Monthly Archives: October 2012

The Month That Was

Dear valued customers and friends,

Today marks the full month since Genneva Malaysia was unjustly raided on 1st October 2012.

Thank you very much for your relentless support and understanding that has seen us come this far in the fight for justice.

From initial wonderment of the cause of the raid, to BNM finally stating only four days later that there were six suspected offences which included possible infringement of BAFIA (illegal deposit-taking) and AMLATFA (money-laundering), now their view has shifted to “unsustainability” of the company.

The issue of unsustainability has been discussed at length at the article Awang Adek MISLED Dewan Rakyat: Consciously, Misguided or Pure Ignorance?

Here are more recent developments:

1.   On 30th October 2012, Genneva Malaysia’s Directors met up with the company’s consultants. It was a very positive and informative session where they shared all the effort made and work done in the last 30 days. It remains hopeful that this matter will be concluded soon.

The Star and Bernama reported on the same day that according to Governor Tan Sri Zeti Akhtar Aziz, BNM will expedite investigation into gold trading company Genneva Malaysia to bring the matter to an early conclusion. View our Open Letter to BNM Governor.

2.    Safeguarding of customers rights in the circumstance is also being looked into currently.

3.    Our strength and solidarity in numbers is key to a swift conclusion to matters. Therefore, it is imperative that all customers of Genneva Malaysia continue staying together and providing collective support to each other and the effort made by all concerned.

Do not be swayed by doomsayers and attempts to ‘divide & rule’ us. This is typified by running down Genneva Malaysia and its innovative way of doing business, hoping to instill fear and hopelessness, and trying to break us up. These are part of ploys to prevent us from progressing positively. It is natural of some people out there, for reasons best known only to them, who are not keen to see us successful and continue growing.

Do not play into the hands of those out there who are only too happy to pour misery on victims of circumstance, i.e. Genneva Malaysia and us.

Our best way forward is to stand united with the company and progress with ONE stand and ONE voice, very much what we have been doing all these while.

4.    BNM has invited some Consultants and Customers for interview on 31/10/12 & 1/11/12. This is routine in their course of investigation and is no cause for alarm. It is understood that BNM wants to have a better understanding of the company’s buy and sell procedures and business concept.

If you or someone you know receive such a letter of invitation, kindly inform us.

5.    In the quest to have our voices heard and felt by the authorities, physical Letters of Appeals collated from customers have been sent to the Prime Minister, Minister of Home Affairs and BNM Governor.

This is a continuous effort so do keep the letters coming. The Letter of Appeal generally depicts how Genneva Malaysia has benefited its customers and to appeal for release of gold, hibah payments and commissions held by BNM, unfreezing of the company account and Genneva Malaysia to resume business so that it can continue to benefit the rakyat and the country.

So far,

  • 1,800 letters have been hand-delivered to the Ministry of Home Affairs and BNM on 25/10/12,
  • 4,600 letters delivered to the Prime Minister’s Office on 29/10/12.

Once again, THANK YOU for your continued support to ensure justice prevail for all of us!

Sincerely,

Genneva Malaysia Supporters

Read comments at GMS FB

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Time is running out

UPDATED 30 November 2012:

 Do it! SHARE the following following notes at your FB wall and email your friends:

30 October 2012

Dear Genneva Malaysia Supporters,

We are running out of time.

While there is a hive of activity on ground, and much has already been accomplished, it is still not enough and only being performed by a handful.

It is time for everyone, including the different groups to consolidate. Put our differences, personal opinions and agendas aside and come to an understanding of what we struggle for.

We do not struggle for ourselves; we do it for our sons, our daughters, our fathers and mothers who depend on us to put food on the table and a roof over their heads. We fight for the sick who need that money to buy medication.

We do it for the old and aged who put their trust, and life-savings (money they CANNOT AFFORD to do without) into the company, which Bank Negara has now taken away unjustly without giving a second thought to the misery they have caused.

We need to amplify our voices while intensifying our actions, focusing our plans into a white hot (not gold) beam of a light. AND WE NEED TO DO IT NOW!

Our Objectives:

  1. Bank Negara MUST return what is rightfully ours. Why? Because THEY STOLE IT!
  2. Unfreeze Genneva’s account so that all monies owing can be disbursed accordingly
  3. Allow GMSB to resume operations so that all outstanding orders and disbursements can be settled.
  • Those seeking legal redress and injunctions against BNM. Do it! This is the way to go.
  • Those planning to march and occupy. Do It! At Bank Negara and Putrajaya.

DO what needs to be done. Gather your troops and post your plans at the wall or message Admins. We will ensure you receive all the support we can provide.

Admins, Genneva Malaysia Supporters

ALSO READ: Admins’ Stand, a brief history of Genneva and GMS FB Page

Post of the Day by Dee Casey

To: Genneva Malaysia Supporters

I have followed with great interest and intrigue some of the events that unfolded recently pertaining to the fiasco surrounding the raid orchestrated by BNM on Genneva Malaysia Sdn Bhd (Genneva). I would like to give my two cents worth on this matter. BNM has issued several public announcements regarding the gold raid and has been warning the public to be wary of gold scams and more recently informing the public of the reasons why action against Genneva was justified.

Other than that, there is no telling of the offence or series of offences which Genneva has actually committed and now almost a month passed and we still have no result. To me all these announcements by BNM are nothing more than mere public relations posturing, the need to remind the public from time to time that their action was the right course to take for the larger public good.

That is trying to make the ends justify the means, all in the name of protecting the public interest. But whose interest is BNM really purporting to protect? What about the interest of the 60,000 or more members of the public who are customers of Genneva and now financially stuck because of BNM’s action. Are they not victims too, their predicament brought about by an overzealous financial watchdog?

Is the interest of a few shadowy bogeymen based on some flimsy complaint going to outweigh and compromise the interest of all those people who had actually doled out their hard earned money to pay (quid pro quo) for the gold that they bought from Genneva? Is then BNM’s action seriously flawed?Some may ask why there are no straight answers.

Unfortunately there isn’t. Anyway, an answer from anyone of us is irrelevant, not even from the management or directors of Genneva (even though it may turn out to be the truth). That’s because it all depends whether BNM is acting on good faith. Otherwise everything you say is irrelevant and BNM is not going to back off. However the positive side is that all authorities holding power in this country including those exercising executive power are subject to checks and balance.

No one is above the law, including BNM or even the police. That is why in a democratic nation like ours, we have the judiciary to check if there is any abuse of power by the authorities. I am sure everyone is familiar about this and would have heard of the authorities being taken to court for abuse of power.

Every bad decision or action carried out by a public authority may be challenged in court when that decision or action is done mala fide or made in bad faith. The courts have got the powers to make declarations or injunctions or other judicial reliefs against bad decisions made by authorities wielding administrative/enforcement power.

Having said the above, let’s look to see if Genneva has got any merits to its case. By the way, points discussed here are not exhaustive. Is Genneva’s business illegal?The primary issue to this controversy is whether Genneva’s business is legal or not? The secondary issue is whether Genneva had acted legally in conducting its business or not? If the answers to both questions are in the affirmative yes, then Genneva will have nothing to fear.

As the Chinese saying goes, real gold does not fear the test of fire. If Genneva’s business is legal and the company did not do anything illegal, then all other issues (such as the sustainability of the business, whether it has enough working capital, whether it has enough assets against liabilities) are irrelevant. BNM will have difficulty pin-pointing a charge.

They can drag the case but they cannot charge.Sad to say, there are many detractors and critics of Genneva who have jumped into the fray with the authorities and are quick to brand Genneva business as illegal, hurling empty accusations that it is, among other things, a ponzi scheme etc. Many have gone overboard and stigmatized Genneva’s customers as greedy and asking for it. Of late, there appears to be a tug of war between the authorities and public by-standers to gain public support in the mainstream and alternative media. All that to smear Genneva and its customers name.

It is therefore so important that everyone in Genneva must stay focused, strong and remain resolute. All customers of Genneva will know the modus operandi of the company. We all know the obvious, that Genneva sells gold. No matter how long, gold is ultimately delivered to the buyer. The unshakable fact is that no one has provided any proof that Genneva has cheated. Sad that this unfortunate incidence which is orchestrated by some unseen hands, has landed a whole lot of people (myself included) in a financial quagmire.

But why is it that some people are blindly accusing Genneva’s business as nothing more than a Ponzi or illegal deposit taking scheme? A quick accusation is that Genneva charged a high premium for the gold. But is it that simple? Does a business become illegal if gold is sold at a premium price? Even if done on a willing buyer, willing seller basis? No one was arm twisted to buy or part with cash right? So why shoot Genneva down? In every business, profit is the main objective. That is why a seller hopes to sell his wares at a premium because that is where the profit is. Any court of law will agree with that.

Is it wrong and illegal to mark up 20% to 30% from the prevailing market price? Banks for instance, is it wrong to mark up a basket of foreign currencies and sell it to the public and earn cool dividends for its shareholders? Alternatively, for departmental stores, is it wrong to mark up a whole range of their wares and sell it to the public and if you are a member you get rewarded with cash vouchers for your next purchase?

Will BNM raid all these companies and question their business sustainability? If not, then why did BNM single out the gold trade generally and Genneva specifically and question the sustainability of its business? Let’s face it, like every business in Malaysia, Genneva makes a percentage of profit from every sale.

So even if a slice of the profit were to be taken off for commissions and hibahs, there is still ample profit left in Genneva’s kitty (by that I mean the firm’s account). Now what is the difference between a firm’s account and a trust account? We all know that when we buy gold from Genneva, everyone pays money (making up the purchase price of the gold) into a trust account maintained by Genneva.

What’s a trust account? Even a first year law student would know the significance of a trust account. Presumably and I hope those guys at BNM would too. Simplified, trust account means the holder (of that account) is making it known publicly that all monies in that account do not belong to the account holder. Instead the money is held in the capacity as a trustee.

Monies in that account may only be dealt with according to the terms of the trust, and in this case presumably it is conditional upon the completion of the sale and purchase of the gold in its entirety. The condition of the trust will be completed once the gold has been delivered to the buyer. Genneva’s profit (i.e. the purchase price paid by the buyer less the actual acquisition cost of the gold) too will be transferred into the firm’s account. So by logic, won’t there be a big discrepancy if you compare the two accounts, the one belonging to the trust and the one belonging to the firm?

Now then, which account is BNM referring when they went public to say that Genneva has not got enough funds (or assets) to cover its liabilities? I wish BNM will make itself clear on this point because there is a vast difference in making your allegation. If monies in the trust account are found to be lacking, then it will certainly be a case of CBT (criminal breach of trust). If it is the firm’s account that is found lacking, then it is not CBT because how Genneva uses its money is its own business. Similarly how Genneva generates more money from its own account is…well…Genneva’s business!

If Genneva wish to throw back some of its profits and share it with its customers as hibah or some other customer reward scheme, so what is the problem there? Payment of the hibah is entirely discretionary so if the company does not make money, there is no hibah to share out. Customer Reward/Loyalty programmes should not sound alien to us.

Numerous companies and departmental stores offer such schemes to reward its customers for their loyalty. Thus we see a host of cards waiting to be signed up, the Bee-Card, Tee-Card, Jay-Card etc. The essence is if you spend money buying their wares, you get back a certain percentage of money. Does it matter if the money comes in the form of vouchers in money’s worth? Is it a form of hibah too?

Would the same kind of people who labelled Gennevians as greedy, be quick to also label their wives, husbands, mother, father, sons, daughters etc greedy too if they go all out on members days to buy out everything under the sun and spend like there is no tomorrow in order to get a few ringgit of “hibah” from these departmental stores? Now before you take out your cash voucher and cash it in, have you thought about whether BNM is going to sneak peek into such transactions and question whether the business of the departmental store is sustainable or not?

That is because BNM might end up with sleepless nights worrying (out of public interest) that the cash voucher you are holding may turn out to be worthless paper in the end. Yes another point which I may add. Unlike Genneva, these departmental stores do not buy back their wares once sold. But Genneva on the other hand does.

A customer may sell his gold back to Genneva if he wants to and this can be done by making an offer of sale to the company but of course it is the company’s discretion whether it wants to buy back or not. Similarly Genneva cannot compel a customer to sell the gold back to the company and the customer may refuse to do so. Going back to the question whether or not it is a ponzi scheme? The answer may already be found in the memo issued by Genneva’s GM.

I would perhaps ask the following pertinent questions instead. Will a ponzi scheme take the trouble of setting aside monies paid by people into a trust account so that the monies will not mix with those in its own firm’s account, thus making the two highly distinguishable? Would a ponzi scheme give you back your money in the weight of gold instead of just paper? Would a ponzi scheme be able to last so long when it has been giving out hibah consistently over the past 3 years as promised?

Has it ever happened before that a con job has gotten so much support from its “victims”, especially when credited with so many “likes” on facebook? I am sure a court worth its salt will carefully study all relevant issues pertaining to this case in order to find the right answers.I wish to end here by saying (perhaps reminding) everybody that no one will help you if you don’t help yourself first.

We cannot expect the directors of Genneva to do much because they are the “suspects” in this investigation, remember? If they so much as come out to make a public statement, he/she will be the first to go behind bars for obstruction in an ongoing investigation. Their situation is sort of like being trapped in quick sand. The more vigorously you struggle, the faster you sink and die.

So what can we do?

The best course of action is to start a court action. Do not get confused, the court action is not to sue BNM (or the government) for the return of your money or gold. I wish to suggest starting a class action at the High Court against BNM (and others) to obtain a court order for a declaration/injunction/specific relief with regards to the questions posed above. A judicial review as to whether BNM has acted outside its powers will be extremely helpful in getting Genneva released.

As customers of Genneva who have monies deposited in Genneva’s trust account, we are all interest parties and as such we have the locus standi to file such an action. Imagine if Genneva has 60,000 plus members and each member contributes RM10 for the cause, we will have RM600,000.00 to fight our case.

If everyone pays RM20, there is a total of RM1.2 million. Now that is a force to be reckoned with. With that kind of money, we may get the best lawyers in the country to fight for our case. Karpal Singh is a good contender and being in the opposition party, I am sure they too will be mighty interested to see what kind of dirty tricks that is up the government’s sleeves. If there is general consensus amongst you all out there, I will be the first to chip in both money and time to help keep the ball rolling.

What say you?

Read comments on GMS FB

Open Letter to Al Jazeera

From: Pat Lu
Date: Mon, Oct 29, 2012 at 4:02 PM
Subject: Re: Intv with Aljazeera
To: Florence Looi

Hi Florence,

Re: Unauthorised gold traders ‘dupe Malaysians’
http://www.aljazeera.com/video/asia-pacific/2012/10/20121028112855667949.html

So you interviewed me and now it’s my turn to interview you. 🙂 Here you go:

In response to the Al Jazeera broadcast above, the title should read as “Malaysian Central Bank Robbed Citizens’ Gold in Broad Daylight.”

As I mentioned at our pre-interview on 11 Oct 2012, 60,000 happy and satisfied customers who bought gold from Genneva Malaysia Sdn Bhd said the company did nothing wrong as the company never failed to meet its obligations and contracts since 2010. More, view Genneva Malaysia Supporters FB Note “March to Putrajaya” at https://bitly.com/PeqlZ1

  1. If in my shoes, how would you feel about the deliberate spin?
  2. If in the shoes of the 60,000 customers who PAID for their physical gold with their life-savings, unjustly confiscated by BNM in the midst of delivery, robbed right before your eyes, what would you do?
  3. Do you sleep well at night being a part of the international media who broke all journalism code of ethics? View Al Jazeera Code of Ethics at https://bitly.com/x52d96

Perhaps I’m wrong. Perhaps I jumped the gun. Perhaps there is another Al Jazeera broadcast in the pipeline as this issue drags on? If so, together with 60,000 Genneva customers and their families, I look forward to celebrating you and Al Jeezera media team.

Please forward this to the Al Jazeera Editor in charge.

Look forward to hearing from you soon Florence,

Much love and God bless,

Pat Lu
Senior Consultant, Genneva Malaysia Sdn Bhd
Preserving Values, Leaving a Legacy

On Tue, Oct 23, 2012 at 3:34 PM, Florence Looi wrote:
Hi Pat,

The questions will be along the same lines as our chat several weeks ago. So here you go:

i)                   How did you find out about Genneva Malaysia?
ii)                  What made you decide to try this avenue as a business option?
iii)                 Describe what your experience has been like, as a customer of Genneva’s.
iv)                 Some of Genneva current advisers, who are former directors of Genneva are facing charges for money laundering, illegal deposit taking. Did that not put you off Genneva Malaysia?
v)                  In hindsight, do you wish you had never dealt with Genneva Malaysia?
vi)                 If the previous case is any indication, the investigation will probably take some time to conclude. In the meantime, the assets will remain frozen. What are your plans then?

Best regards,
Florence Looi
Reporter/Producer
Aljazeera English

Full text, http://www.aljazeera.com/aboutus/2006/11/2008525185733692771.html

The Leaderless Revolution

UPDATE 26 November 2012:

Himpunan Hijau chairperson Wong Tack said:
“This (march) is not organised by any organisation. I am here as an individual. You are all here as individuals.”
“I am responsible for myself and I will sit here. And you can all choose to sit here, or not.”
“You have come forward… Malaysia has come forward…”
— Excerpts from Green March Live Report
Full story, http://www.malaysiakini.com/news/215072

26 October 2012

Dear Genneva Malaysia Supporters,

Greetings from the Admin.

We say this with great gentleness.

Many of us need to come to the understanding that change is in our midst. Will it be an easy change? No. It will be bought with persistence, justice, courage and restraint. It will come with sacrifice. Take heart that we are not alone, that we are but a color in the palette of a larger painting. Who would have thought that a bunch of gold buyers could have made this much of an impact on the bigger picture?

Look around you and witness the seismic shift in global affairs. You will see a perfect storm of political, demographic, and technological change that will soon make the world as we have known it for the past 50 years almost unrecognizable.

The conventional wisdom we have come to accept doesn’t seem so wise these days. In fact, almost every form of ‘convention’ of ‘accepted’ wisdom has broken down.

Looking to leaders to solve your problems is exactly what gave institutions like Central Banks and morally bankrupt political structures absolute authority over your lives. It bred dictators and despots; and stoked corruption at the highest ranks. The powerful few have come to assume absolute authority over the majority.

These things MUST change, and it will not change through the use of conventional wisdom. Stop looking for leaders, for leaders will arise when the time comes. That leader could also very possibly be YOU. Take responsibility for what you want in this life. Do your part by never turning a blind eye when faced with injustice.

This battle will not be won by conventional wisdom but through the inherent strength of every single one of you. Let our motives flow from beyond our own selfish interests and limited perspectives. Accept that our perspectives are limited and aspire to let two powerful forces drive us in everything that we do. — Love and Compassion.

Have compassion for the people who are TRULY suffering during these trying times and endeavor to help them, financially, if you can afford the extra. We already know of many who have given from their own pockets to those in need. Alternatively, you can give them your time and listen without condemnation. Walk with them so that they know compassion, and that there are people who really care. It is for such as these that we fight for the most. We do not do this for personal glory or money (although we still want what is ours from those who took it J)  We urge you to INSPIRE others through your actions, your words and your deeds.

As for now, spare a thought for these words. Bring all the focus we can muster to our objectives and not detract from it. Keep at it and we will be vindicated. What are our objectives? In a nutshell,

1) Bank Negara MUST return what is rightfully ours. Why? Because THEY TOOK IT!

2) Unfreeze Genneva’s account so that all monies owing can be disbursed accordingly

3) Allow the company to resume operations so that all outstanding orders and disbursements can be settled.

Please also click on the link http://theleaderlessrevolution.com/ and you can see where our thinking should lead.

As always, it has been our pleasure to serve you as Admin, You are people with such great potential to do what is right and good. Never give in to fear. Stand with the poor and downtrodden. And you will find that it is ordinary people who will take power to change politics in the 21st century.

God bless you.

— Admin, Genneva Malaysia Supporters
Injustice anywhere is injustice everywhere – Martin Luther King Jr

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Awang Adek MISLED Dewan Rakyat: Consciously, Misguided or Pure Ignorance?

If the Deputy Finance Minister said what he did consciously, then his motive is questionable.
If he is misguided, then BNM’s motive is questionable.
If he is purely ignorant, then God help Malaysia’s finance…

 Many were shocked with disbelief that a Deputy Finance Minister can make such a statement that is wrought with inaccuracy, and at the Dewan Rakyat too!

 On “Gold investment firm”

Since its inception, Genneva Malaysia Sdn Bhd is a company dealing in buying and selling of gold, akin to our familiar goldsmiths. So since when are goldsmiths termed as gold investment firm anyway?

The only difference is Genneva Malaysia adopts an innovative new business model that is truly revolutionary, successful and more importantly, delivers to its customers every time. Otherwise, how could its customer base reach 60,000 and sales turnover exceeds RM3bil in just a matter of a few years?

Perhaps this is why it is attracting such keen interest. After all, would Genneva Malaysia’s detractors pay so much attention to it if they don’t feel ‘threatened’ by a successful business competitor that is continually growing from strength to strength?

Genneva Malaysia is NOT an investment company but a gold trader in an industry that is not regulated. Which goldsmith today is regulated today?

Therefore, Genneva Malaysia is not required to report its business and operational activities to a regulatory body such as BNM. However, the company chooses to do so voluntarily since business commenced. And in February 2012, BNM’s Director of Legal Affairs, who heads the

central bank’s Investigation Unit, informed Genneva Malaysia Directors that the company was found to be above board in its business dealings.

Since Genneva Malaysia is NOT a gold investment firm, the correct terminologies need to be applied for clarity.

The Genneva Malaysia business model is a simple one. Customer (not ‘investor’) buys (not ‘invest’ in) gold from the company, execute a Sale & Purchase Agreement for this purpose, gets the gold and rewarded with a discretionary hibah (not ‘returns’ or ‘interest’) paid over a period of a few months. Hibah is not guaranteed, the rate is indicative and the period varies. At the end of the period, the customer can choose to either keep the gold (they are the rightful owner due to the outright purchase, as evidenced by the S&P Agreement), buys again or sell off their gold. Buying and selling of gold is on a willing-buyer-willing seller basis, often price being the determinant. The customer can choose to sell their gold to anyone, including selling it back to Genneva Malaysia, at a price agreeable between the seller and the buyer. Genneva Malaysia does not offer buy-back guarantees. There is no element of investment as the entire business practise is essentially gold trading!

“BNM has found the liabilities exceeded its assets….clearly shows Genneva Malaysia was unable to pay returns to its investors….there was a very big gap between assets and liabilities….So how could it pay when its liabilities ran into the billions of ringgit while its assets were just in the millions?”

The Deputy Finance Minister and BNM appear to be referring to Asset Liability Management (ALM) of financial institutions. Perhaps BNM’s rigidity of continuously choosing to view Genneva Malaysia as an investment company contributed to such confusion.

A ‘licensed institution’ in the Banking and Financial Institutions Act 1989 (BAFIA) refers to a financial institution duly licensed for deposit-taking. Banks are ‘licensed institution’ described in BAFIA. Prudent ALM requires banks’ Balance Sheet to be healthy and properly managed. Assets > Liabilities is desired. This is to ensure banks can meet their liabilities by fulfilling their obligations to pay depositors on demand and also returns in the form of interests etc. BNM’s role is to regulate banks to maintain order.

Unlike banks, Genneva Malaysia is NOT a financial institution but merely a private limited company dealing in buying and selling of gold. It is also NOT an investment company and does NOT provide guarantees of returns, interests or return of capital. Hibah is discretionary, NOT obligatory. There are NO buy-back guarantees. So what is Genneva Malaysia’s liability with respect to hibah and buying from customers who sell back gold to them? That’s right, NONE!

Perhaps the Deputy Minister is confused with this differentiation.

Due to Genneva Malaysia’s successful business model, its sales turnover exceeded RM 3bil. Since it is in the gold trade, obviously this amount is used to purchase gold for delivery to customers. The balance is profit to the company. So to deem that a sales turnover of RM3bil must translate to assets of RM3bil is obviously misconceived!

The difference in wholesale and retail price translates to profit for the company, common to all trades, not just the gold trade. And profit is higher for companies that can lower their costs of doing business. This is why some companies in the same industry are more profitable than their peers. Naturally Genneva Malaysia manages its business well enough that customers are a happy lot.

On 5/10/12, a long 4 days after the raid of unprecedented scale on Genneva Malaysia, BNM finally released a statement that “Genneva Malaysia Sdn Bhd and its related companies are being investigated by the relevant enforcement agencies for suspected offences which include illegal deposit taking, money laundering, tax evasion and avoidance, false description including misrepresentations, appointment of agents without licence and failure to lodge statutory documents.”

On 10/10/12, following raids on other gold companies on 5/10/12, BNM then said “Based on surveillance and examination conducted on these companies, it has been discovered that these companies are operating schemes that are believed to be not sustainable.”

Appears like a shift in focus? Could it be a lack of evidence in the initial suspected offences?

Anyway, there is no law or statute in Malaysia thus far that provides for a company to be raided under suspicion of or charged for unsustainability. Otherwise, many companies would have been raided by now and even more directors charged and locked up. Would financially distressed PN17 or PN4 companies be considered “unsustainable”? Or are they considered financially sound compared to Genneva Malaysia???

“BNM’s initial investigations showed the company actually sold gold bars to investors but later changed to just taking deposits.”

This is the bizarre one. Every customer has never failed to get their gold. One good thing though is the Deputy Minister acknowledged that Genneva Malaysia ‘actually sold gold bars’, which is legal as the gold trade is unregulated. Nothing more can be said of this due to the bizarre claim!

So, if the Deputy Finance Minister said what he did consciously, then his motive is questionable.

If he is misguided, then BNM’s motive is questionable.

If he is purely ignorant, then God help Malaysia’s finance!

~ Genneva Malaysia Supporters

Don’t worry, PM assures Genneva gold buyers

PM Najib - Don't worryAfter 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.

The whys for requesting help

“Taxes, loans, and even the economy of the country has received our support as we were able to make timely payments.

“For retired customers, aged 60 to 80, it was their live long savings which was bringing hope in the form of hibah (discretionary gift) based on the principles of Syariah.. Many of us are dependent on the hibah and commissions for our livelihood.”

Shanti said they wanted the government to unfreeze Genneva Malaysia assets and company account enabling it to fulfill its obligations to its customers.

At the same time she urged the government to regulate the gold trading industry in Malaysia.

Genneva’s customers were given false hopes by a hoax letter circulated stating that Genneva has been reopened and the customers could go to the office to collect their gold.

Millions of ringgit are now at stake following the raid and suspension of Genneva’s operations.

Todate, Shanti said: “Genneva has fulfilled its obligations to us as customers.

Some of these gold buyers date back to about three years ago when it opened for business at the end of 2010 launched by the former prime minister Dr Mahathir Mohamad, on 15th December 2010.”

Shanti called on the government to act swiftly and direct Bank Negara to allow Genneva to recommence operations and thereby safeguard and protect its 60,000 customers.

Source: MalaysiaKini
In BM: Jangan bimbang, kata PM pada pelabur Genneva

Read Comments at GMS FB
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Met with the Prime Minister

On Friday 19 October 2012, Genneva Malaysia Supporters succeeded in handing over a memorandum to Prime Minister YAB Dato’ Sri Najib Tun Razak. Yeeessssss!

The occasion took place at around 3:00pm at PWTC, prior to the UMNO Supreme Council meeting. The memorandum is to appeal to the Prime Minister to help resolve the problems of the rakyat affected by BNM’s raid on Genneva Malaysia. The appeal includes the swift return of customers’ gold and hibah and consultants’ commission, unfreezing the company’s bank account and resumption of business.

The Prime Minister accommodated the group’s request by receiving the memorandum, smiled and said he is already aware of Genneva Malaysia’s case and is currently looking into the matter. This is testament to Genneva Malaysia Directors’ message to customers and consultants all along that they have been working hard meeting up with authorities and leaders to expedite the conclusion of this nasty episode.

Here’s the story…

From: Krishnamoorthy Muthaly
Subject: Well Done Genneva Malaysia Supporters
Date:
October 19, 2012 5:35:25 PM GMT+08:00

A SIMPLE LESSON WE CAN ALL LEARN AND HAVE THE COURAGE TO MEET THE PM

When I (Krishna) walked into the meeting at 11.30am this morning (19/10/2012). The committee was searching for answers. “How can make an appointment with PM Najib to see him and give him a letter”…  Shanti asked me.

“Very simple”…I said go to http://www.pmo.gov.my and search for PM’s events diary and you will know what he is doing today.

Immediately, (within a minute) Katharine son ( a young smart fella) went into the website and said: “3.30pm Umno supreme council meeting at PWTC.”

So, I said: “Go there and give him the letter personally.”  Shanti said: “Krishna can you type the letter,” and I did. Thanks to Ms Dadhyanna who edited the letter as I had to leave for another appointment.

Next thing, at 3pm, the gang went to see Najib getting off his car at PWTC. Shanti walked up to PM and gave him the letter.

He asked: “What is this about?”Shanti replied “Genneva, please help us sir.”

PM smiled and told Shanti: “Yes. I have heard about it and we are doing something about it.”

Moral of the lesson: “Don’t be afraid to see even the PM if you want to serve mankind.”

Service to Man is Service to God. Love All, Serve All. Keep praying as we can see the light at the end of the tunnel.

Anyone, please feel free to post this on the Facebook and really it is okay to even put Shanti and gang handing over the letter to PM.

We thank all who made it happen with the Prime Minister this afternoon. Hip Hip Hooray!

Note from Admin: It Ain’t Over Till It’s Over.
part of the solution
Ordinary people can do extraordinary things. The outcome you want IS IN YOUR HANDS.If you want to come out of this favourably, you need to do your part. NOW!

Let’s build on this momentum!

Let PM know how Genneva never failed you and your sufferings caused by the unjust BNM raid.

Do the following NOW… 

  1.  Email PM at ppm@pmo.gov.my – Flood his mailbox
  2. Message PM at his Facebook www.facebook.com/najibrazak
  3. Tweet PM at @NajibRazak and  insert tag #gennevarights –  Do it every 10 minutes!

Chase your dreams!

With love from Genneva Malaysia Supporters

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