A senior consultant sent 10 valid and fair questions. He does have some good points and perhaps Bank Negara Mazlan Ahmad, Head of Special Investigation Unit can answer his questions in their next press statement.
1. Genneva’s business model was adopted by competitors. Why were they not reprimanded?
2. Genneva business model works and Genneva never failed to pay all monies due since it started in 2010. How can BNM together with PDRM, without fully understanding the business model; raid, freeze the companies account and cart away 200kg of gold and boxes of documents?
3. Many allegations were made against Genneva that went through the spectrum of money laundering to illegal deposit taking. However, the business existed for more than 3years and was openly conducted. Her events were even graced by dignitaries. Why didn’t BNM stop or issue a statement to deter these dignitaries from gracing Genneva’s events and functions if BNM had their suspicions?
As a consequence, the presence of these dignitaries had an influencing effect on many more of the public who were further drawn into the business, the public that BNM claims to protect. Therefore, was this a trap that BNM set up for the public?
4. Can Genneva appoint an independent auditor to report on the business model. If it can prove the business to be authentic, will the money, gold and documents be returned? How soon?
5. BNM has continually used the excuse of protecting the interests of the public and customers from dubious business practices but how can they say that when, at the time of the raid:
a. Cheques for hibah, sales, gold and other disbursements and were being distributed.
b. Customers as well as consultants are standing resolutely behind this business.
c. The very people BNM claimed to protect are now anxiously waiting for the return of gold
and monies that was taken as a direct action of BNM and not the company.
6. Can BNM release the money and gold belonging to the customers while conducting its investigations? By doing so, BNM can then actually claim to protect the customers’ interests. After that, issue a stop business order and let the business owners challenge the order?
7. If BNM charged that the business is ‘unsustainable’, the business owners must be allowed to challenge the order at an independent location to avoid the bias of the bank’s “executive powers.” If the process of challenge is not allowed, BNM may have destroyed an innovative business model which might have contributed to the wealth of many!
8. BNM must act fast to release the money and gold that they have seized, as this is cash that many use to pay all sort of bills. Already the emotional turmoil is escalating, tensions are rising as individuals stand at the precipice of a financial disaster. Many are unable to receive medical attention and medication; some have critical medical conditions and may even face death. If these tragedies do occur, can BNM be held responsible? The hibah seized by BNM is used for paying such bills.
9. BNM has consistently projected an “image of accountability” to the public by raiding Genneva. But how can the public be sure that the prosecution is correct if there is no detailed published report for customers of Genneva to examine?
10. It is so easy for BNM to project the image of protecting the public by raiding but the recent action on Genneva was doubtful, and so can customers, and the public conduct an independent audit on BNM on their current actions including other unapproved dealings that may have resulted in losses within the Malaysian treasury?
CLICK www.bnm.gov.my and you will see this key statement on its first opening page Welcome to the Central Bank of Malaysia official portal. Selamat datang ke portal rasmi Bank Negara Malaysia:
As Malaysia’s Central Bank, Bank Negara Malaysia promotes monetary stability and financial stability conducive to the sustainable growth of the Malaysian economy.
By Krishnamoorthy Muthaly, Genneva Malaysia Supporters
GMS FB Admin’s Comments: The above message has been edited for brevity. We would also like to add some questions of our own. Re: http://on.fb.me/T43s7N
- WHY did Bank Negara initiate the raid when it was this organization that found it positive during an audit by its legal department 9 months ago. If there were issues with the business model, why wasn’t it addressed then? Bank Negara even instructed the company to make an official announcement on all major newspapers informing the public of Genneva’s business practices. The company complied and published this in all major newspapers as requested by Bank Negara.
- Genneva’s Syariah compliant gold was officially launched by former Prime Minister Tun Dr Mahathir Mohamad, on Dec 15, 2010. The former King, Datin Seri Rosmah, royalties and other prominent personalities have graced Genneva’s dinners and official events. So, after the assurances provided by the presence of these dignitaries, WHY was the raid performed and the integrity of the company compromised?
- WHY did the authorities raid this organisation out of the 77 on the Bank Negara red alert list, when it was Genneva which had written to Prime Minister Datuk Seri Najib Tun Abdul Razak about three months ago to regulate the gold business, as the gold business is currently not regulated?
- On receipt of Genneva’s letter urging regulation of the gold business, our Prime Minister acted immediately and directed Bank Negara and the Finance Ministry to set up a task force to study the regulation of the gold business in the country. So WHY was the response to Genneva so drastic when the company itself was instrumental in requesting for regulatory oversight from the relevant authorities?
- Gold trading is permissible and there is no restriction, as confirmed by a letter written to Genneva by the Finance Ministry. So WHY the raid? Here we categorically state that Genneva Malaysia’s business model is not a ponzi scheme and it’s definitely not a get-rich-quick scheme. Its business model is called a Wealth Sharing Platform, because that is what Genneva truly does. It shares its profit (and wealth) with its clients.
- WHY release statements on the sustainability of buy-back guarantees when it was Bank Negara that prohibited the company to make this claim in the first place. Genneva has never made any guarantees in its buy-back policy.
** Note from Admin: No permission required to publish this in any media.
Please inform your Member of Parliament.
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