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What’s the point of sueing when there’s nothing to harvest out of the suit? If there’s really gold in Singapore then already everybody got back their gold. The fact is there is no gold in there. The directors bluff that BNM forbit the gold to be touched, no such thing as BNM clarified that. The directors siphoned the money in GSS and that’s a fact. Trying to recover is a waste of time because there’s nothing to recover. Unless suing the directors to go to jail for the criminal act is better rather than recovery purpose.
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It is very clear, those in GSS can kiss their money bye bye , those who kept the gold, today they can sell at RM148 per gram, they were last renewed at RM141 so they can make RM7 per gram now. If the wait till next week maybe can fetch RM150 per gram.
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I hear agent from Sabah said that now The Gold Label still fighting to release the court case. TGL sue by some company.. For GSS client, they still can waiting to get back the gold bar from Singapore (Certis Cisco)… but waiting the court case…… Hope that can win & release it,m so that client get take back the gold bar from Singapore…. I not sure is it true or not.. anybody know about it? Can give more information especially West Malaysia site…
ReplyMay i know how was The Gold Label? I mean all existing client… they can get back the gold bar or not? Especially for Sabah site?
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Dear Shashay,
1. The goldco is giving back your money to you from the profit they made when you, the customer, buys the gold;
2. The goldco had used the Gold BEAM as their own instrument for marking up thye price of the gold to 25% above the spot prices;
3. The goldco has no other income and uses the later customer’s money to pay off the earlier customers which in itself is the definition of “scam” or “ponzi”;
4. All the talk of the Pat Lu and his Goldengoose which is now entering the menopause stage regarding gold mining, gold refining and minting activities of the goldco cannot be even supported by the goldco’s own Memorandum & Articles of Association;
5. The Cow or is it spelt with a “K” is running to Sabah to hold the AGM of Gold Beam;
6. The “hibah” is at the discretion of the goldco and the buy back is also at the discretion of the goldco;
7. In the case of GSB even with a BBG (Buy Back Guarantee) you sell to a “third party” with a 20% discount on the purchase value. So now, with discretionary buy back, and if the price of gold falls drastically, buy back is at the discretion of the goldco. Anyway, if the price of gold falls drastically, the goldco will not be around to buy back
8. Assuming 1.5% per month gift, you buy at 25% mark up and without the certificate of origin you aell at 20% discount (on the spot price, not your purchase price), how may months of hibah do you need to break even assuming the goldco does not buy back or is not around anymore. So the daily expenses is all paid for by the customer, sooner or later.
Your “negative thoughts” were the same words paddled by The Gold Label bunch of group managers and managers who are now in GMSB to make hay while the sun shine. People like the Fat CupC Lady (if she is ever a lady). Don’t the customers in TGL also hold the gold except for those who opt for GSS? Who runs the Park In which is similar to the GSS? Like Mark Anthony says in Julius Caesar “for they are all honourable men” and more so because they also got “Dato'” oh!.
The Cow seems wants to raise the Goldbeam subscription to RM 380 per year, they are worst than Barisan govt. Why not take all our commissions instead?
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why all the negative thoughts and comments on genneva malaysia sdn bhd, it is very simple gold savings where the customers gets 1.5% “gift” on the price of gold paid and inreturn you are holding physical gold. what is the ho ha about!!! i have across many families who are very very happy that with the “gift” they are able to manage their daily expenses, please therefore it is simple logic, as long you have the gold in hand :”no worries lah”
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You have gold on hand of course you are happy. If you have paid and did not received physical gold how would you feel ? This is regardless of GSB or SGV and GMSB they are from the same management
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Can u first do the maths? Now u buy at 187 per gm. The LME today is at rm147-150, assuming is at rm150 u have given rm27 out front profit to the company, now u get 1.5% of 187=2.8, which means for 100g is rm18,700 x 1.5%= rm280 per month, now x 6 months = rm1680. U have overpaid for the gold by rm2700 to get back rm1680 over 6 times month by month. Now u have signed S&P that says buy back on discretionary. So the rest of it u could figure it out.
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Dear BBQ,
The business model look simple (buy n sell gold) however how to explain for those customers already with GMSB for more than 1 year ?
They already earned more than 25% of the mark up price. What are other source of incoming from GMSB if they want to contnue the business? Any idea?
Every time the gold price goes up u have to top up or u decrease your gold to maintain the same investment value. So tell me how can u really make the 25% out right without the top up or decrease gold?
ReplyHere’s a positive note:
If today u buy 100g at RM18,700. If company maintain it’s integrity of paying 6 months without fail, then u earned RM280 x 6 = RM1680, now 6 months later the price did not increase and maintains at RM18,700 or perhaps has dropped lower. Then u renew it for another 6 months without any top up, u get another RM1680 over the next 6 months which total up to RM3360 over 12 months, then exercise buy back at Rm18,700 provided company upholds it’s integrity, then yes u made money.
Only if the company exercise full integrity then your profit is real.
If the company discounted some months that they don’t pay hibah or decline buy back or buy back below the purchase price then your profit is not real.
This is what the goldco response to Hanif of CIMB would be like, if they were to respond :
Quote : “Dear Hanif;
Please try to distance yourself from the truth and use the spin more, if you are looking to attain the same level of success as we have done,
1. Exceeded MYR1 billion monthly sales in just about one and a half years since SGV started in September 2009;
2. Manage to get practically all the SGV customers to migrate to GMSB within the targetted 60 days and getting all of them to top up based on the current gold price:
3. Manage to have a team exceeding 2,000 consultants who are so addicted to our goldco that they will spin our spin to the customers. Well, if they don’t, there are many others who will do it for the “golden rice bowl” we are giving them. Remember, the monthly total commission is already MYR10 million and moreover, we are also going to give them lifestyle packages to enhance their social standing;
4. Very soon, we will be having our very own bank and by that time if we see one more of the contradiction to our spin, we will not hesitate to keep our banking business to ourselves, not withstanding the fact that the Chinese Indian Malay Bumiputra Bank’s head honco is the PM’s brother;
5. Even if it takes some time for us to finalise the purchase of our bank, there are many of your competitors who are falling over each other to get our business just like the case of one major gold manufacturing concern call MKS who had refused to sell their gold to us because they smell of a scam;
6. Even assuming that the rumour of our liquidity problem is true, why should we be worried as “hibah” is a discretionary payment and in our S&P with the customer, we can even not deliver the physical gold but deliver “constructively” by giving them a “Certificate of Ownership”;
You see we already have everything thought out, especially after our first coup with those “Park-In” customers, who are greedy enough to park with us more than MYR67 million. Do you really think we will be giving them back their money? Did you not read the Star which mentioned that in our frozen accounts is only left MYR20 million and 5 Kilograms of gold. BNM can forfeit that if they want because it is not even enough to pay the fines imposed on our 3 Datos if they are fined the maximum amount for AMLA and BAFIA offences. Then, we can take the GSB into voluntary liquidation and presto all the money slready siphoned out is for our retirement or lifestyle fund. It is like a “pheonix rising from its ashes” GSB to SGV to GMSB. The next chapter is going to be interesting, since we have now concentrated the tenure to end within a period of 60 calendar days or 45 work days.
So every day, there will be an average of MYR22 million up for renewal and if we take 3 days to deliver the gold, we can say a silent bye bye and have in our luggage gold worth at least MYR67 million, or by that time it may be more with the escalating gold price. and/or if we choose the 3 days with the most transactions.
The only way the dummies can avoild this is if they choose not to renew the tenure and keep the gold since returning the gold will be exposed to the same risks. ” Unquote
Dear All,
You are right and GMSB try to delay the hibah payment. In my mind that GMSB has some problem with the cash flow. I am one of the customer never receive my hibah in time. Do you guys have the same problem?
The GMSB Management Team are really screw-up. The hibah payment through electronics transfer never happend as promised it will happend at the beginning of June but this was nevr taken place. They are the liar and unprofessional and must be careful with them??????
The signs are clear and yet I can tell you the consultants for the sake of making money will never want to take action about this, they will keep quiet , rather mentally suffer in silence. They won’t risk their rice bowl and for the company…if you don’t like it please resign!
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First of all please check your S&P, it spells out clearly that HIBAH is on the discretionary of the company. You have no right to complain if you receive the HIBAH late or never received at all. You can make noise and whatever but S&P says it clearly, then again if don’t like it, well you know what to do la.
ReplyWylan Goh,
I would like you to know that the game is over if GMSB failed to pay the Hibah..
ReplyWell, what can I say? The company now operates on discretionary, any consultants don’t like it know what to do la… It’s time we reconcile and know what to do next.
ReplyWylan Goh,
You are one of the kind without any principle and sympathy. The God will eventually punish you. Bear in mind that 90% of GMSB customers are aged above 55.
ReplyAs long as the gold buying public does not learn from history, they will keep repeating history.
PL, Fat Mama and company were putting the gold collateral in Bank Rakyat and getting money to buy more gold until one fine morning on 21/07/2009 BNM suspended GSB operation and freeze the accounts. Very convenient for GSB, since they only have RM20 million in the accounts, including those of their 3 Datos directors, and 5 Kg of gold and the Park-in funds (according to Nadzmi of PDRM) came to very much more than RM67 million. The directors were charged under AMLA and BAFIA. What happen to Breach of Trust? Where was the money siphoned off to? Who siphoned the money away? PDRM is still tailgating GSB, but please SIR, it is nearly 2 years to the anniversary of the raid. I would advise participants in the scheme to start consulting their lawyers and initiate legal action to recover their money as otherwise the statute of limitation will make recovery impossible.
Nowadays with SGV/GMSB, it is no longer Bank Rakyat but AgroBank which is financing the buying of gold. So if the ponzi collapse, there will be panic because,
1. Bank financing using gold as a collateral;
2. Paying for mortgages and rent using commission and “hibah”;
3. Financing purchase of luxurious items such as cars, home theatres using commission and “hibah”;
4. Financing children education using commission & “hibah”
This is an addiction and even if the customers/consultants are holding on to the gold, the gold can only be liquidated immediately at a huge loss as mention in the Genneva-GV thread. From experience even your friendly Dato’ discount the gold by 20% at the time of the GSB BNM raid on 21/07/2011 based on the porchase price and not the price at the time of liquidation. How convenient for the Dato’ but how tragic for the customer.
Has BNM officially release RM67m to GSB and where is the money now before we take action with lawyer
ReplyDear Unlucky,
GSB owe you and the rest of the “Park-in” customers the money which total amounted to more than RM67 million (according to PDRM Nadzmi much more) but in the frozen accounts of the company and the directors, according to the the Star report, there is only RM20 million and 5 Kg of gold.
1. When you paid the money, GSB is supposed to have the gold you purchased “parked” at their premises. Without the gold, they are deposit taking and/or committing breach of trust/fraud;
Your lawyer can ask the company to reveal where the gold is being held; failing which
2. Your lawyer can ask GSB to show the record as to where the money collected from the park in customers have gone.
The freeze on the account will not be lifted anytime soon and with the on-going case, BNM may seek to forfeit the money in the account in the event that the directors are found guilty of money laundering under the provision of AMLA.
GMSB, the son of GSB, is now the billion Ringgit goldco and their S&P provide for them to make delivery of the gold “constructively” which means that under the provisions of the S&P, the goldco is deemed to have delivered the gold once they give to the customer a “certificate of ownership” which is a piece of paper not worth the value of the paper it is written on.
Please note that “hibah” payment delay is being blamed on bank inefficiency. The bank’s reputation is at stake. By right, the goldco can now refuse to pay “hibah” as it is a discretionary payment on the part of the goldco. Where does the goldco make the “profit” to pay the “hibah”. Their only income is from later “investor”/customers.
Banks were never that inefficient, it’ a perfect excuse to delay the hibah, so as the S&P is the perfect reason to delay the gold delivery.
ReplyDear Lee Mei May,
I am one of the victim and all my hard earn money is gone. They are the “Dracula” and evil. The woman consukant that recommeded me to buy the gold is enjoying herself to visit her American boy friend in US and she never want to bother to recover the gold on my behalf. She doesnt has the principle at all and so cheap.
I believed we can group together to form a task force against this criminals rather then to complain individually through this blogs, therefore unity is strength and power. It is a time for us to act agrresively. We trusted you and need you to gathered all those unlucky customers to meet at one place to plan for the following :
1) Write a letter to Bank Negara to find out how much GSB money and asset were frozen
2) Engaged a lawyer to sue them that includes the consultants and GSB director (Mr. Karpal Singh)
3) To find out a total sum of unluck customers money being collected.
Please help to expedite this proposal. We want them to be jail evenyhough we cant get back our hard earn money.
Unlucky
ReplyDear Unlucky,
You are fortunate in the sense that unlike those addicts/apologists you are no longer beholden to the GSB/SGV/GMSB chameleon who give them the crumbs after the Dato’s clique have wallowed in the customers money.
Having said that, much as I like to help, I have no locus standii as I have not park any money in GSB. I may be able to get some friends to help.
First thing first, show all your documents to a lawyer and explain the circumstances. Then ask you lawyer whether
he/she can
1. get the court to force Genneva to release the list of all those who had Parked-in;
2. get the court to force Genneva to release their accounts up to the date of their suspension by BNM;
3. get the legal bureau of the political parties such as MCA involved;
4. make report to BNM and if necessary go to the very top level by getting your MP and state assembly men to help;
5. Do not wait until the Statute of Limitation take effect, start the legal action to recover your money. Now they are say they cannot pay because BNM had sequestered/frozen their fund. Trace the money trail to see where all your money have gone. Most probably, it had gone to China and for openning up other branches, then sue the directors for illegal transfer of fund and breach of trust.
If the Park-in customers are timid, you will all be bullied. Show them you are all made of sterner stuff.
Dear Lee Mei May,
Your proposal is ok and the 1st action to take is to meet with MCA and get their legal advise.
Unlucky.
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hi was an investor with a major gold company situated at mid valy.
was there when bnm raided the company – imagine the sheer shock it gave me .
lost my money in investing in gold . was told that it was the directors themselves who “informed” bnm to “raid ” them ( how convenient , after having siphoned off millions of investors money )
now the directors tell the investors “it is not our fault , we have honoured all cheques – so dont blame us, blame bnm !! ”
well wish to tell all – i knew that gold trading is simple – buy at wholesale price and sell it at a much higher retail price ( 25-30% ) to us the suckers but greed got the better of me.
remember . gold business is totally unregulated in malaysia – bnm’s name is simply being used to instill confidence to investors .
sadly i know of many customers who lost all their gold when it was supposedly ” taken” away to singapore for safe keeping – bullshit ! – this is the same gold pieces which are now again being sold to new investors by the same directors.
how do i know that the directors were involved ? – i had a call from one very senior manager a week before bnm’s raid that bnm was surely going to raid the company very soon and that i should ” hand over” all the gold to him to be sent to singapore for safe keeping . well it is already 2 years and i know of one investor still looking for his gold in singapore !!
well i wish the mafia was here – could have got the “godfather” to help me by discussing with the directors politely . thsi is the onlu sure way of getting ur gold back – of course i would one day be called by the godfather to repay this debt – why not especially when u deal with crooks like this !!
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Hello Richard,
My version of the story I heard was PB was instigating with bank negara to curb this trade and they suggest to investigate TGL on the GSS scheme then TGL was doing, BNM was reluctant at that time because of some unsettled workload and was delaying it, until TGL themselves told the investigation unit to come raid them to put up a show. Walla..!
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hi guys, how about taking a break from the gold industry and going for other investment that gives 10% pa and regulated by SC?
ReplyJust post it up here as detail as you can, post your email and those interested can mail you.
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Confirm Au Dust Gold For Sale and Contract Investment.
Dear Sir,
The mineral, I am most glad to contact you for Gold trading investments.Presently, we have Gold dust and we are looking for a prospected buyer.
We have 300kgs, 22+ Carat, Purity 95%+ and selling at US$ 35,500 per Kilo (negotiable).
We also have available diamonds (Sierra Leon Origin).whereas you show interest in this line of business, we will send you a formal corporate offer If in regards to stones, we will send you the manifest and pictures as well,Don’t forget to include your direct telephone number/ mobile lines in your reply,Thanks and looking forward to hear from you.
Regards,
Nana J.Prince
00233546147605
Email: [email protected]
WHAT SHOULD I DO NOW ? IS THERE ANY CHANCE TO GET MY AUNT’S MONEY BACK ?
Replylooking at the Genneva Sdn Bhd’s RM67m park in that could never be recovered at all by any of their investors, so now it makes the oppertunity to redeem from TGL is seems absolutely slim.
ReplyIt is certain that there is no recovery of the GSS money, just get your brother to fix up a gang to bash up Simon Yau!
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Beware there are a lot of selfish con-sultans that swithed boat who just don’t care about their customers and downlines when their ship hits the rock.(apart from the 5 directors) Mainly Simon Yau,Rita Yeo,Boon Chuan,Thomas Lopez,Wong Sir Chin whom are known as just only care about their own prosperity and not yours.
ReplyHE TOLD ME THAT WE CANT CLAIM THE MONEY FROM THE GOLD IN SINGAPORE COS BNM TOLD THEM NOT TO GIVE THE INSTRUCTIONS TO CUSTOMERS TO REDEEM THE GOLD. SO WHAT SHOULD IDO NOW ? SHOULD WE ASK BNM WHETHER ITS UNFROZEN BECOZ I HEARD THAT THERE MIGHT BE SOME PAY OFF TIPS TO BNM.
ReplyThat is absolutely bullshit! BNM in the first place never demand any hold up of any gold in Cisco if there is any. The money the clients paid for GSS is camouflage for an absolutely no gold park in.
ReplyMY BROTHER WENT TO SEE ONE OF THE DIRECTOR BUT THEY SAY THAT THE MONEY IS NOT RECOVERED YET. SO THEY WANT TO KEEP THE MONEY TO THEMSELF?
ReplyIt is same as the Genneva Sdn Bhd’s RM67m park in which the directors wish to keep the money for themselves, that is why a company do the park in schemes, is to maximize the takings when they don’t have to provide you a gold stock.
ReplyU MEAN THAT MY AUNT CAN GET BACK THE MONEY, WYLAN ? HOW TRUE IS THE NEWS? PLEASE LET ME KNOW AS MY AUNT NEEDS THE MONEY AS IT IS HER RETIREMENT MONEY.
ReplyDear Joey,
Go to the office at Mid Valley and get to see Simon (Yau?) or Sue How but you need to bring along all your documents to claim back the money or the gold. It is more than 1 year since May 2010, and the tenure must have expired.
There’s news on TGL directors wont face charges by BNM and their frozen bank accounts will be unfrozen. Even TGL’s account in PB will be unfrozen and the two directors can claim whatever balance money in there as their personal since the company is longer existed.
Replywell… good for them as now they have won, pity to those who died in their fists. I think theres at least a few millions crumbs money left in the company account.
ReplyThis is my opinion, I could be wrong,let’s hope I m wrong instead. As far as I know they will swindle all the money. Even if there’s any chance of release of the money that was jammed in PB for more than a year , they would keep it quiet and just siphon off and still tells you there’s no progress. I think whatever money left as what Wylan said it’s probably just crumbs money which won’t be able to pay off everyone, so I think might as well they just don’t pay at all.
ReplyI HOPE BANK NEGARA PLACES A BAN ON THESE SO CALLED GOLD COMPANIES GIVING REBATES~!!! IRRESPONSIBLE CONSULTANTS WHO CONNED TONNES OF INNOCENT PPL OUT OF THEIR MONEY ! PRAY THAT YOUR COMPANY DOESNT GO BUST OR ELSE I WILL HAVE TO ATTEND YOUR FUNERAL ~!!@
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In the Genneva link you mentioned a fat lady who deals with your aunt, is this fat lady with curly hair? As i know the other fat lady is a director of the company and doesnt really conduct much personal sales.
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Hi,
Currently I need 500g 999.9 gold bar. We can offer high price.
You may call us at (65)9781-8351 or drop us an sms if interested.
Regards,
Billy Chiam
Gold Trader Asia Pte Ltd
My client complained to BNM due to SGV not honouring his vouchers.
ReplyThere are 3 new gold companies started just recently, in case some of you might be interested but I won’t mention or promote them here. Many of you consultants will be smart enough to find out.
ReplyThere’s no such thing as fair play here. You can trace back those companies that went down in the hands of the authorities , from G Gold to Bestino to Genneva Sdn Bhd to TGL, all were the biggest company at that time, whoever reached the peak will be target of the unfair play.
ReplyDear Wylan Goh,
This may not be totally true but the cost of maintaining a high profile is astronomical but who cares, it is the customers money while it last. Every body is looking out for a slice of the cake just to look the other way or help to kill off competitors. Always remember, if competitors can be killed off, so can the leading goldco. So the ante is upped.
Dear Forceum,Nur & Jeffrey,
I was in the banking line for more than 30 years and I can tell u thats the way it goes. We can complain that their scheme are so what seems selfish, I admit, it is selfish. If u study the interests structure on housing loans already u can tell they are out to dig the flesh out of their customers. How about the credit cards revenue and other loans? I can say they are doing it unethically legally with the way they structure their earnings and make billions every year. Then their other products such as investments portfolios? All are advantage to themselves than their investors. The problem is, they have been enjoying this prosperity for decades and do u think they will allow it to give in to this gold trade? However everyone only thinks of their survival and for the banks, they have all it takes to do what it takes.
I can see the banks are most concern on the competition set on them by the biggest goldco in town, the almost a billion ringgit mark is alarming for them, the nearest goldco in their own competition only hits 50m which is just 5-6% of what they achieved. Then again they plan to set up a bank,that’s even more alarming. So if u are the bank’s CEOs, would u think u have to the the necessary now or forever hold your peace and suffer the competition.
Hanifah you so kind and understanding;
where most of them say things wish they had a Phd or a Master D! or alot off money,
There have eyes can’t see have ear can’t hear have mouth can’t talk & have nose can’t smell…
so so glad bless.
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Dear Forceum & Nur,
The Banking sector deserves the loss of client’s business due to their poor service and arrogence, lack of imagination/innovativeness, and the huge desire for profiteering at the customers’ expense. This is a wake up call. The earning from the FDs is not even sufficient to cover inflation.
The banks only interest is to kill off their competitors and return to their comfort zone. Have they ever thought of their customers’ interest/concerns? All those “Principal guaranteed” schemes, can the banks please let the public know, other than guaranteeing the principle, what are they earning for their customers? While the Mutual Fund Managers are charging huge fees, their customers are losing their life saving. Instead of trying to kill their competition from their high pedestral, the banks should “turun padang” find out the customer’s needs which prompt them to run to the goldcos.
The banks should realise that holding gold is the best way of safeguarding savings from the ravages of inflation and that is the reason many banks also deal with gold. Banks are selling gold to the goldcos and most of the transactions are through the banking system. If the banks are so upset with the goldcos, why don’t they just cut them off by not accepting the goldcos’ business or are they just trying to use BNM to settle their own selfish problems?
Gold and other precious metals are the items which will help to secure the value of the savings, but the public needs to buy wisely and not fall into scams and unscrupulous individuals/companies and lose all their savings.
Think of the RM67 million locked in fund of Genneva Sdn. Bhd.
Think of The Gold Label liquidation
Think of Tig Net
Think of GPU, etc
Is your gold platform safe? Is it any different from those which had vanished or in slumberland. Does Reporting Institution for leasing and factoring doing sales and purchase of gold make any difference to your risks? Does Syariah Compliance make any difference to your risks? Are you prepared for the risk of having to wait more than 3 days to collect your gold after paying fully for it? Are you prepared to hand in your gold and wait 2 days for the return of your money even after giving 7 days’ notice of your intention to withdraw at the end of the tenure? Are you prepared to pay a 25% mark up on your gold purchase without getting a certificate of origin (certificate of ownership only given).
At 25% mark-up and if you are to sell the gold back to the goldco before the tenure expires (pre-mature liquidation), there is a 20% discount on your gold, are you prepared for the hit?
Are you prepared to suffer a discount of at least 5% on your gold if the goldco fold up? If you check the goldco bank statement(s), you will find that there won’t be much to recover, if the goldco fold up. All the odds are stacked against you as the goldco are buying off ……… with your money.
Dear mr. Jeff,
Is so easy to say the banks should do this and do that, do you know what is the overhead the banks are bearing everyday? They have no choice but to go with the current platform of whatever they are offering now even if it’s seems unattractive compared to goldcos, as far as the banks are concerned they will fight for survival,as you said their intrest only to kill off competion regardless whatever it takes or lose the ground. Of course as of now is very obvious they see red in the largest goldco in the business as the most potential danger to their FD portfolio.
Dear Nur,
FD is a lost cause in our current world financial turmoil. The cost of living is going up at a monthly rate equal to the yearly interest given by the banks for FD. In fact, now is the time to borrow from the banks and buy precious metals like gold and silver and this way the borrower can sell the gold/silver after one year, repay the bank and make a handsome profit. In fact, in Singapore, there is a forumer who is cashing in on this market and should GMSB fail and customers are holding to gold, then there is a thriving market for them to re-coup their money. But I pity the smiling Uncles and Aunties for the way they are pushed around by GMSB. GMSB is ingenious when it comes to survival. When their account is almost depleted, they come up with the migration of accounts from SGV to GMSB where the customers has to balance their gold to the current price and at the same time allow GMSB 2 days to keep their gold and use it to turn without GMSB having to buy any gold. Which country will allow GMSB to buy one of their banks? Maybe Malaysia Boleh!
ReplyMr Jeff, u said that the company’s account is almost depleted, I would appreciate if you can share on how you know this fact. We consultants would be concern if it’s true but you have to prove your fact. We would love the opportunity to hear you out on the why and how their account is depleted.
ReplyDear Kardashan,
1. See the bank statement;
2. More than 3 days (reduced to more than 2 days) to get your gold. This way, they can turn with the customer’s gold instead of having to buy gold;
3. The Genneva Sg. saga;
4. The Beijing trip;
5. The commission payment;
6. The migration from SGV to GMSB kills many birds with one stone
6.1 Extra income with the balancing
6.2 Cut down on rebate (Hibah);
6.3 Cut down commission (Total 1.1% to 0.8%)
6.4 Use customers’ gold to roll, no need to have new supply;
7. The business model : Assume GMSB/SGV has monthly turnover of RM900 million (February RM800 million + RM128 million new sales)
Assume 25% mark up on new sales and 3% top up (balancing) giving profit of RM32 million from new sales and RM6.75 million from balancing, giving a total of RM38.75 million
Most of the rebates paid are at 2.5% but we assume it to be 2%
and consultants’ commission at 1.0% (since a figure of RM9 m was mentioned.
Total rebate and commission = 3% of RM900m = RM27 million
Overheads and miscellaneous = 1.5% of RM900m =RM13.5m*
Total expenditure = RM40.5m
Note * : This include all the protection money (why consultants and customers can carry gold in and out freely & safely), payments to ensure business runs smoothly, etc
The danger will still come from MACC, BNM, LHDN, PDRM and of course the AG’s chamber. Will they or won’t they? Well, that is the million dollar question.
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Mr.Jeff,
your item 1 , see the bank statement. Obviously the company wont show us their company’s bank statement. How can we tell the trouble with their coffers apart from the other signs/facts you mentioned here?
ReplyActually even without Jeff to mention to us on their bank account, there’s one way to tell. If those of you who knows this trade and familiar with the modus operandi, the bigger the figure the more dangerous it is. Now we are talking more than half a billion. I m not not surprised that now they have a very heavy shoulder.
ReplyDo you see Gold Label’s history repeats itself here? What transpired before the had the visit by BNM?
firstly rebate reduced to 1.5% then a propaganda of initiating the clients to sign a letter “intention to buy land banking” which now we see it repeats here in GMSB.
now they are reducing their hibah to 1.5% and a propaganda of rapid or premature transfering clients to GMSB.
think about it
ReplyDear Sean,
Serene Sia had given her contributions to add to mine and most important, please see my last paragraph mentioning about “the dangers”. However, as had been mentioned by others, addiction is based on dependency and most psychologists will give the advice that it is very difficult to pull someone out of an addiction and realising that I will be the last one to try. After all, it is all their fun putting money into their bank accounts and loads of it too. As PL said, we had never had it so good and so we will defend this platform to……………
My COO in MBB will be in the dialog as well, he is very concern on the devalopement of the gold business. Recently the bank has the highest exits in the FD in 10 years. Most traced into transfering the funds into the gold programs.
Reply
My CEO has received info on a dialog would take place soon with the Governor of BNM and the bankers on the grave concern about the rapid uprising popularity of the gold investment industry,particularly the biggest goldco in town which claims the billion ringgit success, It is directly affecting their banking prospects. There were many agents of this goldco boldly solicit and advocating their banks’ customers to exit their FDs and relocate their money into the gold programs. This has created a decline in their portfolios. On top of that the agents boldly solicit their customers in the open and in front of their bank’s entrances. As of now gold trading is not in the BNM’s purview and the bankers will sit down with the Governor to discuss on implementation of some movements to protect their banking portfolios.
Reply
Hi,
Any former Gold Label’s customers stuck with their kilo bars or 100g pamp suisse (sealed), I want to acquire at the following prices:
Need 2 kilo bars, willing to pay S$59800 (UOB buy back @ $59681 as at 23/04/2011).
Need 5 pcs 100g Pamp Suisse (sealed), willing to pay S$6000(UOB buy back @ $5970 as at 23/4/2011).
Cash deal and price fixed at today and transaction done tomorrow (Monday – 25/10/11). Call me @ +65 98529496 if you want to sell and I will arrange to meet you either in my office or outside.
Regards,
Dennis Lim
Gold Trader
“With physical gold, you will not go bankrupt” – Dennis Lim
Reply
The last time a goldco ask customers to return back gold in one month period or less is Tig Net, for GMSB is return gold and give cash top up the price difference at one go.
ReplyGMSB “see wind sail boat” and will not be tied to any memo. If it comes to the crunch, it is “don’t quote me”.
Reply
All goldco won’t do any black and white because their are not above board. GMSB so called scheduled institution in BNM can’t do black and white,can’t be seen promoting in public and can’t have brochures. Still have to go below the radar like the rest. How come?
Reply
This company want us to return all the gold and top up without any memo ..
HOw does our clients trust us without any “Black & White” Memo?
a company that earn “don’t know how many billion of business can’t afford of sending us a single piece of paper memo….
Really don’t how to face to our clients… Speicially those who renew last month…..
Omg.. Faint…
going to “chao lou”…….
The official version is that he will be heading the JB office when it opens in the near future but maybe he knows a lot that we do not know and decides that it is too risky to stay and be implicated. He does not answer his mobile. He had announced his move some time back after being “made to eat a dead cat”.
ReplyThe news that i got is he was terminated for some reason. I dont think he will be coming back to JB branch when it opens.
Reply
KC Liew is not in JB. PL thinks we consultants are stupid and will believe whatever he says.
ReplyAddicts goes for najis (dadah) which is shit. They have put their soul and body into it and there is no way back. Money have coloured the sight of the consultants. Hope for a happy ending.
Replysuch pityful for genneva agents, different day different shit, are u ready for more shit?
ReplyFacing increasing loss of confidence from the gold buying public, GMSB had backed down on its proposal to unilaterally reduce the rebate when the accounts are migrated from SGV to GMSB.
GMSB management had proposed the migration “to protect the platform”. How may we ask are they going to “protect the platform” and from whom?
1. GMSB is noted as a Scheduled Business/Reporting Institution for “leasing and factoring”. This has no effect on gold trading where it comes under the purview of SSM and therefore on this issue, GMSB has same standing as SGV.
2. Both GMSB and SGV are Bumiputra majority owned companies. What more comfort can the migration give which is attributable to this factor?
3. The Syariah Compliance is a business platform and its contribution is commercial in nature and does not act as a shield for violation of any prevailing statues.
Let us look at the possible reasons for the migration.
1. After paying for the gold in full, it takes a minimum of 3 days before the collection of the gold. This will give the company the chance to “roll” with the customers’ gold meaning, the company will not need to tie down its money in gold stock and at the same time makes money from the rising price of the gold the customer own. To the customer, as “Old Uncle” had said even when collection is the next day, this pose unneccessary risks to the customers. The customers already paid 25% premium on the gold and one of the tenets of syariah compliance is the seller cannot sell goods it does own. The only context in which this will not work is when the customers withdraws from the GMSB scheme which had become VERY RISKY. The gold is supposed to be the collateral but all of a sudden the customer pays the money and for 3 days plus does not have anything to show. GMSB is trying to squeeze the migration into one month which means 23 working days without counting public holidays and if the amount to be migrated is RM900 million then the average per day is RM39.13 million making it RM117.39 million for the 3 days the customers are at risk. This is a huge temptation and almost double the amount involved in the park in. For the 6 months lock in period, this phenomenon will happen once every half year or twice per year. As customers have you assess your risks? Is it not better to enjoy 1.5% “hibah” per month than to carry this risk if you do indeed want to continue with this gold trading?
2. GMSB wants to cut the “rebate” by replacing with the “hibah” which according to GMSB is limited to 2% though they have gone with promotions at 2.2%. The rebate at above 2% is not sustainable in their business model and not because of syariah compliance.
3. GMSB wants to cut the commission again because the RM9 – 10 million payout every month is not sustainable in the long run. I have anticipated this coming and that was the reason I have ask the customers to take a peek at the SGV/GMSB monthly bank statement(s)
Is GMSB your business partner of choice?
Can GMSB be trusted?
Do you want to take the risk of losing all within the period between paying the money and taking delivery of the gold and “hibah”. Remember, you still do not have any agreement or legal rights to the money already paid. “Old Uncle” had brought it up earlier
KC had seen the inside and do you think he likes the picture he saw? As customers and consultants you weigh your risks and decide. When the commission for the senior consultants goes to 0.3% it will take RM3,333,333 monthly sales to make the RM10,000 for your upline Senior Consultants and therefore even if you qualify as a Senior Consultant with monthly sales of RM1 million, you will not enjoy the fruits of your labour but will remain as your upline’s “tua kia”.
That’s the million dollar question, protect the platform from whom?
From BNM? From SSM? From MACC? From PDRM? From Teh Hong Piao? What is in PL’s mind? What he knows we don’t know? Maybe KC knows, that’s why he said sayonara.
Yah, very dodgy! Dodgy once,dodgy twice and now dodgy all over again. It all started when in GSB until now SGV and we still don’t see peace in this company. Now again we see potential threat on GMSB as what Magnum PI mentioned.
ReplyTheres is a major concern here if what BBQ said is true that SGV could soon slaped with another AMLA drama. Prior when in GSB, the AMLA violation on GSB has ended up having the 3 founders charged because they are in the company’s list of directoes/owners.
Now if SGV slaped with AMLA, the 51% owner is Tuan Haji Khairuddin, and the other 49% owner is Samudra Sdn Bhd (Tan Liang Keat). So i have a hunch that the next trial drama will be this two after the authoraties have done grilling the 3 datos. So what happens if Tuan Haji landed up in the hot plate? Didnt u all know? He owns GMSB, so probably we could see the hot gravy spill over to GMSB. Well, just keep your fingers crossed.
The arrogence exhibited at the latest GMSB weekly meeting as related to me just stuff their decision down to all the consultants and customers. Is it born of bravado or desperation? Are the consultants going to take it? Yes, they are all addicted and cannot do without their daily dose of Vitamin M.
Are the customers going to take it? Yes, for those who are not losing due to the migration. But for those who are shortchanged, they have a legal right not to accept the change or short-changing. Example : For those who had purchased gold from SGV with 2.5% rebate with monthly balancing, they are now offered 2.0% hibah with 6 months lock in. With their redemption vouchers, they should be able to take their case to court and make GMSB pay 2.5% rebate/hibah for the balance period. Please note that this is their right and not out of goodwill by GMSB. SSM should step in to curb this kind of malpractice. The small claim tribunal? Well, up to RM20,000.
This shows up bullying mentality of GMSB as they think only of their “Iron Rice Bowl”. Please note that in law any change in the contract, be it written or oral, requires the mutual agreement of both parties. If one party do not agree, it can seek redress in our legal system? In this blatant case, what is SSM doing?
to answer Serene Sia:
what is the 3 datuks trial got to do with Samudra GV? Answer is NOTHING.
Then why the hurry to migrate the customers and shut down Samudra GV? The Samudra GV case is on a different scenario.
Few month ago MACC probe into KASTAM and found the customs officers owns a substantial amount of gold. MACC also found that the posibility the gold with monthly rebate plaform could camofladge the cleaning of their takings. Then MACC futher probe into from where they obtained these gold? It leads to Samudra GV. Now you know why they in a hurry to shut down. Then MACC wants to know from whom these gold are transacted? The ultimate maverick consultants who swoops up more than 30kgs of gold from these custom guys, he often boasts to the agency how much sales he has in his hands. When MACC wants to learn about his charisma, well… he dont seems intrested for an interview. It was told he is in JB.
To answer Kardahan:
Where is KC? Didnt PL said he is in JB? Is he? So what is gonna happen to the agency francise now he is not there to secure? That one you ask Tuan Haji.
ReplyIn the meeting on monday, theres seems to be a huge concern on the Samudra-GV migrations. Why is there suddently a hurry to migrate and want to shut down Samudra-GV? PL is saying is on the trial of the founding members that is the concern. Didnt he just said the trial is as good as no case? Even if theres a case, what is it got to do with the founding member? The founding members have no name whatsoever in Samudra-GV. So what is really going on here?
ReplyNow KC has left the post, what will it be for the agency franchise? Many are saying previously that he being in the post is vital for the fate of the agency franchise.
Reply
History:
In Feb 2009, Sovereign Whealth Management withdrew from Genneva Sdn Bhd by mass over 3-4 month period resulting more outgoing of funds compared to the new sales generated by their existing agents, this resulted to a deficiet of more than 50% of their pool.
By March 2009 The Gold Label was incepted, trasfering all the exited clients from Genneva Sdn Bhd via the effort of Sovereign.
In April 2009 word got out that the GSB pool of funds are in trouble, those agents who knows exited their clients and shifted over to Gold Label. Further worsen their financial senario.
In between April to end May the company decided to take in some huge fund intake from some syndicate as park in, the management knows what the money park-in is meant for the syndicates but the did it anyway, seems there are no other options or die standing.
Sometime in May 2009, PDRM has been tracing the movement on the syndicate and end up running up to GSB, The so called money for scrubbing is known parked in the GSB account.
June 2009, someone inside the company knows of the existance of the huge “laundry business” took place and informed the competitor. At the same time one of the director detached himself from the directorship after learning the “laundry business” took place.
In july 2009, the competitor took oppertunity to slam in The Star front page titled ‘Fast Buck Lure’, some of you may remember. In hope to discreetly ‘save’ some of the investors out of there by scare tactics by the media.
Mid July 2009, 2 weeks after the media slam, PDRM and BNM moved in.
Between July 2009 until SGV was incepted, there were a series of kidnapping of Datuk NG uccurs from time to time, suspected the syndicate demands their park-ins back.
Thereafter SGV was incepted.
Now try to connect the dots and you will find answers.
Replyhave u all been noticing?, they have been doing promotions after promotions, i think there have been withdrawals on a mass basis since they announced the start of 1.5% hibah.
ReplyThe Goldco business is getting to be like the retailers with the all year round sales.
ReplyIt proves that 1.5% hibah is not popular. I have investors withdrew and place money back in the bank. They dont even go for other goldco. To them is simply the turn offs of the declining rates that they see it as company’s integrity declining.
ReplyAlways remember the RM67 million park-in fund. The same directors are still running the show whether it is called GMSB, SGV or GSB. The excuse is BNM freezed their accounts and therefore they cannot have access to the funds to pay back their customers. In reality, as per the Star Report, only RM20 million and 5 Kg of Gold are in the accounts frozen. Where is the balance? On top of that are the normal Gold buyers who was caught when they were doing their transaction but have not received their gold or incentive payments. Ask PL, KC or Mama CTan.
Is another raid in the works to cover up if the business model fail again?
Most definately, PDRM will be the first to spring in if they were given a chance. They are still investigating the relation between the park-in funds and the park-in investors. As we know most of it are the syndicates.
ReplyIc now I get it. If now the gold trade is under SSM purview, it has nothing to do with BNM now. Which also means it has nothing to do with Ministry Of Finance.
ReplyPlease read your sales and purchase agreement and you will see that GMSB Schedule Institution status is related to “Leasing and Factoring”, whereas their current business model is based on ‘sales and Purchase” of Gold which BNM had reiterated time and again is a none regulated trading activity which comes under the purview of SSM (Suruhanjaya Syarikat Malaysia).
ReplyYes, Lee M M is absolutely right! Scheduled Institution of BNM is nothing to SSM and now this gold trade falls under SSM purview,just like land banking companies. The scheduled status proves nothing.
Reply
Well, as what we read here, and we even hear it in our meetings. GMSB is only a schedule institution known as dimensi sentosa, a dormant entity that purchased by Tuan Haji then tukar nama to GMSB. I think that’s is all to it. As a schedule institution what status does it hold? Are they invincible? Nobody can touch them?….so what is it about? Does anyone with the Dato title means invincible? So GMSB is so called equivalent to a Dato status in the BNM arena.
Is it they will NEVER get it from unit penyasatan khas? What does the “schedule institution” really means to them or to us? Someone pls tell me.
Seriously this is something to really ponder, what I hear in the meeting is GMSB is not Syariah compliant, they do the Syariah model only. Pls tell me I heard wrongly. If I didn’t hear wrongly then anyone care to explain why when they launched the company with Tun Mahathir as Genneva Syariah and it’s Syariah compliant. Now they removed the “Syariah” and tells us they are not Syariah compliant. If they are not Syariah compliant now then what compliant are they? The question mark is are they even above board as they claimed or they are just the commoner like Au Niaga and the rest? Can they give us an absolute assurance that they won’t be affected by BNM at all because we are now paying way more than the LME price and get less hibah. Didn’t they know they painted a so so beautiful picture to us and we “sai lang” to our clients that they are absolutely safe. Now everything just turns around and gave us a slap on our face.
ReplyTotally Agree with you Serene Sia,
we have to face to our clients if anythings gone wrong..
ReplyAn agent of TGL had been hounded to commiting suicide. When it comes to money, especially “coffin money”, people can become very desparate, even when they are holding gold. Maybe you have to find out where PL, KC or Mama CTan and the 3 Dato’s can be found in times of need. Maybe they already prepared their flight plans as they have a pile of money at their disposal.
ReplyI am not a consultant in GMSB but I was told by a BNM spy that the GM has mentioned that they have removed the word Syariah from their brand. What is it really they stands for? As I know they are only a schedule institution which can be arrange by money. Something like a datoship that can be bought by money.
They are not licenced nor a financial institution. There are no black and white states that they are really supported and protected by BNM. Not like insurance companies, that BNM will take responsibility if it folds up.
It is only an impression to the public that BNM won’t come up and say hello. The point is,is it really assured that they won’t come up if given them opportunity? So really, what does GMSB really stands for? What weight does they carry in terms of venerability ? Anyone can answer? If PL or KC is reading this, it would be great pleasure to have explain to us.
If they said now they are not Syariah compliant then what compliant are they?
ReplyActually this is the transition period where GMSB had started on the Syariah Compliant platform on 01/04/2011.
Tha bulk of the business of around RM800 million is still signed on by Samudra GV which is NOT syariah compliant. Gradually, the SGV accounts will be migrated to GMSB and SGV will be made dormant. For the customers and consultants, the SGV days are the heady, exciting days where you make money while it last.
I am new in the company. 3 months ago when I joined, then the meeting KC clearly said they are syariah complient. Yesterday at the meeting KC said they are NOT syariah complient. What is going on here?
ReplyI remember too, i sense theres something they are not transparent with us. How can they who are already launched their platforn as syariah complient and now says that they are not. Even the name Genneva Syariah was incepted when they launched and now says otherwise.
ReplyDear Balu,
The commemorative brochure handed out on 15th December 2011 at the Grand Ballroom of the Crowne Plaza Mutiara Hotel, KL reads as follows :
GENNEVA
Official Launch of the
Syariah Compliance
GENNEVA MALAYSIA Gold Products
by
Seri Paduka Baginda Yang Di-Pertuan Agong
Al-Wathiqu Billah Tuanku Mizan Zainal Abidin
Inni Al-Marhum Sultan Mahmud Al-Muktafi Billah Shah
Are you doubting that the Agong did the official launch?
Are you doubting that the product had been launched?
Are you doubting that from 01/04/2011, all GMSB business are being conducted under this platform?
Are you doubting the presentation on the platform by the Head of the GMSB Syariah Committee conducted at Maju Junction?
Are you doubting that Millions RM gold had been bought under this platform especially on the first day where the volume is nearly RM10 millions?
OR IS THIS A SPIN ON A GRAND SCALE?
Whatever they can spin, The Investigation Unit is watching on those spins on behalf of the ‘competitor’.
ReplyAre u doubting that the bosses can ‘hantam’ another RM67m and the money can be disappeared into thin air?
ReplyIf you care to take a peep at their statement of accounts, you will be surprised at what you find. In the same way that the RM67 million is not in Genneva Sdn Bhd. account (Star report says only RM20 million and 5 kg of gold), the amount in the account may be just enough to do the daily transaction. That is why, fearing heavy withdrawals, they set the rule that one week’s notice must be given and the gold must be handed in 2 days before the customer get the money back.
ReplyTo PL & sidekick KC and mama Ctan, Geobbel’s agitprop is the way to line their golden bank accounts. Attack is the best form of defence. You are all so addicted that you need GMSB more than they need you. The way forward is not be too dependent on the commission and “hibah” as sooner or later these are going to fall to the level which is now practised by some goldcos and co-operatives or their business model will fail. As PL & KC said time and over again, you still make your millions, even when the commission is cut, and customers will continue to flock to this platform. Do you notice that they keep on giving you fantastic sales figures but not the total monthly sales. This is because if you add all the new sales plus rollover sales, you will find that it should have been way above a billion RM and not the anaemic sub-billions that you have been told unless there are also withdrawals. If anyone care to check their bank statement, the figure that is found will most probably be scary, if you have bought heavily on their ultra inflated Gold Beam manufactured prices. The way to treat addiction is shock therapy and this will come very soon. Take care.
Reply
Most agents will remember that arrogant statement “if you don’t like it please leave”. If a company that tells you that you are absolutely disposable and all you need to do is leave your clients behind to the company is not so future assured career isn’t it?
ReplyPL says that those who wears red contact lenses will corrupt in this web site. But for my opinion, its not the colour of our eyes is the issue here. It is the disatisfaction of the way the company treats us. Why would anyone will tell it to their face on any of our opinion when their attitude is ” if u dont like it please resign”.
Reply
Hi, I am a new investor in Genneva M,sia. As I understand the S&P contract is based on Factoring and Leasing, does that mean I don’t own the gold out right? Is the gold still belongs to the company and it’s only leased to me as coleteral? Anyone can clarify on that?
ReplyIf your S&P is factoring and leasing based, according to a lawyer. Such contract would spells out that the gold is a property of the company. You should return the property upon due date and the capital will be returned. Only if the company closed shop the gold is yours. If not, even the gold price have risen to RM200 you cant sell it out there.
ReplyI can feel that the bosses are the selfish type, it’s their money they care about and to hell with the consultants’ money. As if they care if you make less, as long they make much more.
ReplyWell PL and KC were boasting that on the first day of trading on the Syariah Compliant platform, they had sales of nearly RM10 million and so the 1.5% hibah is acceptable to the customers.
Mind you, you consultants, senior consultants and customers are so addicted that even GMSB cut the “hibah” to 0.5% or 6% per year and the commission to 0.1% there will still be customers and consultants. The excuse is : Do you want to see the platform survive? That is the reason SGV and now GMSB have set up the Gold Bullion Entreprenuer Association of Malaysia (Gold BEAM) and force all consultants to be members. This way they can have their cake and eat it.
You see, on Gold BEAM’s price, GMSB is making 25% on the Gold spot price. So the “Hibah” is actually from your one hand to the other and at 1.5%, this can last for more than 16 months. Good luck gold buying to all of you, be you customers or consultants.
Dear All,
1. Tenets of the Syariah compliant platform
GMSB says that it is Syariah Compliant. One of the six Tenets as told to the senior consultants and consultants is that it can only sell what it already owns (not a bird flying in the sky). The practice is that they are selling gold which they do not have and delivery is now extended to two days after payment but in reality many customers only get their gold long after that. They tried to use the “Technical non compliant” spin to explain away their non-compliance which amounts to “deposit taking” since they are not giving gold in return for payment. Indent sale is NOT APPLICABLE TO RETAIL SALES.
2. Scheduled Business and Reporting Institution
BNM had acknowledged receipt of GMSB (ex-Dimensi Sentosa) submission to be a Scheduled Business and Reporting Institution but the submission was based on “Leasing and Factoring”. In what way can GMSB claimed that their current Sales and Purchase of Gold come under the submission made to BNM and for which they have an acknowledgement from BNM?
3. Hibah payments
GMSB claims that the Syariah Committee of BNM only approved the 1.0% and 1.5% hibah and all those promotional hibah of 2.2% and 2.5% are verbal approved. Isn’t hibah a discretionary incentive payment? Why 1.0% or 1.5%? The spin masters at GMSB marketing claims that 2.5% hibah is not sustainable, but between Sept. 2009 and December 2010 they were working on 2.5% rebate. Are they now telling their customers that their business model is not sustainable, but they are doing it anyway?
4. Genneva S.B.
Where are all those who had parked in the RM67 million into G.S.B?
The ways things are going, the money is “colder than water” with the directors and their smart lawyers dragging the trial. BNM asked another outfit from Ipoh to find and return the money to the customers. Can they not do the same with G.S.B?
I was told by the high ranking top guns in PDRM that it was well covered by giving gifts amounts to almost 60m to various parties including themselves. As far as the park ins are non existings.
ReplyAs we speak here, the investigations unit is monitoring all these ‘spins’. Just have to make sure there’s no over spin.
ReplyWhen we BBQ, we monitor the fire.
And when comes to spin, what do we monitor?
Reply
The company will be revising the hibah to 1% in the next 6 months, and the comm will revised to 0.3% , now in case u all didnt realize the 2.2% promo is only for new customers, which means its meant to increase the database. After the company had roped in all these database and they will start implimenting the new rates.
ReplyGMSB is reporting institution to BNM. It is recommended by BNM to do so, thus BNM can still protect the banks for a more long term for GMSB to stay in business. If the banks is ever putting up challenges for BNM and GMSB it’s not going to be long term for this platform to exists isn’t it?
ReplyThe 3 Dato’s are still running the show and the RM67 million “parked-in” fund is no-where to be seen but
those who who parked their money with Genneva
seems to remain eerily eerily quiet. The court case is
being dragged and one fine day will be “settled” to
everybody’s satisfaction except those who had parked
their money with Genneva Sdn. Bhd. Behold GMSB rises
from the ashes to rule the goldco market. Maybe GMSB
is trying beat the Madoff record for the longest running
ponzi.
But I do not think so as the chameleon had changed
its colour too often.
Let the customers and consultants beware!
Hi All,
This is for investors who got stuck in GSS.
Some have been abandoned by their agents.
Some have been told to come up with more money for land banking.
If this does not sit well with you,
I have a more legitimate solution if you are willing to keep an open view.
You can contact me @ [email protected]
ReplyI always know the 2 dominators in the agency francise are not trust worthy, they will bullshit for their own benefit.
Reply
i had an oppertunity to see Tuan Haji outside the office this morning, he was waiting for his driver to bring over the car, i had 30 seconds oppertunity to say hi and ask him a perculiar question. i asked is he going to get someone from ministry of finance to propose a movement to impose a crunch on the competitors goldco? He seems puzzled and asked me who said that? I answered it was mentioned in the meeting, he smiled and shake his head. he said a statement i wanna laugh, he said ” dia orang ingat i ni PM ke?” …lol , so ladies and gentlemen, out of 10 worlds the 2 fellas says in the meetings, we can only listen 5.
ReplySomehow i just got this feeling this two buggers bullshit their way to keep the spirits in the agency force, so that their overidings will ever reigns.
ReplyJust unbelievable! So much shit after shit in this god forsaken company. So after the 3 directors trial we would wait for the Tuan Haji trial?
ReplyWhoever posted the “black file” to MACC must be holding a copy just in case the MACC does not act and the file goes “public”. MACC would not want to be holding such a “Hot Potato” unless instructed by their political masters or told by the AG to keep acting dumb. Your call, MACC and the fearless Chief Commissioner.
ReplyIt s since 2 weeks ago already the hot talk amongs the LTK community.So its not some well hidden secrets so to speak. A ‘black file’ containing the ‘unaccounted money’ from LTK was discovered that involves the chairman’s taking was then posted to MACC, so its up to them if they want to blow this case on him, just like Chan Kong Choy with PKZ. Its definately a work of the ENEMY. I m just amazed with the tactics and strategy to get ahead of the game. These guys are brains.
Reply
Based on what Woo and magnum PI is trying to say, i also heard of a serious allegations on the Tuan Haji of SGV, something started 3 weeks ago but like they said, its a sensitive news, so we dont reveal it here unless we have it solid.
ReplyDear Nathan kadair,
i wish to know more of this ..
can share with me of this news?
here was my email..
thanks..
Reply
i know bout it last week, am i not surprised now starting to spread.
ReplyWhat else have you heard or never heard that’s going to make a difference … ? Please enlighten, if you have the wisdom to do so.
Reply
The Gold Label Pte. Ltd Singapore. have applied for Insolvent Voluntary Liquidation on the 8th of February 2011 and only official announcement was made yesterday, 15 Feb 11 in Business Times.
During the meeting of creditors held on the 8th of February 2011, the following company was appointed the liquidators:
SK Lai and Co.
8 Robinson Road
#13-00 ASO Building
Singapore 048544
Mr Lai Seng Kwoon
Tel: 62365710
Fax: 62267030
Email: [email protected]
If you have any queries, kindly direct them to Mr Lai Seng Kwoon.
A story on how TGL Singapore get into Voluntary Liquidation.
1. Sometime in July 2010, Wealth Foundation, one of the marketing arm of TGL, found out that TGL is not making profits. Wealth Foundation Singapore sold more than 70% of TGL’s Gold sales from Dec 2009 till July 2010. Wealth Foundation management decided to stop marketing TGL Gold effective from 15 August 2010. This event led to a sudden fall in new sales and created high sell-back. This is like a tsunami run by Gold clients on TGL. TGL was left with more Gold bars and their cash flow was seriously impacted.
2. TGL continued sales to try to rectify the issue of high sell back against lower sales. High sell back of millions were expected for November and December per month.
3. TGL has immense inherited problems because the directors admitted that the margins from the sales were not churned, leaving company unable to fulfill payments.
4. The October 2010 sales attempt fail to address high sell back situations but created another high sell back situation of sell back amounting millions in January 2011.
5. Directors of TGL resigned in mid-November 2010, leaving two investors who came in with investment and apply turnaround strategies and change the business model of TGL.
6. Part of the turnaround strategy included an informal SCHEME ARRANGEMENT to request sell back clients in December 2010 and January 2011 to accept delayed rebates and pay outs by 9-12 months.
7. In December 2010, TGL stop sales to deal with immense inherited issues and debts, and amidst negative reaction from customers and ex-agents with threats of lawsuits.
8. 8 Feb 2011, TGL filed for Voluntary Liquidation. TGL Singapore is in history now.
Coming back to Genneva Gold Singapore. TGL Singapore down-fall in Feb 2011 has created a major lack of confidence by Gold clients in Genneva. I believe there is also heavy Gold Sell-Back on maturity at Genneva Singapore. I will be very surprised if Genneva Singapore is still operational by July 2011.
Cheers…..
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Dear all, again… this gold thing is a GAME that none of us can afford to play any longer… I had my lesson learned as TGL investor and I risk myself (I got ways to find out which cant disclose till… is my special professional skills, pls do not ask, I not for hire) to discover the truth and it really scare me… Is just too sad to see my friend took his life away after his gold career “religion” failed him and putting him into all unbearable financial and social disaster. The only reason I did this is to put my friend soul rest in peace… Not for vengeance…I saw the unimaginable effect to my friend when this thing fail suddenly… And is not a 1 off pain, a good analogy is the tsunami in Japan, it builds the momentum, hit you and the aftermath is … you can’t see the end till it really ended…
DEJAVU .
GOOD LUCK and GOD BLESSED…
ReplyKilled himself? o.O
Who is the agent?
If that is true how about providing the agents name?
ReplyTypical of the Genneva addicts, selfish, calleous so-call human without humanity, live and let die. Let the customers and consultants beware. These are the merceneries who fatten their bank account on your participation in their scam and let you suffer the consequences.
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i know of one agent who went onto depression of losing his monthly income of 30+k a month, as it is not bad enough, he has 20 clients stuck in GSS. He is bombarded by the angry clients on daily basis. He took sleeping pills by the bottle and never woke up.
ReplyCan that story be sold to Hollywood and be made a movie out of that? The royalty from it may easily help the agent’s customers and family …
What do you think?
ReplyI think Woo knew of something which i think i also knew. I think he is genuinely trying to warn others of the recent devalopment,not about the 3 Datuk trial but something else. What we both knew probably we cant mention here online unless we present it in solid evidence.
Meanwhile we cant get it into presentable evidence yet, we can only verbally warn. By the time we can find it in solid evidence to put up on the net probably is already too late.
I am very concerned for the future of those with very high exposure to this scheme and by the look of it the simple arithmatics tells an alarming story. I do hope you can share and maybe together we can help the “adicts”. my contact is : [email protected]
ReplyWoo,
I just need justification on your comment, i will not ruled out the fact that GMSB platform may go sour one day, but based on what factor that could turn this whole thing upside down?
We just dont want false alarm after we all exited our clients.
Just like a earthquake warning, should we have evacuate the entire town, have to based on the facts to supports it, solid one if possible.
Reply
Anyone here knows any clue how the ‘formula’ of the gold scheme works?
ReplyFor a start, they make 25% profit when you buy the gold.
New buyers keep coming in and hand them the 25% profit.
The gold you hold is making money for them as long as the gold price keep to the upwards trend. They sell the gold to the customer, make 25% profit and when the customer sells the gold back to them at cost and buy it back at the new price prevailing at time of re-purchase/re-balancing.
This is concept only, pls study TGL sales training, you get more solid explanation until it can become a religion..
ReplyThis is concept only, pls study TGL sales training, you get more solid explanation until it can becomes a religion to agents & even professional investors… before it burst… due to the master mind wanted to harvest all $ & hibernate for next seasons. Check out those TGL directors’ own assets and new business.
ReplyMs.Lee and all, my advice before the case sharing is on line. if you still in this biz, told yr client to liquidate all, get cash back before too late. I personally attend my TGL agent funeral, he killed himself after his gold biz career religion turned… I also went to SGV and IMHO, SGV is far below standard in all areas. SGV mostly support by pasar grade and this class of ppl are… You should able to guess their reaction if things turned bad.
Reply
I totally agreed with Woo, Dear investors, please liquidate your Gold and take back your cash before its too late !
Reply
What’s TOL? Care to elaborate?
So far, we knew of TNS – Tiew Nia Seng but what’s TOL?
Reply
Got some more stalls putting up at public bank subang. They don’t seems to care, don’t they?
ReplyDo you? Do you care?
Why not you take some photos / video clips and post it onto YouTube and Facebook?
That would be very interesting …
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I cant imagine if the boss really play us out once he have suffiecient business, those who quit their fulltime job for this will die. All these play out agents and distributors are not rare in the MLM and agency structure platforms.
Reply
I remember seen some advertisement for recruitment for sales exec by Samudra, so I think their plan is undergoing.
ReplyDear Magnum P.I.,
The commission paid out is like opium/ganja. Once in, no out. It is just like driving into a narrow dead end street with many cars following. Imagine those people who are depending on the commission to pay for their house purchase loan, car loan, credit card, holidays. Many have given up their regular jobs for the easy money, including Uncle Teh’s Mutual Fund sales agents. well, where there is a beginning, there is always and end. Good luck.
ReplyWhy all these cry foul? In the first place have any of you have any idea how long does this agency franchise can hold in tact? The big boss is not very appreciative of the efforts you all have put in. His idea is get as much clients in as possible, then destroy the competitors and dominate this business, the next thing he has in mind is eliminate high paying agents on monthly basis. Imagine he pays 8-9mil of comms every month. If he employs 100 full-time staffs to do the servicing he saves at least 5-7mil a month while the existing customers have no where to go and the company don’t need you agents. Time to wake up.
ReplySo when we agents promote the scheme out there, dont ever potrey that we are all legal and above board. Prospects and clients can do their own research. One email reply to them is enough to tell them. in the end we are the ones inherit the shame of trying to potrey phony status.
ReplyI personally known Mr.Fernandez, i have asked him before to what extend of the legality is Genneva Malaysia? he answered theres no proper signed documents from the board. Its more of a verbal OK from the people in power from BNM. It is only rightous to legalize a company under the BNM wing if the were endorsed by the members of the board or in other word the bankers themselves. Anyone can buy a scheduled institution company, what to define as a scheduled institution company?
To define it in a nut shell, it is a franchise offering by BNM to those who wish to do financial related business. They are not licenced nor approved by the main board in BNM. It is a so called franchise product/plan sold by BNM for revanue. thats why there no deposit taking allowed unless the fanchise holder specially apply to do so. As for the case of Genneva, they have bought over an abondoned fanchise and turn it into GMSB and then claims they are legal.Thats why they still hide themselves under the radar and not to be seen selling in public. No approval in endorsement by the relevant people yet. A verbal ok by the some cronies in there wont mean anything.
U see they claims they are above board and legal but always they have to keep under the radar not to be seen in the public. They have to oparate like a secret society. Doesn’t look very above board to me. Land banking companies which are not even above board have been seen in many roadshows and no issue. So that leads to a question, really how above board are they?
ReplyIn view of Mulan’s question, is other non scheduled golcos safe from the authorities?
My two reliable sources, Mr. Charles Fernandes from Jabatan Peguam Negara and Mr.Wong from Ghulam & Wong (Panel from the BNM legal advisory board) I would not bother to seek advice from the so call legal advisor that gave a talk in GMSB training, he will say whatever KC wants him to say.
The answers from the two panels:
1. No goldco in the country is absolutely above board, there’s no definition to it. So far only one goldco who claims as scheduled institution are not yet or rather not at all approved by the board in BNM. I mean absolutely not yet approved by the board of bankers and HODs. It was previously Dimension Sentosa Sdn Bhd, a previously scheduled company that was abandoned for inactivity until purchased by GMSB. So there’s no passed resolution by any of the board in BNM.
2. Based on the claim from the smart Alec lawyer who says probably the finance minister would sign a movement to only allow scheduled institution to operate gold trade. Ok, imagine that the minister had taken a sweet deal and went ahead with it, there’s still 2 more things involved, the goldsmith federation (FGJAM) must also agree and put on a balotting poll from the goldsmiths including Poh Kong, Tomei,All the goldsmiths members of FGJAM, maybe even Public Gold and even Au Niaga and other similar goldcos.
3. As you all know now the gold trade is not in BNM purview, simply BNM prefers not to polk their nose into every goldcos to stake out and monitor as it involves a lot of man power. Only when there’s reports and complaints they will act apon.
Mulan,I hope that answers your doubt
3.
Reply
Are you gonna log in using a new name April this month and yet another new name, i.e. May the month thereafter?
Please advise … LOL
Reply
hi all.
I m suppose to join Genneva but after all these comments i m abit scared. So many conspiracies. If another co Au niaga is it safe as far as authoraties is concerned. Anyone can advice?
The roadshows promoters outside the banks could be agents belonging to PL and KC’s group, I actually saw one of them and I recognized the face, he is one of their group people. So forget about taking pictures and report to the two jokers. I think we are seriously deceived somehow. Donno who to trust nowadays.
ReplyAm i not surprised, in the first place when one of them says that they will take the photograph and report to police, i m just wondering, the company now dont want to even face the police and trying to put on low profile in front of PDRM.
Furthermore, the 2 leaders that mending the agency force are now trying to maximise the overiding and sales so rapidly and i think they are trying to harvest as much as possible before the ageny francise calls it a day. In my expectations the devalopement of it will be soon after the trial next month.
Reply
So that’s why we have to join Au Niaga lor. Shift half of our clients over just in case the company play us out.
ReplyDear All,
With GMSB/SGV and all the chameleon versions, the iron rice bowls are only for those in the Mafia clique. They consider all the rest “soh chai” and tell you plainly your service is not important to them, with or without you, their iron rice bowl is always there. They slap the hands which keep on pushing money into their pockets. They condone sleazy deals if it is their “machai”. All others are subject to instant termination. Witness the case of Yap with the double billing. Is he the only one involved in the double billing scam? Think of how GMSB is going to do away with all of you by having their own in-house sales team managed by the Mafia clique. They already have all the customers’ database. The non Mafia type are only treated as a temporary inconvenience. Beware, that you iron rice bowl may not be as permanent as theirs.
This is definitely a fake version of the reply. I also have the copy of it and it’s much longer and the date and time are same. The agents are playing a dangerous game involving the company and BNM. If Zeti see this is bye bye GMSB.
ReplyAiyah, the mafia can do everything. It is do as I say and not do as I do. Remember, the double billing opportunity given for those who sold their gold “to third party” at 20% discount after the Genneva raid. How many of the Mafia fraternity are involved in the abuse of the system and yet only some like Mr. Yap are singled out for “kick-the-fella-out treatment.
For Sudra
Why don’t you bring the letter to BNM and ask them which of the letter is genuine? If you are a consultant, please get a third party to do it as BNM is riddled with those in their payroll, including the Syariah Committee.
WTF? That is not the original email response i have. I can see its been altered and edited. Some lines there are very sensitive especially the part that says the gorvernor gave them the licence. That is edited. Some idiot must have changed the content of this email to be used as marketing material and misled their prospects, have u noticed the spelling errors?,however someone must have got hold of those altered email and sent out to the bankers. Wait til Zeti sees this, god have mercy on them.
below is the original version that was circulated by the agency leaders :
—– Forwarded Message —-
Sent: Tue, February 22, 2011 1:18:49 AM
Subject: BNM clarification/FI
———- Forwarded message ———-
From: BNM Telelink
Date: Thu, Feb 17, 2011 at 12:44 PM
Subject: RE: clarification/FI
To: “basyiroh a.m”
Puan,
We refer to your e-mail dated 15 February 2011.
We note that you have raised issues with regard to the gold bar
trading and also the business operations of Genneva Malaysia Sdn Bhd (Genneva) and a few other companies which are claimed to have similar modus operandi i.e trading gold with promised profit.
First of all, we would like to inform you that buying and selling gold or silver is not under the purview of Bank Negara Malaysia (the Bank), thus the Bank does not issue any licence to any company who wish to conduct such activities.
However, if the gold/silver trading – investment scheme clearly offers investment opportunity by collecting deposits from the public and investors are promised investment returns/profits within a certain period of time, whereby the original investment will be refunded or in other words if a company appeared to be involving in illegal deposit taking by using gold/silver to camouflage its activities, it maybe contravene section 25(1) Banking And Financial Institutions Act 1989 (BAFIA).
We have investigated numerous instances involving companies having illegal deposit-taking and trading in gold as their underlying products that might contravened Section 25(1), BAFIA such as Genneva.
For your information, we also monitor these activities very closely and we will not hesitate to conduct investigations should a company appears to be involved in illegal deposit-taking using gold to camouflage its activties.
We note that Genneva has made the following statement:
“The company has fulfilled all requirements and has been given
approval by central bank as scheduled institution under Section 21(1) of the Banking and Financial Institution Act 1989 (BAFIA). We are also a company being classified under First Schedule of Anti-Money Laundering and Anti-Terrorism Financing Act 2001 as a ‘Reporting Institution’ “.
For your information, a scheduled institution has to notify Bank
Negara Malaysia (Bank) for its operation under Section 21(1) of the BAFIA. However, we do not regulate its activities. In this instance, Genneva just submitted its application for a change of name as previous notification was made under the name of other company which was acquired by Genneva. The activities described in the application is to conduct the leasing and factoring businesses. Genneva, does not require the Bank’s approval to conduct the gold bar trading as gold trading is not under the Bank’s purview as mentioned above.
Thus, again we would like to take the opportunity to inform members of public that gold trading is not under Bank Negara Malaysia’s jurisdiction. Members of public are to be reminded to be more cautious and scrutinize the risk associated with the gold investment before joining any investment scheme which promise higher returns in short-term period.
Investors are advised to check the background of the company and legality of its activties with the relevant authorities to ensure compliance of laws. For example, investors could check with
authorities such as Companies Commission of Malaysia (CCM) with regard
to the registration and company business activity registered with CCM.
Investors may also like to check the company’s financial track
record including its sustainability to pay return on investments .
Investors may obtain such information from CCM and/or from the company itself through below documents:
i) Audited Annual Reports
ii) Memorandum of Association
iii) Article of Association
iv) Form 49 – List of Directors
As a gold Investor, he/she is advised to check pertinent issues
regarding the company gold operations such as:
i) The source of the gold – where does the company
obtain its stocks?
ii) Body that certified the gold purity
iii) Verify the certification by contacting the party
who issued the certificate
iv) Verify with goldsmith on the gold purity
v) Why does the company sell the gold at premium?
vi) Is there any return promised to the investors?
vii) How does the company generate profit from its operation?
Investor may report to Ministry of Domestic Trade, Co-operative and Consumerism (KPDNKK) if investor has evidence regarding the poor quality of the gold bought by them as it is under the ministry’s jurisdiction for any dispute on products quality.
We hope the above have clarified the matter raised.
Enclosed are the tips for consumer on the financial matters for information.
For more information on banking, insurance & takaful, please visit
http://www.bankinginfo.com.my & http://www.insuranceinfo.com.my
For more information on financial fraud alert, please visit
http://www.bnm.gov.my/index.php?ch=216&pg=701&ac=98 and
http://www.bnm.gov.my/microsites/fraudalert/index.htm
Thank you.
Jasidah Ahmad
BNMTELELINK
Bank Negara Malaysia
No Tel : 1-300-88-5465
No Faks : 03-21741515
Email : [email protected]
————————————————————————————————————————————————————————————————
DISCLAIMER: Any e-mail messages from Bank Negara Malaysia are sent in
good faith, but shall not be binding nor construed as constituting any
obligation on the part of the Bank.
CONFIDENTIALITY NOTICE: This e-mail contains confidential information,
which is intended only for the use of the recipient(s) named above. If
you have received this communication in error, please notify the
sender immediately via e-mail and return the entire message. Thank you
for your assistance.
———- Forwarded message ———-
From: BNM Telelink
Date: Thu, Feb 17, 2011 at 12:44 PM
Subject: RE: clarification/FI
Tuan,
We refer to your e-mail dated 15 February 2011.
We note that you have raised issues with regard to the gold bar
trading and also the business operations of Genneva Malaysia Sdn Bhd (Genneva) and a few other companies which are claimed to have similar modus operandi i.e trading gold with promised profit.
However, if the gold/silver trading – investment scheme clearly offers investment opportunity by collecting deposits from the public and investors are promised investment returns/profits within a certain period of time, whereby the original investment will be refunded or in other words if a company appeared to be involving in illegal deposit taking by using gold/silver to camouflage its activities, it maybe contravene section 25(1) Banking And Financial Institutions Act 1989 (BAFIA).
For your information, we also monitor these activities very closely and we will not hesitate to conduct investigations should a company appears to be involved in illegal deposit-taking using gold to camouflage its activties.
We note that Genneva has made the following statement:
“The company has fulfilled all requirements and has been given
approval by central bank as scheduled financial institution under Section 21(1) of the Banking and Financial Institution Act 1989 (BAFIA). We are also a company being classified under First Schedule of Anti-Money Laundering and Anti-Terrorism Financing Act 2001 as a ‘Reporting Institution’ “.
For your information, a scheduled institution has to notify Bank
Negara Malaysia (Bank) for its operation under Section 21(1) of the BAFIA. Therefor, we have granted a Banking and Financial Institution licence for Genneva Malaysia Sdn Bhd with approval form the gorvernor.
Members of public are to be reminded to be more cautious
and scrutinize the risk associated with the gold investment before joining any investment scheme which promise higher returns in short-term period.
We hope the above have clarified the matter raised.
Enclosed are the tips for consumer on the financial matters for information.
For more information on banking, insurance & takaful, please visit
http://www.bankinginfo.com.my & http://www.insuranceinfo.com.my
For more information on financial fraud alert, please visit
http://www.bnm.gov.my/index.php?ch=216&pg=701&ac=98 and
http://www.bnm.gov.my/microsites/fraudalert/index.htm
Thank you.
Jasidah Ahmad
BNMTELELINK
Bank Negara Malaysia
No Tel : 1-300-88-5465
No Faks : 03-21741515
Email : [email protected]
————————————————————————————————————————————————————————————————
DISCLAIMER: Any e-mail messages from Bank Negara Malaysia are sent in
good faith, but shall not be binding nor construed as constituting any
obligation on the part of the Bank.
CONFIDENTIALITY NOTICE: This e-mail contains confidential information,
which is intended only for the use of the recipient(s) named above. If
you have received this communication in error, please notify the
sender immediately via e-mail and return the entire message. Thank you
for your assistance.
I also have the same email given by the company but its not like this, it bears the same date and time of reply. Its fishy.
ReplyDear Nur,
This sounds funny, I think could be another sabo. U should copy and paste for us to see if u have the email.
ReplyBNM does not sent e-mail other than from the BNM Telelink. GMSB is looking to buy a bank but it is a foreign bank not operating in Malaysia. So when does GMSB become a “Financial Institution” Maybe it is from Datuk Trio.
ReplyMy COO got an email reply from BNM sent from unknown source, it says there that gorvernor Zeti has given a license and approval for GMSB as a financial institution. The list of recipients were the people from the banks. He is checking with BNM on this.
Reply
There’s a saying goes,don’t put all your eggs in one basket. AuN is eager waiting for the SGV agents, lol
ReplyA lot of my fellow consultants are already selling Au Niaga, I think this is an option I have to see.
ReplyDear BOok of Eli,
what iis that Au Niaga?
anothers Gold Co same like TGL and Genneva?
Dear Busybody,
Au Niaga is the new goldco that SGV’s KC was saying that if any SGV consultant or senior consultant were seen to be visiting, their service will be terminated with immediate effect. It is located opposite Pearl Point in Old Klang Road and located in the row facing OKR, in the middle of the middle of the row and about 6-8 shops from the corner bank on the top floor.
Liew Chee Wah, one of the ex-director of Genneva Sdn. Bhd. is a director with a “big sponsor”. Madam Wong, one of the top ex-Genneva/Samudra agent is running the marketing. It is offering better incentives and commissions than GMSB and definitely not using Mafia tactics. No PL/KC/CTan clique there which actually hound Mdm Wong out.
Dear Mei May,
Thanks for the information..
now i got it…
recently GMSB was offering 2.2% and 2.5% cash rebate for us to promote with the due date on this 28 march until 1st of april.
i truely believe that after the newspapaer case. GMSB was totally no business..
that why they started thinking strategic such like 3 month promotion with 2.2% rebate and etc..
I went up there for a BOP and I see almost 80% people there are from SGV. I complied to the SMS sent to me on their recruitment campaign. PL and KC surely damm pissed of with them. Now they have a lot of SGV agents already selling for them.
Reply
Dear Sir, if u like to buy PAMP Suisse 999.9 gold bars (casting or minted), kindly call me at +60192382692. We, Safa Ikhlas Trading, authorised reseller for PAMP Suisse precious metals product for Malaysia. We offer fiscal gold at world spot price + 2% margin.
ReplyDear Book of Eli,
can i have more details of this Auu Niaga?
or have this Company’s having their website??
thanks ..