ANDY TAN YJ
Well-Known Member
Hi, any bought gold from Geneva? Are they financial trouble?
Geneva GOLD
- Thread starter ANDY TAN YJ
- Start date
Buywellsellwell
Well-Known Member
Re: Geneva GOLD
Genneva Gold Placed on MAS Alert List » Martin Lee @ Sg
Beware of Gold Scams | Jonathan Quek - Asia's Youngest Wealth Coach
便宜末贪 not good with chinese characters
Genneva Gold Placed on MAS Alert List » Martin Lee @ Sg
Beware of Gold Scams | Jonathan Quek - Asia's Youngest Wealth Coach
便宜末贪 not good with chinese characters
ANDY TAN YJ
Well-Known Member
Re: Geneva GOLD
A couple of friends were supposed to collect their interest/discount since early Aug'12 but were told that to much of paperwork in Account dept and they are unable pay out on time. Anyone has this problem? Many new rules have been implemented by new management since early Aug'12, anyone experience this?
A couple of friends were supposed to collect their interest/discount since early Aug'12 but were told that to much of paperwork in Account dept and they are unable pay out on time. Anyone has this problem? Many new rules have been implemented by new management since early Aug'12, anyone experience this?
Buywellsellwell
Well-Known Member
Re: Geneva GOLD
[video=youtube;9bZkp7q19f0]http://www.youtube.com/watch?v=9bZkp7q19f0[/video]
[video=youtube;9bZkp7q19f0]http://www.youtube.com/watch?v=9bZkp7q19f0[/video]
ANDY TAN YJ
Well-Known Member
Re: Geneva GOLD
Cool Gangnam Style!
Cool Gangnam Style!
Re: Geneva GOLD
This topic has been discussed before.
http://www.bmw-sg.com/forums/contributed-articles-knowledge-base/53828-genneva-gold-investment.html
~ Note that Genneva quotes their gold at much higher price. Based on the price on Genneva website ($93/gram) and UOB price (Buy: $67, Sell: $72), Genneva is selling at 22-28% above UOB price. Charge you higher and pay you back 24% per annum. Smart. Gold was up 28% in 2010, FYI. You are better off buying spot gold instead of buying Genneva's gold, if you are gold bullish.
~ Note the counterparty risk - if Genneva collapse, investor will suffer 28% loss if sold to UOB assuming today's price. There is a 2 days lapse taken to deliver the gold after full payment;
~ Note that 3 out for 4 Directors are being investigated for money laundering and illegal deposit taking. Trial is still ongoing. Genneva Sdn Bhd was raided by Bank Negara Malaysia (BNM) on 21/07/2009 (nearly 2 years ago and had its operation suspended and its directors and ex-directors investigated. Arising from the investigation, 3 of its director and one ex-director were charged in court, initially under the Anti-Money Laundering Act (AMLA) and latter added on the charge for deposit taking under the Banking and Financial Institutions Act. Google this in Malaysia news.
~ Note that at the beginning of the case mentioned, it was reported by the Star that the frozen account only have RM20 million and 5 kg of gold seized by BNM. If the report by the Star is correct, something is not right. Genneva had collected more than RM67 million from customers under a “Parked-in” scheme, where after the gold had been paid in full by the customer, the company was supposed to have the gold parked in their premises/vault. Only 5 kg?
~ Note that Genneva does not have an investment manager license from MAS. Genneva is claiming not to be an investment management company although they are seem to be offering a fixed income investment program with a promised return. MAS has placed Genneva on the Investor Alert List along with other ponzi schemes such as Sunshine Empire.
~ Note that Genneva has not filed accounts since 2009 and has been red flagged by ACRA.
~ Note that payments to Genneva are made to a "Collecting Agent" Samudra-GV Pte Ltd, but the promise to buy-back is from Genneva Pte Ltd. Technically, Genneva can shut down and Samudra-GV Pte Ltd is not obligated to fulfill the liabilities of Genneva.
~ Note that the contract of Genneva says will buy-back during the buy-back period, provided the company is operating on that day. That means Genneva has the right not to buy back on Saturdays and Sundays. By this logic, they also have the right to close shop from Monday to Friday and you can’t accuse them of any wrong-doing. Once your 7 day buy back period is up, the company has the right not to buy back.
~ Note the certificate of origin versus the certificate of ownership. Also, note that delivery of physical gold is discretionary. Please read your contract which says that the seller can deliver the gold constructively, meaning when they give you the certificate of ownership, delivery is deemed to have been effected. Also note that the gold at 999 is not the 999.9 hallmark gold though there are many who had received the 999.9 hallmark gold but without the certificate of origin.
Have you asked - how they make $$$ by paying you 24% per annum?
This topic has been discussed before.
http://www.bmw-sg.com/forums/contributed-articles-knowledge-base/53828-genneva-gold-investment.html
~ Note that Genneva quotes their gold at much higher price. Based on the price on Genneva website ($93/gram) and UOB price (Buy: $67, Sell: $72), Genneva is selling at 22-28% above UOB price. Charge you higher and pay you back 24% per annum. Smart. Gold was up 28% in 2010, FYI. You are better off buying spot gold instead of buying Genneva's gold, if you are gold bullish.
~ Note the counterparty risk - if Genneva collapse, investor will suffer 28% loss if sold to UOB assuming today's price. There is a 2 days lapse taken to deliver the gold after full payment;
~ Note that 3 out for 4 Directors are being investigated for money laundering and illegal deposit taking. Trial is still ongoing. Genneva Sdn Bhd was raided by Bank Negara Malaysia (BNM) on 21/07/2009 (nearly 2 years ago and had its operation suspended and its directors and ex-directors investigated. Arising from the investigation, 3 of its director and one ex-director were charged in court, initially under the Anti-Money Laundering Act (AMLA) and latter added on the charge for deposit taking under the Banking and Financial Institutions Act. Google this in Malaysia news.
~ Note that at the beginning of the case mentioned, it was reported by the Star that the frozen account only have RM20 million and 5 kg of gold seized by BNM. If the report by the Star is correct, something is not right. Genneva had collected more than RM67 million from customers under a “Parked-in” scheme, where after the gold had been paid in full by the customer, the company was supposed to have the gold parked in their premises/vault. Only 5 kg?
~ Note that Genneva does not have an investment manager license from MAS. Genneva is claiming not to be an investment management company although they are seem to be offering a fixed income investment program with a promised return. MAS has placed Genneva on the Investor Alert List along with other ponzi schemes such as Sunshine Empire.
~ Note that Genneva has not filed accounts since 2009 and has been red flagged by ACRA.
~ Note that payments to Genneva are made to a "Collecting Agent" Samudra-GV Pte Ltd, but the promise to buy-back is from Genneva Pte Ltd. Technically, Genneva can shut down and Samudra-GV Pte Ltd is not obligated to fulfill the liabilities of Genneva.
~ Note that the contract of Genneva says will buy-back during the buy-back period, provided the company is operating on that day. That means Genneva has the right not to buy back on Saturdays and Sundays. By this logic, they also have the right to close shop from Monday to Friday and you can’t accuse them of any wrong-doing. Once your 7 day buy back period is up, the company has the right not to buy back.
~ Note the certificate of origin versus the certificate of ownership. Also, note that delivery of physical gold is discretionary. Please read your contract which says that the seller can deliver the gold constructively, meaning when they give you the certificate of ownership, delivery is deemed to have been effected. Also note that the gold at 999 is not the 999.9 hallmark gold though there are many who had received the 999.9 hallmark gold but without the certificate of origin.
Have you asked - how they make $$$ by paying you 24% per annum?
ANDY TAN YJ
Well-Known Member
Re: Geneva GOLD
Cool! You are the "MAN". Thanks
Cool! You are the "MAN". Thanks
ANDY TAN YJ
Well-Known Member
Re: Geneva GOLD
Hi 7833, please check with your friends if they have sent their gold to Genava to "data dot" their gold for security purpose. If yes, please give feedback. Thanks
Hi 7833, please check with your friends if they have sent their gold to Genava to "data dot" their gold for security purpose. If yes, please give feedback. Thanks
Divespyder
Well-Known Member
Re: Geneva GOLD
It's like musical chairs.. the fun ends when the music stops... people will be caught with their pants down when the lights come on.
There is another new player in town : The Gold Guarantee
New gold player emerges with 'buyback offer' - BT Invest
Wonder what can they guarantee... always remember there is no free meal in this world.
bmw7833;881091 said:
It's like musical chairs.. the fun ends when the music stops... people will be caught with their pants down when the lights come on.
There is another new player in town : The Gold Guarantee
New gold player emerges with 'buyback offer' - BT Invest
Wonder what can they guarantee... always remember there is no free meal in this world.
takeshi28
Well-Known Member
Re: Geneva GOLD
hi.
Yes, One of my relative happen to be a victim of this scheme.bloody hell kana smoke by this bloody agent and company . Recently 08 of the investors reported to the police which came out on the newspaper. Now my relative is working closely with Commercial Affairs Divison and hope Justice can be made. Understand that the Company is facing Cashflow problem due to all the $ are being remitted to Malaysia to use as bailout for the 03 directors that were being CHARGED by the Malaysia Court. Listen properly, they are already being CHARGED. not like what the agent here says, they are under investigation.
Anyway, this bubble scam will explode soon.Checked on the Company's paid-up capital and surprisingly the amount is only 500k.
Take Millions and at the end of the day if close down, will only be liable to payout 500k.. what a business.
hi.
Yes, One of my relative happen to be a victim of this scheme.bloody hell kana smoke by this bloody agent and company . Recently 08 of the investors reported to the police which came out on the newspaper. Now my relative is working closely with Commercial Affairs Divison and hope Justice can be made. Understand that the Company is facing Cashflow problem due to all the $ are being remitted to Malaysia to use as bailout for the 03 directors that were being CHARGED by the Malaysia Court. Listen properly, they are already being CHARGED. not like what the agent here says, they are under investigation.
Anyway, this bubble scam will explode soon.Checked on the Company's paid-up capital and surprisingly the amount is only 500k.
Take Millions and at the end of the day if close down, will only be liable to payout 500k.. what a business.
Re: Geneva GOLD
Gold trading firm taken to court by customer
Genevieve Cua
The Business Times
Tuesday, Sep 25, 2012
SINGAPORE - Genneva Pte Ltd, a gold trading company offering a "buyback" scheme, appears to be in hot water.
At least one customer has recently won an interlocutory judgment against it in the Subordinate Court, pending an assessment of damages.
It remains to be seen, however, whether she will recover her claim of about $190,000. Genneva failed to respond to the writ of summons or to contest the case.
The plaintiff, Lee Bee Ghok, is represented by Goh Kok Yeow of De Souza Lim & Goh.
A second writ of summons has also been filed in the Subordinate Court claiming a total sum of roughly $86,000.
A number of other customers are also looking into launching a lawsuit against the firm for its alleged failure to honour its part of the agreement to buy back gold.
One group of about 60 customers, representing a total of roughly $10 million in gold purchases, is understood to be consulting lawyers.
Genneva is on the Monetary Authority of Singapore's Investor Alert list of unlicensed entities.
Its scheme basically sells gold to customers at a hefty premium of 20-30 per cent.
Customers, however, are told that they enjoy a "discount" of about 2 per cent off the headline price.
They are given the option to sell back the gold after a pre-agreed term of one month or three months.
The gold can be sold back at the headline price and customers get to pocket the so-called discount.
Assuming monthly rollovers, this could mean a return of as much as 24 per cent a year. Genneva's website lists a price of $96 per gram as at August.
This is the equivalent of about $96,000 per kilobar of gold.
UOB, which offers gold investment services, sells gold to the public at about $74,500 per kilobar.
Sources said that the firm had also offered a "safekeeping receipt" (SKR) scheme some years ago, where the customer does not take delivery of physical gold.
The gold is held by the company for safekeeping, and customers can exercise the option to withdraw via a "sellback".
Genneva director Leow Wee Khong could not be reached. Calls and e-mail to the company were not answered.
Gold trading firm taken to court by customer
Genevieve Cua
The Business Times
Tuesday, Sep 25, 2012
SINGAPORE - Genneva Pte Ltd, a gold trading company offering a "buyback" scheme, appears to be in hot water.
At least one customer has recently won an interlocutory judgment against it in the Subordinate Court, pending an assessment of damages.
It remains to be seen, however, whether she will recover her claim of about $190,000. Genneva failed to respond to the writ of summons or to contest the case.
The plaintiff, Lee Bee Ghok, is represented by Goh Kok Yeow of De Souza Lim & Goh.
A second writ of summons has also been filed in the Subordinate Court claiming a total sum of roughly $86,000.
A number of other customers are also looking into launching a lawsuit against the firm for its alleged failure to honour its part of the agreement to buy back gold.
One group of about 60 customers, representing a total of roughly $10 million in gold purchases, is understood to be consulting lawyers.
Genneva is on the Monetary Authority of Singapore's Investor Alert list of unlicensed entities.
Its scheme basically sells gold to customers at a hefty premium of 20-30 per cent.
Customers, however, are told that they enjoy a "discount" of about 2 per cent off the headline price.
They are given the option to sell back the gold after a pre-agreed term of one month or three months.
The gold can be sold back at the headline price and customers get to pocket the so-called discount.
Assuming monthly rollovers, this could mean a return of as much as 24 per cent a year. Genneva's website lists a price of $96 per gram as at August.
This is the equivalent of about $96,000 per kilobar of gold.
UOB, which offers gold investment services, sells gold to the public at about $74,500 per kilobar.
Sources said that the firm had also offered a "safekeeping receipt" (SKR) scheme some years ago, where the customer does not take delivery of physical gold.
The gold is held by the company for safekeeping, and customers can exercise the option to withdraw via a "sellback".
Genneva director Leow Wee Khong could not be reached. Calls and e-mail to the company were not answered.
Divespyder
Well-Known Member
Re: Geneva GOLD
Serve them right lah.. greedy pigs eat shit in end.
Serve them right lah.. greedy pigs eat shit in end.
Buywellsellwell
Well-Known Member
Re: Geneva GOLD
Singaporeans like to earn money in the greedy and lazy way.. Well..
Singaporeans like to earn money in the greedy and lazy way.. Well..
bonsoir
Well-Known Member
Re: Geneva GOLD
Hi Andy
Just saw this as I just logged in (after MANY months away from this forum).
Go buy the Business Times from Tuesday 25th Sept, read front page and you will understand more.
I was a saver with them from the onset, initially it was alreight made some small returns too by saving in Gold (still the way to go i feel). but in recent 12 months have gotten too big and they actually started to miss payouts to clients early this July. (by which i am already out since last year). and i heard it's snowballing.
So do NOT get involved in the company for now buddy...
Cheerio
Hi Andy
Just saw this as I just logged in (after MANY months away from this forum).
Go buy the Business Times from Tuesday 25th Sept, read front page and you will understand more.
I was a saver with them from the onset, initially it was alreight made some small returns too by saving in Gold (still the way to go i feel). but in recent 12 months have gotten too big and they actually started to miss payouts to clients early this July. (by which i am already out since last year). and i heard it's snowballing.
So do NOT get involved in the company for now buddy...
Cheerio
ANDY TAN YJ
Well-Known Member
Re: Geneva GOLD
Thanks Bros for your info. They up the lorry and my friends are also up the lorry liao, feel sorry for my friends.
bonsoir;899245 said:
Thanks Bros for your info. They up the lorry and my friends are also up the lorry liao, feel sorry for my friends.
