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Day 4: Geneva's Updated News 2


GEORGE TOWN: Housewife Resool Yusof Gani is praying that the authorities will allow Genneva Malaysia Sdn Bhd to resume its gold business.
The 41-year-old mother of three said she had been left with no income following the raid on the firm by government agencies.
“Whatever money I have has been invested in the gold trade,” she said at a press conference at the company's regional office here.
Resool said she invested RM200,000 to buy gold from Genneva three months ago.
<b>All that glitters:</b> Nor Diana (centre), her husband Arman Othman, 37, and Resool showing their gold bars during a press conference at Genneva Malaysia Sdn Bhd’s regional office in Jalan Tengku Kudin in Penang Wednesday.All that glitters: Nor Diana (centre), her husband Arman Othman, 37, and Resool showing their gold bars during a press conference at Genneva Malaysia Sdn Bhd’s regional office in Jalan Tengku Kudin in Penang Wednesday.
“I'm worried that I will be unable to feed my children,” she said.
Another housewife, Nor Diana Nasaruddin, 31, said she also invested RM200,000 two years ago.
“I also introduced the scheme to my friends. I don't know how to explain the situation to them now,” she said.
Dr Khoo Kong Jong, 58, said he invested RM400,000 in Genneva a year ago since it had a good reputation.
“I receive an average return of RM8,000 monthly. The money is used to fund my son's tertiary education in London. He needs almost RM20,000 every month.
“I have another daughter who just enrolled in a college in Kuala Lumpur,” said Dr Khoo, who runs a private clinic.
MCA Public Services and Complaints Department chief Datuk Seri Michael Chong said he almost invested in Genneva Malaysia Sdn Bhd too.
He said he was having bak kut teh with two friends two months ago when one of them told him about the gold trading scheme.
“He said he heard about it from another friend. It sounded like a good deal and I was very excited,” said Chong in an interview.
However, the friend who recommended the scheme later changed his mind.
“He said the deal sounds too good to be true and told us to hold onto our money,” said Chong.
He hoped people would be careful before investing in similar schemes.
“The more returns they promise, the more careful you should be,” he said.
“I think I should also thank my wife who is the one controlling my money.”

Investors form Genneva support group on FB


PETALING JAYA: Angered by raids at the offices of gold trading firm Genneva Malaysia Sdn Bhd, investors have taken to Facebook to form a support group.
The “Genneva Malaysia Supporters” was set up on Monday, on the same day Bank Negara (BNM) officials led a multi-agency crackdown at the company's offices.
The Facebook page has since attracted close to 500 “likes” at press time.
Consultants and customers were still generally supportive of the company and its investment schemes.
The Facebook page's administrator wrote on Tuesday calling Genneva's “profit sharing platform” a godsend to the 60,000 consultants and customers.
The administrator also said they would hold a march to Putrajaya to appeal to the Prime Minister to unfreeze the bank accounts of Genneva so that they could retrieve their investments.
They also want the Government to remove the company name from the central bank's Financial Consumer Alert List. However, others appealed for calm and asked them not to demonstrate.
“Please hold on, please be patient. We have to wait for Genneva Malaysia's management to advise us,” wrote May Wong.
“Don't march, let BNM complete their investigations,” wrote Horace Wong.
Genneva Malaysia management wrote on their Facebook page acknowledging the support by their customers.
“Our team of experts are working hard, looking into all possibilities. We must stand hand in hand, support each other, stay calm and allow our expert team to handle this issue,” it said.

Group: Action taken by Bank Negara on Genneva could be a misunderstanding

GEORGE TOWN: There are no clear guidelines regulating any aspect of gold trading in the country, according to the Gold Bullion Entrepreneurs Association of Malaysia (GBEAM).
It said the trade had been unregulated since the 1980s.
The association believes in the business model by Genneva Malaysia Sdn Bhd as it was based on a genuine platform.
“The action taken by Bank Negara could be based on a misunderstanding. GBEAM hopes that the Government will provide clearer guidelines to gold traders in the future,” the association said in a statement yesterday.
It added that there had been no negative feedback on Genneva from the customers.
“We were made to understand that there were no police reports lodged against Genneva for cheating,” it said.
In SINGAPORE, two rival gold trading firms are offering “rescue plans” to some customers left in limbo by the legal problems besiegingGenneva Pte Ltd.
The Gold Guarantee (TGG) and Asia Pacific Bullion (APB) said that they were willing to step in and act as a bullion buyer and offer alternative investment schemes, reported The Straits Times.
Police raided Genneva's premises on Monday and took away boxes of documents and computer hardware.
Client Rachel Seah, 52, who has invested more than S$200,000 (RM496,126) in Genneva, said she had to invest in TGG scheme for a year.
“What if the company experiences the same problem? I will lose more than I already have lost,” she added.
Genneva sells gold to customers at a premium to the market rate. Both TGG and APB said they would buy back gold from Genneva customers at a premium.
A TGG agent said that the company had a “different management and business line” from Genneva.
Eddy Cheong, head of financial planning at Providend, warned customers against jumping in too fast.
He added that customers had limited recourse when such companies go bust as their activities were not regulated.
The Monetary Authority of Singapore (MAS) also does not accord consumers any protection when they deal with such entities, the paper said.
Genneva, TGG and APB are listed on the MAS Investor Alert List.

ORIGINAL SOURCE:

4 comments:

emaspgsarawak said...

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boleh X-Plan di PG tukar emas spread kecil :)

aku sailandra said...

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terima kasih.

Netai Biswas said...

Hey there, you should check out the Gold Trading for all your trading needs.

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