime Minister’s Office in Putrajaya this morning.

Bestino was one of the nation’s largest gold investment scheme involving more than 6,700 investors nationwide who had invested more than RM400 million.

The gold trading company was operated by Perak-based gold merchant Chong Yuk Ming before it was closed down by Bank Negara Malaysia in 2010 for alleged money laundering.

The central bank also froze RM24 million following the raid.

Bestino investors’ ‘Occupy Putrajaya’ called off

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Star

Wednesday October 31, 2012 MYT 1:33:00 PM
Updated: Wednesday October 31, 2012 MYT 3:51:13 PM

Genneva probe involves 35,000 investors, RM10bil in investments

By RAHIMY RAHIM

KUALA LUMPUR: The probe into gold trading firm Genneva Malaysia Sdn Bhd involved some 35,000 investors and RM10bil worth of investments, the Dewan Rakyat was told.

Genneva and its related companies are being investigated by Bank Negara Malaysia for suspected offences, including illegal deposit taking, money laundering and tax evasion.

“Based on our information, there are 35,000 investors that had been detected with investments worth some RM10bil,” Deputy Finance Minister Datuk Dr Awang Adek Hussein told Datuk Ibrahim Ali (IND-Pasir Mas) during Question Time.

“We found that there was a huge gap between the deposits and the assets of the company,” he said of the investigation carried out by Bank Negara.

Ibrahim wanted to know if the government would interfere and assist the investors.

Awang Adek said the reason Bank Negara had initially allowed Genneva to operate was because it was to operate as a gold trading company.

Genneva probe involves 35,000 investors, RM10bil in investments

Other Star reports
Bank Negara to expedite investigations on Genneva
Gold firm managements, investors give statements
Bank Negara: Statements being recorded from affected parties in probe on gold trading firms
Probe reveals returns promised are not from gold trading
Consultants and investors show support for Genneva
Probe on gold trading firms shows schemes are unsustainable, say Bank Negara, A-G, police
Genneva investors look to MCA dept for help
Bank Negara tells investors to be wary of attractive’ opportunities

—————————————————————————————————

Malaysiakini

Gold scheme investors camp out at PMO gates
  • Aidila Razak
  • 4:03PM Oct 30, 2012

Not taking no for an answer, about 200 investors in a gold bar scheme today set up camp at the Prime Minister’s Office (PMO) gates in Putrajaya until they secure an appointment with the premier.

NONE

Equipped with mats, tents, pots and stoves, the group mainly comprised middle-aged and elderly former blue-collar workers from across the nation, who had poured their life savings into the failed Bestino gold scheme.

“We are not doing this for fun. The PM has made this choice (for us to camp out here) as he cannot meet with us or even grant us an appointment within the next month,” group spokesperson K Kunasekaran said.

He said the decision to camp out arose after a previous attempt to secure an appointment was met with the reply that the matter had been referred to Bank Negara Malaysia (BNM).

A busload of investors had turned up at the PMO on Oct 18 to seek the appointment.

Gold scheme investors camp out at PMO gates

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Part B: Speech by Tun Dr Mahathir Mohamad at the Official Launch of GENNEVA MALAYSIA Gold Products on 15 December 2010. BUY GOLD AND BE REWARDED: Enquiries …
www.youtube.com/watch?v=nc8qT1EHXoA – Cached

__________________________________________________________________

  1. WELCOME to the Official FB Page of Genneva Malaysia Sdn Bhd … Genneva Gold shared a note via Dr. Mahathir bin Mohamad.

    www.facebook.com/GennevaWorld – Cached
    More results from facebook.com »

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Genneva Malaysia’s gold bullion in varying weights from 50g up to 1kg, roughly the size of a Samsung Galaxy S3 smartphone. — Picture courtesy of Che Surin Jusoh

Genneva Malaysia’s gold bullion in varying weights from 50g up to 1kg, roughly the size of a Samsung Galaxy S3 smartphone. — Picture courtesy of Che Surin Jusoh.

———-

There are more than 60,000 sellers and buyers who have been left nearly broke after Bank Negara raided the firm and seized 200kg of gold bullion estimated to be worth RM40 million from the Genneva Malaysias premises in Jalan Kuchai Lama here on October 1.
…………..
The Malaysian Insider understands that Putrajaya is well aware of the potential political fallout but there is concern that a bailout of any kind would involve several billion ringgit and would be a moral hazard.

Malaysian Insider

Genneva gold storm poses political risks ahead of polls

By Debra Chong
Ássistant News Editor
October 27, 2012

Mothers (from left) Che Surin. Lim and Shanthi had relied on their Genneva Malaysia income as gold traders to feed their families. — Picture by Choo Choy May

KUALA LUMPUR, Oct 27 — While many Muslim Malaysians are kicking back at home with their extended family over a feast of roasted meats and laughter this long Aidiladha weekend, Genneva Malaysia gold trader Che Surin Jusoh is struggling to explain to her five-year-old son why they cannot return to Kedah for the holidays.

“My son will ask ‘Ma, kenapa tak bawa keluar? Lama tak jalan-jalan’ (Ma, why haven’t you taken me out? Long time since we’ve gone out),” the 32-year-old banker-turned-gold-seller told The Malaysian Insider earlier this week, as city dwellers began their annual rush home to celebrate the Muslim holiday.

“I don’t know what to say… I only have RM1,000 to RM2,000 in my bank account,” the mother of two young children — her younger child, a girl, is two years old — and the sole breadwinner in the family added, her voice sounding thick as she fought to prevent a sob from escaping.
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The central bank’s actions sparked an immediate outcry from the 6,000 salesmen contracted to sell and buy back gold from Genneva Malaysia who have rallied to the company’s defence and its 60,000 customers from all walks of life, including professionals from the banking industry like Che Surin, pensioners, students, and The Malaysian Insiderunderstands politicians and various foundations that have been working to fund charities like orphanages.

Bank Negara has yet to press charges against the company’s directors.
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The action against Genneva has resulted in pressure on the Najib administration to resolve the controversy that has put 300,000 livelihoods at stake — according to Genneva contractors and customers who spoke to The Malaysian Insider— and which could impact the Barisan Nasional (BN) government’s chances in the 13th general election that must be called by next April, less than six months away.

For more, click on

Genneva gold storm poses political risks ahead of polls

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Deputy Finance Minister Datuk Dr Awang Adek Hussin, “So how could it (Genneva) pay when its liabilities ran into billions of ringgit while its assets were just in the millions (of ringgit).”

Malaysia Chronicle

Wednesday, 24 October 2012 18:31

Gold firm Genneva’s liabilities EXCEEDED assets, says Awang Adek

KUALA LUMPUR – Bank Negara Malaysia (BNM) has found the liabilities of gold investment firm Genneva Malaysia Sdn Bhd exceeded its assets, said Deputy Finance Minister Datuk Dr Awang Adek Hussin.

He said the situation clearly shows Genneva was unable to pay returns to its investors.

Awang Adek, likening Genneva’s operations to most illegal get-rich-quick schemes, said BNM’s initial investigations showed the company actually sold gold bars to attract investors, but later changed to just taking deposits.

“There was already an element of deposit taking in Genneva, and the company’s assets were so small compared with the amount invested by the people, so there was a very big gap between assets and liabilities.

Gold firm Genneva’s liabilities EXCEEDED assets, says Awang Adek

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Malaysia Chronicle

Tuesday, 23 October 2012 07:09

GOLD SEIZED in raids: Only courts can decide – Bank Negara

KUALA LUMPUR- Assets seized during investigation on criminal cases involving illegal financial schemes using gold can only be dealt with via court order.

Bank Negara Malaysia said in a statement here today, investors may file third party claim to the court for return of their money or gold, but they would only be notified when court proceedings were over.

The raids to find and seize the assets were to prevent the suspected companies from concealing evidence, other than preventing them from being lost as it would have negative impact on investors.

The statement said that the seized assets and gold during the raids would be carefully documented, accounted for and kept in a safe place.

It was issued jointly with the police, Domestic Trade, Cooperatives and Consumerism Ministry and Companies Commission of Malaysia in response to public queries on raids against companies suspected of conducting illegal financial activities using gold.

The statement said that the investigation is still ongoing but the investigation depends on the complexity and seriousness of the cases.

“The complexity level has increased due to the international dimension of such cases.

— BERNAMA

GOLD SEIZED in raids: Only courts can decide – Bank Negara

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BEFORE GENNEVA GOLD, THERE WAS BESTINO

Bestino was the nation’s largest gold investment scheme. It had collected more than RM411million from investors before Bank Negara and Securities Commission officers raided it 2010 on suspicion of money laundering.

Since then, investors have been trying to get back their money by petitioning both Bestino and Bank Negara.

Kunasegaran’s committee claims to represent all of the investors, who number 6,746.

Free Malaysia Today

Gold investors to occupy PMO

B Nantha Kumar | October 19, 2012

They are tired of being given the runaround.

PUTRAJAYA: Investors in the Bestino gold scheme will demonstrate outside Prime Minister Najib Tun Razak’s office to pressure him to meet them over their grievances.

The “Occupy PMO (Prime Minister’s Office)” rally will begin on Oct 30, according to K Kunasegaran of the Bestino Action Committee. He did not say how long the demonstration would last.

He alleged that a PMO official treated the committee members badly yesterday when they tried to book an appointment with the Prime Minister and was dishonest about the whereabouts of Najib’s special officer for Indian affairs, Ravin Ponniah.

“We were told Ravin was in Parliament, but we knew that he had finished a meeting with Bukit Jalil ex-plantation workers in his office just five minutes before our arrival,” he said.

“This is just one example of how the Najib administration ignores the interest of the public while pleading for our votes.”

Gold investors to occupy PMO

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Images for genneva gold and mahathir

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Malaysiakini
Don’t worry, PM assures Genneva gold buyers
  • M Krishnamoorthy
  • 11:36AM Oct 20, 2012

After 20 days of being caught in a predicament by Bank Negara’s raid on gold company Genneva, a brief meeting with Prime Minister Najib Abdul Razak yesterday brought some relief for some 60,000 customers with millions in savings in the precious metal.

Genneva Supporters Group spokesperson M.Shanti met Najib briefly before he entered PWTC for the Supreme Council meeting.

“We are very happy with prime minister’s reassurance, telling us not to worry,” said Shanti.

She then quoted Najib as saying: “I already know about you all and your Genneva case. We are working on it. Don’t worry, we are looking into it.”

Shanti also handed over an appeal letter to the PM stating that over 240,000 family members were dependent on the benefits from Genneva hibah and commissions.

The letter signed by Shanti read: “We use the hibah for medical expenses like operations, dialysis, children’s education fees and family’s expenses.

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Friday , 12 October 2012

Geneva Gold – Two million investor’s life time saving

on October 11, 2012 Leave a comment

Genneva’s Syariah compliant gold was officially launched by former Prime Minister Tun Dr Mahathir Mohamad, on Dec 15, 2010. See YouTube: (http://www.youtube.com/watch?v=b0-Nso97tD8). The former King, Datin Seri Rosmah, royalties and other prominent BN personalities have graced Genneva’s dinners and official events. How is that an operation which is deemed illegal has so many dignitaries officiating the so called illegal companies programs and functions. The attendance of the ruling party dignitaries has given the impression to investors that Gennava management has the approval, support and acceptance of the government.

Geneva Gold – Two million investor’s life time saving | The Kuala

1 hari yang lalu – See YouTube: (http://www.youtube.com/watch?v=b0-Nso97tD8). The former King, Datin Seri Rosmah, royalties and other prominent BN

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Free Malaysia Today

Questions remain over gold raids

Teoh El Sen | October 8, 2012

The sudden raids on ‘illegal’ gold trading firms has set tongues wagging, especially among the thousands of agents and investors.

PETALING JAYA: Even as the crackdown on ‘illegal’ gold traders is expected to widen, debate over whether Bank Negara Malaysia and other relevant authorities have ‘got it right’ has continued, especially among investors.

One agent and investor from Genneva Malaysia Sdn Bhd, the first to be raided last Monday, told FMT that he suspected there was more to it than meets the eye.

He said: “While I don’t believe Bank Negara itself had a vendetta, I believe there is an element of envy or jealousy here,” he said.

“Banks all have the same kind of investment products and it’s a level playing field. But here comes a company that doesn’t require a license and uses a commodity that isn’t regulated, and customers get almost 10 times better returns,” said the agent, who declined to be named.

He argued that with gold being sold with such a lucrative return, a lot of people would be withdrawing monies from their accounts, which in turn would start to worry the banks.

It is then, his suspicion, that Bank Negara would have been pressured to act by these banks.

Questions remain over gold raids


Reference on the investigated companies
Investors can lodge reports against gold traders

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He was speaking to reporters after officiating the launch of Gold Products Genneva Malaysia syariah concept here, yesterday.

He lent his presence and name…..

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ARKIB : 18/12/2010

Dr. Mahathir galak rakyat simpan emas

Dr. Mahathir Mohamad memegang replika logo Genneva Syariah bersama Presiden Persatuan Persahabatan Malaysia-Arab Saudi, Ahmad Khairuddin Illias (kiri) dan Ketua Pegawai Eksekutif Genneva, Tan Liang Keat (dua dari kanan) sambil disaksikan Pengerusi The Gold Bullion Entreprenueurs Association Malaysia, Datuk Ng Poh Weng (kanan) pada majlis Pelancaran Produk Emas Genneva Malaysia di Kuala Lumpur, baru-baru ini.

Artikel Penuh: http://www.utusan.com.my/utusan/info.asp?y=2010&dt=1218&pub=Utusan_Malaysia&sec=Dalam_Negeri&pg=dn_10.htm#ixzz28ipnfygA
© Utusan Melayu (M) Bhd

KUALA LUMPUR 17 Dis. – Tun Dr. Mahathir Mohamad menasihatkan orang ramai supaya menyimpan emas berbanding mata wang kerana nilai emas lebih terjamin dan sukar untuk jatuh.
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Beliau berkata demikian ketika ditemui pemberita selepas merasmikan Pelancaran Produk Emas Genneva Malaysia berkonsepkan syariah di sini, kelmarin.

Produk emas Genneva Malaysia dihasilkan dalam bentuk jongkong oleh Persatuan Persahabatan Malaysia-Arab Saudi (MSAF) dan Persatuan Usahawan Jongkong Emas Malaysia (GBEAM) yang dikeluarkan memenuhi keperluan Syariah.

MSAF dan GBEAM menyasarkan syarikat swasta dan orang ramai untuk mendapatkan produk berkenaan sebagai urusan dalam pelbagai transaksi terutamanya jualan dan belian.

Dr. Mahathir berkata, suatu ketika dahulu, satu auns emas bernilai AS$30 (RM109.79) tetapi kini satu auns emas bernilai kira-kira AS$1,400 (RM4,390.40).

Beliau berkata, perbezaan antara menyimpan emas fizikal dan emas yang siap diproses (barang kemas, syiling emas) adalah dari sudut keuntungan.

GOOGLE TRANSLATION

KUALA LUMPUR, Dec 17. – Dr. Mahathir is advising people to accumulate gold against currencies because the value of gold is more secure and harder to fall.
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He was speaking to reporters after officiating the launch of Gold Products Genneva Malaysia syariah concept here, yesterday.

Malaysia Genneva gold products produced in the form of ingots by Friendship Association Malaysia-Saudi Arabia (MSAF) and Gold Bar Entrepreneurs Association Malaysia (GBEAM) produced meet the requirements of the Shariah.

MSAF and GBEAM targeting private companies and the public to obtain the product as a business in various transactions, particularly selling and buying.
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Full Article:
© Utusan Melayu (M) Bhd

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Bank Negara Malaysia PEROMPAK ! this is how the government pay us back in return! we are so disappointed !
www.youtube.com/watch?v=ivGG-Z-qwbA – Cached

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Genneva Malaysia has more than 50,000 “satisfied” clients in the country, according to its official website. It has affiliated firms in China, Hong Kong, and the Philippines, according to Malaysian national news agency Bernama.

Malaysia widens crackdown on gold trading companies

Reuters

Reuters – Sat, Oct 6, 2012 6:09 AM EDT

KUALA LUMPUR, Oct 6 (Reuters) – Malaysian authorities have expanded a crackdown on suspected illegal gold trading activities, raiding a total of four companies suspected of taking deposits illegally, money laundering and tax evasion.

A central bank spokesperson confirmed on Saturday that police and government agencies jointly raided the offices of gold investment companies Pageantry Gold, Caesar Gold and Worldwide Far East.

The Friday operations followed a raid by the authorities earlier this week on the office of gold trading firm Genneva following complaints the company had failed to pay its clients and agents. Singapore’s Commercial Affairs Department also raided Genneva’s offices in the island republic on the same day.


Malaysia widens crackdown on gold trading companies

– Reuters via Yahoo! Finance – Oct 06 03:09am

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Genneva is on the Monetary Authority of Singapore’s (MAS) Investor Alert List of unlicensed entities.

Beware of Gold Scams – Part 3

September 27th, 2012 JonQ

My partner from Singapore sent me another article that was found in The Straits Times this morning. Interestingly, the journalist from The Straits Times interviewed MoneySense on their views towards Gold that provides Guaranteed Returns Every Month. Check out the article below:

The content of this article belongs to The Straits Times, Singapore.

Gold Buyback Schemes ‘Risky’

By Melissa Tan

Investors should be aware that some gold buyback schemes are highly risky, and not as glittering as they seem.

The warning came from MoneySense, a financial education service, which noted that some schemes offer returns of 18 percent to 30 percent a year.

“The returns and promises advertised are enticing, but investors need to exercise cautious,” it said.

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It noted that investors typically buy physical gold bars from a company at a premium of 20 percent to 30 percent over the market price of gold.

The company then promises to buy back the gold at an even higher price after a few months.

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It citied recent reports where Genneva, a gold trading company offering a buyback scheme, had been taken to court by a customer claiming $190,000.

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Other customers are also reportedly considering suing the company for its alleged failure to honor its part of the agreement to buy back gold.

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Related Posts
My partner from Singapore sent me another article that was found in The Straits Times this morning. Interestingly, the journalist from The Straits Times interviewed …

www.jonathan-quek.com/?tag=genneva-goldCached

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3 Responses to Genneva Gold. Not all that glitters is gold.

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