Before I begin, we would like to say that I am writing to the best of my ability and knowledge in the hope that the public would view us with more understanding, compassion and kindness towards many families here through no fault of ours but caught by controversial sparked by the authorities.
The management and we have no power over the media to clarify many misconceive or misconstrue report as for every interview we had, it turned out to be more damaging than the next. This aggravates more uproar of hatred and slander from the public.
The last thing we want to be seen or labeled in international news as people involved in an illegal scam that threatening the government.
You may come across various attempts in media and internet slandering and malice where some even suggested that the directors have fled. This is simply not true.
Recently, the directors have presented and explained their case to the highest authorities and wish to reiterate here that Genneva Malaysia is a legitimate company that operates a legitimate gold trading business.
The office is still open from 9am to 5pm every week for all consultants and customers who need assistance or information.
I sincerely hope the below would help you to understand what have actually transpired so that many of us are not misled by the media or the authorities.
I would appreciate your kind understanding and support to help us through this trying time which has drained us physically and mentally.
Once again, I humbly thank all readers. Peace, Laughter and Joy to all of you.
This probably how I describe our present situation, a triangle affair that involving two happily link parties between Genneva Malaysia and supporters but being intruded by a controversial party, the Central Bank.
Genneva Malaysia is a gold trading company designed its unique golden saving program that pave the way for the people’s constant need to fight inflation for future security that lead to financial freedom.
Genneve Malaysia, from humble beginnings dominated the gold business in a short few years that prompted many people to leave the traditional financial stream to a higher yield schemes. A revolutionary scheme that shook the financial institutions in the country no company had ever done before.
It attracted about 6,000 consultants with near to 60,000 customers transforming 300,000 lives for this 1,000,000 welfare of Malays, Chinese, Indian and others with an estimated monthly turnover of RM3 billion.
The schemes that many discovered could change their life for betterment. It provides significant jobs and benefited many families as well as contribution to the country economy at large.
So was Central Bank guilty of breaking up a successful long term happy business relationship between Genneva and consultants/customers with the motive to seek revenge on behalf of rivals and start a war to force people back to the out-of-favor trading financial schemes?
We want to believe the Central Bank claim to protect and stand by the people but we simply don’t see that is happening here.
We only see the intrusion that smash the life of many people with fear, worry, grief and perhaps throwing us into costly lawsuits.
We have not only to strive through this trying time but we have to stand off agonies of the numbers of aggression from the public’s vicious, contemptuous remarks and malice due to no fault of Geneva and their supporters as well as the public who were misled.
1. WHY WE CHOOSE TO BE IN FAVOUR OF GENNEVA?
We were crippled by the traditional financial institution that driven us to explore an alternative higher yield schemes to withstand the growing inflation rate which threatening our life saving eventually into a debt slaves.
- We choose Genneva because we witness their credibility and transparency in their operation.
- They create not only favorable income for many a family but they provided employment for the jobless, for semi-retirees, for single parents etc
- They help to put many families home with food on their table, support high cost of medical bills, support our old aged parent and sick love ones, support our children educations, pay loans and channel part of our income to charity centers etc
2. WHY NO FAULT OF GENNEVA AND SUPPORTERS
Our confidence was enhanced as Central Bank was holding talks, a consultation dialogues with Genneva. This was on-going for the last 8 months with the noble intention to help and guide Genneva to ensure they are compliance to all legality of their operations in order to protect Genneva and their supporters.
The dialogue and consultations were as follow:
- Genneva has been in consultation with their Syariah Committee. All necessary Sale and Purchase contracts or documents between Genneva and customers are to be vetted by the Syariah committee and to be carried out by Genneva (note: Syariah Committee members required to obtain prior written approval from Central Bank)
- On Feb 12, Central Bank’s director of legal department informed the company that after having audited Genneva, they came to a conclusion that there was no issue in Genneva business model.
- On Feb 27 Genneva advertised in all major newspaper as directed by Central Bank, a condition for Genneva to resume business.
- Key Notes of the advertisement “No buy back guarantee, Not an investment company, Only a Gold trader.”
- 8 months ago, in order to protect their consultants and customers from the grey areas of law, Genneva took the liberty to write to the Prime Minister Dato’ Najib Tun Abdul Razak urging for regulation of gold business as the gold business is currently not regulated. Upon receipt of the letter, the Prime Minister directed Central bank and the Finance Ministry to set up a task force to study the regulation of gold business in the country.
3. On top of it, we were impressed with dignitaries gracing Genneva’s occasions as below:
- On 15 Dec, 2010 Genneva Malaysia Syariah Compliance was launched by our former Prime Minister Tun Dr Mahathir
- On 3 Feb, 2012 representative of Deputy of Finance Minister officiated the new opening of Genneva’s office.
- On 20 March, 2012 our first lady graciously attended our consultants appreciation night
- On 14 Sept, 2012 Genneva welcome the new Chairperson Princess Tengku Dato Muhaini
Judging from the above, the controversial raid has probably sent a mix messages to the people for their real reason behind it.
From the on-going dialogue and consultation between Central Bank and Genneva to a sudden shift to raiding was a shocking blow which not only threatening and robbing many livelihoods but inflicting emotional and personal grief as well as the trust of the people;
It was heart breaking for Genneva and supporters who had put all their faith and trust with Central Bank who were enjoying an on-going dialogue and consultation with them for the last eight months.
Many people cannot help wondering if the action they had taken could be triggered by many jealousy and hatred from rivals whom they need to please instead of directing them to face their own challenges to improve their platform to encourage financial freedom without forcing people back to out-of-favor streams that create more and more debt slaves.
ADDRESSING MISCONSTRUED ISSUES
- Genneva does not offer an investment plan.
- Genneva is just a gold trading i.e. buying and selling of physical gold (not paper).
- All receivables (above $10,000 from buyers are through the banks.
- If there are any suspicion on money laundering, the banks are responsible to vet through customers details and any suspicious of incoming customers funds.
- Genneva does not give out interest but discretionary Hibah – syariah compliance.
- Genneva does not engaged in deposit taking or money laundering as all transactions required legal documents and through the bank in compliance with Syariah.
- SUSTAINABILITY – Genneva is not a financial institution or get-rich-schemes. I do not know if there is a law or stature in Malaysia that can be charged if sustainability is in questions. Otherwise, many trading companies would have to be raided.
- How Genneva make money? I am sure is their business secret which no businessman would divulge. But there is one important secret I know is their century of experiences in combination of their ages.
- Genneva has always met their obligations and commitments to their consultants and customers.
- Central banks of many countries including Singapore came to a conclusion that items like properties, arts, wine or gold are not under Central Bank regulations as it involves customers acquiring direct ownership of physical things. Hence, it has been established that it should be under the jurisdiction of Commercial Affairs Department.
- How does our Central bank justify this raid which is not under their regulations or purview?
- Bail out – Gold trading is not under the purview of Central Bank, the latter is not obligated to exercise bail out. The statement was to cause uproar and hatred from the public.
- Should the Central Bank channel their resources to help company like Genneva who are willing to take a step further to assist in the task force on regulations of gold?
To help them to be competitive with our neighboring country Singapore who have recently announced of their goal to develop Singapore into a Golden Hub.
As for Singapore, to be transparent in order to enhance the confidence of investors and public, on Oct 16, 2012, the parliament of Singapore debated and came to a conclusion that gold trading is not under their Central Bank purview as it involve ownership of the item, as a result, it should be under the jurisdiction of Commercial Affairs Department.
Raid is not a long term solution as raiding year after year of gold trading companies is definitely sending wrong message to the public which caused mistrust of the people and instability for the economy.
Unknown to the Central Bank, these raids would certainly drives many investors overseas or across the causeway where there are many higher yields products esp. in Singapore besides their traditional banking streams.
People are tire of the traditional banking schemes and it only makes sense they follow the money. Gold is money, gold is a growing business, gold provides security as it helps to hedge inflation.
We seek the urgency for a Win-Win Solution between the Central Bank and Genneva with their customers and consultants for the sake of over 300,000 livelihoods involving more than a 1,000,000 of Malays, Chinese, Indian and others welfare.
I would like to congratulate Central Bank governor Tan Sri Zeti for the many awards she received due to her contributions to the promotion of Islamic banking and finance.
We, the customers and consultants also would like to thank her for announcing that they would expedite the investigations. We trust her sincerity and conviction to mediate Genneva issue with priority given to the humanitarian consideration.
We look forward to a Win-Win solution for mutual benefits between Central Bank and Genneva with their customers/consultants.
** Note from Admin: No permission required to publish this in any media.
Please inform your Member of Parliament.
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