Genneva Gold

TC says 13 years ago

Genneva has been placed in MAS’s Investor Alert List.

http://www.moneysense.gov.sg/check_our_list/Consumer_Portal_IAL.html

Search for Genneva.

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nanda kumar says 13 years ago

wow, this site was abondoned too long !

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Lee Mei May says 13 years ago

Dear All,

1. Gold BEAM is a creation of the SGV/Genneva chameleon in order to manipulate their selling price. The last 2 trading days saw the LME spot prices going to USD1362 per ounce, but this goldco is still selling at RM171 per gram a mark up of nearly 30%. That maybe the reason KC was always saying the risks to the customers is maximum 30%. If the LME spot gold prices drops further, there is no telling if Gold BEAM will mark it to above 30%.
2. Au Niaga’s major shareholder may be big and strong. A hint given by one of their agents is that Au Niaga may next be protecting customers with insurance from Berjaya Sampo. Anyway, Au Niaga, at this stage, appears to be more customer and agent orientated. The risk is that the customer has to leave the gold with the goldco one day a month (or every 3 months depending on the rebate agreed) for “turning”. Gold price charge is FGJAM+;
3. The outfit in Klang is Preferred Credential and their system is very simple. The customer buys gold from Company A. He then lease the gold to Company B and collects 5% per month leasing fee from Company B. The risk is that the customer only holds a piece of paper. Gold price charged is FGJAM-.

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System Of The Down says 13 years ago

The part where the company hold the agent’s commision in ransom if they dont join in the Gold Beam member by paying the unnecesary RM490 seems to pissed them off. Thats where they see the ultimatum of switching to Liew’s company, innitially they didnt have this thought.

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Lee Mei May says 13 years ago

Considering the way the consultants and even senior consultants are treated, most of them cannot help but feel that the pasture is greener there. Anyway, their Agent 001 used to be a bright star in Genneva GV and SGV until she was forced to abandon the unethical practices common in SGV, including physical violence practised by the gang leader PL. Liew Chee Wah, the head honcho in Au Niaga was the one who set up Genneva GV and he is one of those indicted with the 3 Genneva Dato’s. I would like to wish all those who “migrated” the best of luck but they have to tread carefully and look into the history of those who are the power in Au Niaga to avoid serious pitfalls.

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Shahrouk Khan says 13 years ago

I have down lines joined Au Niaga,they don’t seems to care if they will be detected by the company or not despite KC said they will be photographed.They told me if the company sacks them let them do so. Really mind boggling aiseh..!

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Q says 13 years ago

There are many company’s agents joined a company in Klang, their offer is better than Au Niaga

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Sam says 13 years ago

If like like that tell the company and those very top top seniors to go to hell la,thypical chinaman attitude,only care about their own profitability.

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Lee Mei May says 13 years ago

Dear All,

It is most heart warming to see all your postings showing that the SGV/GMSB chameleon is not only taking and keeping their Genneva GV’s customers RM70 million and not honouring their black and white “Buy Back Guarantee” but has no respect nor appreciation for their very own consultants and even senior consultants. If you are not in the PLim/CTan/WTan/SYee/KC/SarawakJim Ron/JKow/Ipoh KTan you will be subject to all kinds of nonsense.
They use their Maju Junction partner as an excuse to cut down on the commission. The more you sell, the less you get as there is a plan to fix the commission at 0.5% and 0.3% for consultants and senior consulatants. The ruling clique has already taken the 0.4% from their own colleagues for sales from RM1.5 million to RM2.5 million. That is the reward for your success. They use their Maju Junction partner to pressure all their consultant and senior consultant when all should be working together.

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Magnum PI says 13 years ago

The noisy guy on leave or what? Kinda miss him

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Master says 13 years ago

Now I know why so many of their agents signed up with Au Niaga, I too won’t feel secure every time thinking they can sack me for any reason they like and lose all my commissions.

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Sudra says 13 years ago

What is the management is thinking? Any agent who is penalized,suspended,terminated and even resigned,who will benefit in the end? The COMPETITORS. Even a 10 year old would know this.

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Lee Mei May says 13 years ago

Dear Maniam,

The “Saviors” of the Genneva/SGV/GMSB can do anything and everything to protect their golden rice-bowl of 6-digit monthly income, including
1. Punching a white hair Indian old man in the Genneva office in a dispute over downline/customer. It is commendable that the victim did not respond physically;
2. Terminating senior consultants who are in competition with them using dubious “double billing” excuses when all those in the 6-digit monthly commission group are also involved;
3. Terminating those who point out unfair practices;
4. You can see part of their character in the postings of the noise man, the lack of culture, full of vulgarities and profanities and their inability to behave in a civilized manner. He claims to represent this group of 6- digit monthly earners;
5. They have cut off the 0.4% for Senior Consultants for sales up to RM2.5 million and pass the whole amount to themselves. The company used to pay 0.6% and consultants who qualifies to become senior consultants with sales exceeding RM1.5 million can collect the 0.6% and their upline takes the 0.6% x 1,500,000 = RM9,000.
But they are not satisfied with that now make off with RM10,000 every month and to make the consultants “happy” they reduce the qualification for senior consultants to RM1,000,000 and make them work harder to get the 0.4%. What a reward.
See how they attack “old Uncle” just as gangsters or the mafia will do.

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Maniam says 13 years ago

Hmm…it seems the company likes to sack agents, I heard it in the meetings too. I don’t know if the directors (Tan & the 3 Datuks) meant this or the 2 seniors who runs the meeting cook it up?

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Grandmother says 13 years ago

Not only they will tell you to resign, the word “TERMINATION” also frequently heard in the meetings.

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Johnny Boy says 13 years ago

I think all these ‘resign if you don’t like it’ is only meant by P.L. , the company would be stupid to lose their consultants, simply because the investors will follow wherever the consultants go, remember the investors are their good friends and relatives, investors don’t have relationship with the company.

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Lee Mei May says 13 years ago

The consultants and customers should be asking the questions of :
1. Is the scheme of the goldcos sustainable?
2. Is it right to bring in your uncles and aunties with their life time savings into the scheme?
3. What happened to the RM70 million “parked” into Genneva GV?
4. What happened to the “Buy Back Guarantee” issued by Genneva GV?
5. Are you dealing with the same outfit as that operating Genneva GV?
6. Is the attainment of the “Senior Consultant” status of any value to you financially since until you hit the RM2,500,000 mark, all your 0.4% commission goes to your upline? You only benefit from the 0.4% for group sales above RM2.5 million.
7. What makes the Sales and Purchase of gold “Syariah Compliant”? Is it by reporting to BNM every 3 months? Is it any different from what is currently done by the goldcos except for the “hibah” and the “Agreement”?
8. The “Dare” by P.L. is playing on reverse psychology born out of arrogance and his “vision” of his “unshakable” position.
9. The SGV/GMSB outfit is banking on gold price going up and therefore is operating one of their schemes with 2% rebate with price revision done monthly even though the tenure is 6 months.
10. The marked up price by Gold BEAM is way too high and that is the reason noise man KC keep saying the risk to the customers is up to 30% which is not true because if the goldco were to go out of business on a price downturn it can be more.
When a customer is holding on to the gold and under pressure to sell, then the demand and supply rule applies. Remember, with RM560 million sales, using an average of RM169,000 per kg, there is about 3,314 kg or 3.314 tons of gold out there. For the smart alacks, who “pawn” their gold to go several rounds, it will be exciting time.

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Ghafar Baba says 13 years ago

I too an agent of the company,only 2 months old. The first ‘forum’ I attended at one fine Tuesday evening already shocked by this statement by this Philip saying you can leave if you don’t like it. Wow! Is the first thing in my mind. The last time I heard this was 10 years ago when I was with Malaysian Airlines when we all deprived of the yearly bonus,the CEO give a harsh statement “if you don’t like it please hand me your resignation”. Even that everyone branded the company as tyrant. Looks like this one here is no different.So what is Philip or voice & noise man going to tell me when he sees this comment? Please resign?

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Lee Mei May says 13 years ago

Dear karma-Sutera,

“If you don’t like it just hand in your resignation letter and I will accept it immediately” says P.L your friendly Marketing Director.
The consultants are the one’s who bear the blunt of meeting and getting customers, but what a lousy deal you get.
To get to be a senior consultant, the consultant has to :
1. A Gold BEAM member which not only sets you back RM490 to start but RM240 for every subsequent year. Moreover, Gold BEAM set the price sky high, nearly 30% above LME spot prices;
2. The consultant qualifies as a senior consultant with RM 1 million monthly sales. Even after qualifying, the consultant does not get the commission as senior consultant but remain at the consultant level until his monthly sales exceeds RM2,500,000.
Example, if the Senior consultant has 4 consultants, each selling RM500,000 per month and he himself does RM600,000 per month,
3. Must have personal sales of more than RM150,000.

Each consultant under him will get 0.7% x 500,000 = RM3,500
The senior consultant will get RM600,000 x 0.7% =RM4,200
+ RM100,000 x o.4% = RM400. Total RM4,600
His upline collect 0.4% x RM2,500,000 = RM10,000

That is the reason noise man and his merry gang of daylight robbers will use any means, including, vulgarity, and downright profanity, to protect “the platform” and the goldcos stands on their side because they can hold it to ransom

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Karma-Sutera says 13 years ago

Hey Noise above Voices, there’s no need to protect this site, I m also an agent with SGV too, I have no doubt about the company,I have no doubt about the operations,I have no doubt about the compliances. The only thing that is in dissatisfactory is the way the management treat us. As they like they will just announce a commission slash,ok now they reverse it back,if it’s not for the mass opposing do you think they care? Then the RM499 of Gold Beam fee that shuved down our troat, it doesn’t help us agents but to mark up the price more and made it more difficult to sell in the market. Of corse people like you there is already high up and look forward to the addition 1k increament per senior that concludes at 10k from previous 9k,and we agents just started will have to deprive for your good.And after all these the best you can say is “if you don’t like it can leave”. Right?

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Boon says 13 years ago

As long as Ng Poh Weng is still there the company is still dangerous,period!

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Magnum PI says 13 years ago

Well Ms.Lee Mei May,I know that Dimensi Sentosa is acknowledged by BNM, thats why SGV bought it over. Still, like u said theres a whole lot of ‘crap’ unexposed with in within SGV and Genneva S.B. itself. The heat will be turned up on BNM. i wont have to do that, their ex-director and some staffs whom were expelled unfairly during their crisis time is getting to that. They have what it takes to do it. We just sit back and watch rather than wasting our time moderating this site.

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Lee Mei May says 13 years ago

Dear Magnum PI,

The way to turn on the heat is to unfold the violations of the chameleon Genneva GV/SGV/GMSB…….
1. How Dimensi Santosa was incorporated and morphied into GMSB?
2. How a Leasing and Factoring programme is changed into a Sales and Purchase programme?
3. What happened to Genneva GV’s RM70 million “Park-In” fund?
For you information Poh Teck Ang, the local Jim Ron, is in the 6-D monthly income Club busy pulling the wool over the East Malaysian eyes.

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kw says 13 years ago

I have stopped reading his noising posts long time ago…

The more he writes, the more it shows SGV got something to hide…

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Voice Above Noises says 13 years ago

we must admit that we are rather surprised that the hopelessly-ignorance talked about the ethical way of doing business.

what about the ethical way of making comments – minus spinning the truth, minus perpetuating the lies and minus the baseless allegations, minus the dangerous insinuations and lastly, but not the least one of course, minus her own nuisance in the form of her own noises?

think again …

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Lee Mei May says 13 years ago

This is a forum for exchange of information and knowledge on the sprouting goldcos including but not limited to SGV/GMSB, and the newly minted Au Niaga. The noise man is an aberration, all sound and fury, signifying nothing. Just ignore him for all the venom and vulgarity he exhibits to protect his 6-D monthly income. Let us together put in our contribution to help to get a better understanding of this business and maybe the outcome will be a more ethical way of doing the gold business than the jungle that we now have. In view of the unbearable inflation, people are trying to find a way to protect their purchasing power. Gold and Silver are the 2 pillars, but let us sort out the wheat from the chafe.

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Magnum PI says 13 years ago

I think we all should just stop posing on this site, the noise guy just seems dominate this site with pro-Genneva claims, we should just refer direct to BNM.

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Kenny says 13 years ago

i m not going to reply or comment on this noisy guy, its a waste of time, i would just paste his message on BNM feedback columm,like Magnum PI is doing. he is invisible in this site.

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Lee Mei May says 13 years ago

If gold hits USD1700 per ounce, the goldcos will be selling at RM210 per gram
June 2011 : RM210 per gram
10/01/2011 : RM170 per gram
Top up : RM 40 per gram
Of couse you can reduce your gold grammage. Is this your way ahaead?

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Lee Mei May says 13 years ago

Gold is expected to hit USD1700 per ounce with another round of QE2 (Quantity Easing) as reported in Kitco.
Do you get the benefit if you buy gold from the goldco?
Are you protecting yourself from the inflation and loss of purchasing power by “leasing” from the goldcos?
Assuming that the “Leasing” of gold is legal, is this your road to lauging all the way to the bank. At least the Goldcos and Con-Sultants are and the customers are the ones assuming the risks.
Of course the Goldcos and Con-sultants wants to protect their golden rice bowl. So to all customers, happy investing!

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Lee Mei May says 13 years ago

Dear All,

Did you see the note from the noise man at 0915 hours on 09/01/2011 to say that he is not “Pro-SGV” and is from a “modest group of investors”. Imagine this guy is so desparate as to resort to vulgarity and foul language to protect his platform to keep earning his 6 digit monthly income now come out with this “modest investor” low down. If a Senior Con-sultant can lie through his teeth, how are the gold customers able to put their trust in him?

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Lee Mei May says 13 years ago

Hey noise man,

What the getlemen said was to cut and paste your comments on the BNM link Sorry to say, it is your comments which are corrupting the link. Please feel free to visit the link and read your very own vulgar, “kurang ajar” inputs. Nevertheless, the fact still remain that :
1. Genneva GV had through their agents who solicited their customers to put a whooping RM70m into the part-in which is basically deposit taking as no gold was given to the customers who paid in full;
2. The all new Genneva Malaysia Sdn. Bhd. is leasing the gold to customers who had paid in full for the gold. This Syariah Complaint Ijarah under the leasing and factoring platform is touted to be BNM approved and 100% legal and Halal.

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Voice Above Noises says 13 years ago

The noisy-bitchy, hopelessly-ignorant spun so fast that she lost her own very thread every now & then. Now she believe this & that, now she advocate this & that, now she this & that.

She keeps making noises to mask the clarity of the matter, at the same time, keeps barking up the wrong tree and even even went to the extend of making baseless insinuations and what shall we do?

Nothing – just let her keeps coming. She shall trip herself pretty soon just like Magnum PI & Kuchi-rek did with their expressed, written intention to corrupt the government links! Wow! LOL … what a news!

====

Note: we are sorry that we disappoint you morons. we are not whoever this KC that you morons thought of. we are just a modest group of investors who are not pro-SGV at all but rather, TOTALLY AGAINST IGNORANCE AND PREJUDICE. we write because we know we are not the consultants nor the agents and thus, not being biased and it only goes to show how PREJUDICED AND BIASED you MORONS have been and still are.

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Kenny says 13 years ago

Wow,so the government knows how much these gold boys are making nowadays huh,so they will leave no stone unturned

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Suhaimi says 13 years ago

Hi everybody, i m not here to smear or what so ever. My wife is a consultant too with SGV so theres no such intentions. I m a staff of LHDN, i only wish to inform all of u consultants with SGV or any other goldcos that LHDN with the directive from department head had been ordered to check out the consultants on taxation, pls make sure that your tax report are up to date. Although the company provides us list on consultant’s earnings but many will just ignore and hope nothing will happen. I hope not. It is coming to June when LDHN will round up the checking and take actions after that.
regards

Suhaimi

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Lee Mei May says 13 years ago

Dear Richard,
Please tell that to all those who contributed RM70m to the Genneva fund and who had been waiting since 21/07/2009 for news of getting back their money. Please also tell that to those who had paid the marked up price for their gold just before 21/07/2009 and had to take a discount of 20% even though they had a written “Buy Back Guarantee”.
Now, the ride is getting rougher :
The customer pays fully the marked up price for the gold;
The customer gets to hold the gold (colleteral);
The customer does not own the gold (only lease);
If the goldco goes belly up, the secured creditor can demand the gold back.
This is a pure abuse of the leasing and factoring term and the goldco claims that it is “approved” by BNM.
Of course, the Con-Sultans will go all out to promote this to their customers who will carry all the risks while the company gains from any gold price increase. Please tell all your customers, whether Genneva has any income other than from the money paid by the gold leasees. If not, then let the customers beware. As the Lioninvestor said “the later investors pay for the earlier investors” plus of course the agents and the Company. The Con-Sultans will soon be enjoying the life-style of the “Sunshine Empire” and all these paid for by the customers.

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Magnum PI says 13 years ago

i found a new hobby, i have copied all those noisy comments of noisy man and paste it on the BNM link. whether they see this as a joke or whatever i dont care. i just want to corrupt their comment/complaint link with whatever the noise of this noisy man. The more SGV things mentioned by this noisy man the more corruption on the link,if they get annoyed then let mr KC or the directors of the company answers them. anyway it was his noises.

any of u wanna join in can go to http://www.bnm.gov.my and go to the feedback link. seriously i dont want to do this,its none of my business, but the noises by this KC is too much.

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Richard says 13 years ago

Everyone seems to be missing the point.

Samudra / Genneva is nothing to do with gold investment.

It is a form of efficient saving using gold as collateral.

That is all!!! And it sure beats the bank as a return on your money.

Richard

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Jeffrey Lim says 13 years ago

Before investing their money, the first thing that any investor/customer should do is to check to see whether the company’s major source of income is just from the investor’s fund and from no other business activities. If this is so, then however fast they can turn their profit is only in respect of getting more/new customers. Bernie Madoff is one of the best in this field and he managed to go on for over 20 years. Can our whiz kids do better?

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Lee Mei May says 13 years ago

The noise man spin so fast that he lost his own thread.

Gold is the best investment to protect against the erosion of purchasing power by world inflation;
Silver is the best investment in terms of return. 2010 70% price increase.
The goldcos give you the rebate or “Hibah” but take all the profit and the customers are not protected from inflation and still have to worry about balancing at the end of the tenure. Moreover they ar taking all the risks. Genneva was capable of rolling the RM70m from the park-in customers and is shouting it is BNM fault for stopping our deposit taking scheme as otherwise we would have racked in more.

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Lee Mei May says 13 years ago

1. The Syariah committe refered to is an internal organization of the goldco as distinct from BNM as a government regulatory body;
2. The genuine goldsmiths and jewellers uses the Federation of Goldsmiths and Jewellers Association of Malaysia (FGJAM) which operates in the Klang valley sets the price at RM166 per gram whereas the Gold Bullion Entrepreneur Association of Malaysia (Gold Beam) has for 03/01/2011, the first rading day of 2011 set the price at RM179 per gram;
3. In business the mark up is always calculated as follows :
Selling price = cost price x (100% + % mark up) divided by 100
In the case of gold beam, it is
Cost price x 100% divided by (100% – % profit)
The cost price used is not the gold bullion spot price but the goldco’s own buying price already with the agent’s mark-up;
4. The spin of “All of us stay in poverty” is fabricated to enrich the goldcos operating these kind of get rich fast programmes and their agents. These kind of programmes can only work when there are new substantial customers coming in regularly and when the price of gold increases at a rate exceeding the “Hibah” they offer to customers;
5. Can the customers trust this kind of goldcos? From history, the case of Genneva Sdn. can be a good example. Not honouring black and white buy back guarantee but using an associate to buy back at 20% discount. Not honouring interest promised to park-in customers and not even paying back the principal. The customers paid the goldco and not BNM so it is the goldco’s responsibility to pay the customers back their money. Now, the Senior Con-Sultan is even denying that Genneva GV is still holding RM70m of the customer’s money and is using this to roll their business overseas. Can this type of companies be trusted?

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Voice Above Noises says 13 years ago

For those in M’sia, read on:

===

The Star Online > Business
Saturday January 8, 2011
It’s wise to invest, but invest in what you understand

HOUSING INVESTMENTS
By THEAN LEE CHENG

IN the parable of 10 gold coins, a man of noble birth gave each of his servants a gold coin before going away to a distant land. “Put this money to work (invest it) until I come back,” he told them. On his return, he called each of his servants and asked what they did with the money.

The first said he had earned 10 times the capital given to him, the next five times. The third came and said he buried it in the ground. The master was very angry and asked him why he did not put the money on deposit to enable him to at least collect some interest. The third servant justified himself by saying that out of fear for his master, he did nothing.

Putting our savings in the bank may not be a popular option today but that aside, if the story of stewardship and investment was relevant in a simple agrarian society during biblical times, it is all the more relevant today.

The over-riding principle of that parable is that investing is not wrong. In fact, it is wise to invest.

The parable remains relevant because today, unlike before, all sorts of financial instruments are available. Although options may be limited when compared to the West, technology has allowed many to ignore national borders and many have invested globally. There is a need for wisdom and simplicity. Invest in what you understand.

Secondly, it remains relevant because the principle of investment takes into account the time element. The nobleman went away to a distant land. In those days, it takes time to travel from one place to another. He gave time to the servants to invest. It was long-term gains he was looking for. Consider the time element of your investment choices. Invest for posterity because it is a legacy that you want to leave behind.

Granted, the spectre of inflationary pressures then and today are vastly different. The world did not have seven billion hungry people. They grew their own food, unlike today where food prices are experiencing a spike. It is this volume in numbers feeding on each other in this pursuit for gains that gives the strength to this tidal wave that is just beginning to form in Asia. Be wary of mass exuberance.

Whether it is time deposit, properties, stocks or gold, we are all servants of the market. Conversely, we are also the force and strength behind the market.

===

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Voice Above Noises says 13 years ago

What we got from her is clearly this:

1. All goldsmith shops with mark-up are inflating their prices, so no shop should even mark up at all. Does that goes with Poh Kong, Wing Kong, even King Kong?

2. She’s questioning the Syariah Committee. Let’s see what substance she got. Can you believe that?!

3. She’s insulting the intelligence of the rest of us, thinking that most of us needed her malicious advice to tread our next steps.

4. All of us should stay in poverty and let inflation beats us down & down. She can’t even save herself, neither does she has a practical and functional strategy / plan.

Wanna consider all her thoughtless (and useless) points anymore?

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Voice Above Noises says 13 years ago

Have the noisy-bitchy hopeless-ignorant done with all her pitiful spinning? We doubt so, and therefore, let’s read on …

Let her bear the agony on her deathbed later of knowing how many good souls have she ignorantly mislead and turned into very poor souls just because she thought she was God-sent to save the world and the rests are perceived to be con-men, robbers, etc.

She also claimed to represent the victims and we shall see.

We shall see how she remained to be a noisy tool for the outright malicious morons to continue exerting a firm grip of poverty on the majority – and thus never ever able to break free from it.

What we got from her is clearly this:

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Lee Mei May says 13 years ago

The clique that is running the SGV outfit is used to insulting all and sundry. Due to the competition for their downline, they even went to the extent of physically beating up another senior consultant not within their clique. In all cases, such behavior would result in instant termination of service but in SGV, this is encouraged to let all and sundry know that the clique members are untouchables. No hold is barred to protect the “golden rice bowl”. The victim of the beating, just took it lying down just to protect his “rice bowl”. Similarly, the Park-in customers are still hoping that they will be able to recover the RM70m Genneva had deposit taken from them. The noise man is adding insult to injury by questioning that such deposit taking had been done to “protect” his 6 digit monthly rice bowl. But what about the rice bowls of those who had “parked-in”?
The new scheme proposed by Genneva Malaysia Sdn Bhd in using the Syariah Compliant Isyarah Leasing and Factoring is truly an abuse of the leasing principle. How can a customer who paid fully the marked up inflated price for the gold not be given unencumbered possession of the gold but has the gold only leased to him/her? How ridiculous it is for a customer to lease the gold he/she already bought. Is it not considered as a kind of deposit taking since the customer had paid the money but does not get unencumbered possession of the gold? The customer is carrying all the risks while the goldco enjoy the appreciation of the gold.

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Old Uncle says 13 years ago

Noise man, its very obvious to everyone here that you are DESPERATE in defending your golden rice bowl. There is nothing wrong with that. This is a free forum for all individuals to voice their opinion & concern. The only thing is, you have no right to call others ” idiots, morons or bitches” just because they don’t agree with you. Always remember this, never EVER tell someone to feed on faeces unless you have done it yourself first. Do you know that the worst kind person that doesn’t even fit to be categorized as animals are those who insult other people’s parents. Your behavior only reflect more clearly to us of your up bringing & the type of character you really are.

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Lee Mei May says 13 years ago

A little lady can get the noise man into his convulsions. It is very simple. If Genneva GV did not have customers park in any money for non existent gold (maybe 5 kg got-lah), then they should issue a denial of such park in. Why should their top Con-Sultant, and a senior one at that, reflect so badly on himself and the goldco with the gutter language. People who stay in glass houses should not throw stones nor should they challenge the fairer sex to “public protest, report to BNM, etc, etc” as if BNM with all the files does not know already. This little lady takes thing in her stride because she stands by the truth. Remember, there are many “deep throats” in SGV/GMSB/GGV! Who knows what happens next! Of course, all these publicity is going to help the noise man and his 6-digit earners to attact more customers or BNM may have to act as they have a duty to the public in ensuring their own regulations are adhered to and deposit taking is deposit taking whichever way you look at it.

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Voice Above Noises says 13 years ago

Why no victim that comes to the forefront but only those self-appointed savior cum hopelessly-ignorant morons who never be bothered to do their own homeworks before they embarrass themselves with unsubstantiated, twisted facts whose source only they knows?

Why do they persistently bark upon the wrong tree, desperately & maliciously perpetuate lies, and shamelessly instigate doubts relentlessly? And yet sounded so overly self-righteous … ?

Answers are few, for you to ponder over the weekend.

1. deep-rooted prejudice,
2. gross ignorance due to # 3,
3. serious lack of financial literacy,
4. the thrill of writing nonsense, perhaps
5. the list goes on …

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Lee Mei May says 13 years ago

Noise man as usual is only capable of making noises. Just like Genneva GV which is keeping silent about the RM70 million of “Park-in” money where Genneva is supposed to backed up by gold to be kept by Genneva and the customer receiving 4.5% pure interest. This is not purchase as there is no gold delivery to the customers. Well Genneva, your loyal customers are waiting for your answer as to when they can get back their money? Does the Noise man represent Genneva when he deny the park in as fictitious. It is only those without integrity who will conveniently deny truth. How can the public trust such people without integrity with their hard earned money, more than RM600 million of it. If there is a run on SGV, the chameleon will not be affected as the new vehicle is now Genneva Malaysia Sdn. Bhd. doing their business on the Syariah Compliant Isyarah platform.
The customer pays fully for the gold at the inflated price;
The customer then gets the gold leased back to him.
The customer hold the gold which he had already paid for but the gold does not belong to him.
If the company goes belly up, the secured creditors has the right to claim the gold since on record, it is only “leased” to the customer.
Even one of the regular major gold supplier is suspicious of the scheme and refuse to deal directly with them.

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Voice Above Noises says 13 years ago

Whatever the issues that hopelessly-ignorant are barking upon have been so very rampant among the giant financial institutions all throughout history, some even many times worse off than this. Was she so blind that she can’t see that or was she so noisy that she didn’t see it? OMG!

“This’ not right! That’s not right?” Hmm … where are her senses?

OMG, beh tahan! Still barking relentlessly?

Still feeding off from the FAECES of outright malicious bulat-bulat, who in turn couldn’t even substantiate all his claims at all to date?

Question # 1: why no victim comes forward besides these two (2) morons relentlessly making noises? Fair question?

Question # 2: why these morons could NOT substantiate their claims? Why they still failed to substantiate what they wrote?

Question # 3: all comments made were based on their own theories and assumptions & more assumptions. Have they done their homework? Have they verified the facts?

Question # 4: Why don’t & why can’t they go beyond writing absolute nonsense herein? Why can’t they take practical, constructive, helpful actions beyond barking up the wrong tree?

OMG, beh tahan! OMG, beh tahan! OMG, beh tahan!

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Voice Above Noises says 13 years ago

Can we go beyond the very limiting conventional wisdom?

==

Once upon a time, a Gold co. start this new offering and due to its attractiveness, business grew by leap & bound till the point the investing public began to shift their portfolio from one to the other.

The affected company / companies then cried to their Big Brother (or sister), i.e. the regulator, twist their arm, flex their weight politically and insist the their Big Brother (or sister) should do something about this – EVEN if & when this Gold co. not committing any offence at all. Yes, despite the fact that they did nothing wrong!

It is not the offence that they didn’t commit. It’s all about business rivalry. Can’t you see that?

“we don’t care! We just want them out of business! They took so much business away from us. Anyway, we are big and we are the giant. We can flex our political muscle and throw our weight around in order to create some fiasco for this one particular Gold co.

Let’s bring them to the court also. Let’s the public be confused!

Worse come to worse, we can opt to incite hatred and perpetuate confusions in forums similar to this one, we may also sometimes drop a bomb saying that we are also cooking something similar but not the same. You see.

We shall hired some fanatical morons to write very outright malicious comments with the very malicious intent to confuse, to frighten and to distract the naive investing public away from this particular Gold co.”

==

After all, it is not the offence that they didn’t commit. It’s all about business rivalry. Can’t you see that?

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Kamal & Co. says 13 years ago

Ms.Lee u are right. Gold trading is not illegal nor regulated. No one or no party so far is controlling this trade not even BNM. Have anyone asked around lately? Why are those companies that Ms.Lee mentioned had been clamped down? it is because of offence, real offence made. If u checked, there are more than 15 companies dealing with gold with monthly discounts/rebated or consider non chain-retailers type. If BNM were to wipe out all this companies, they would have to do ot one at a time, one company took them almost a year and 15 companies will takes them 15 years to complete,not to mention more are still popping up like mushrooms. So, in the end BNM would not really care about these companies until and unless an offence made or some complaints againts these companies. In conclussion, it is not as dangerous as you think as long you join the right company. And the right companies out there not neccesary owned by Datos

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Kuchi-rek says 13 years ago

Wah! Who is this noise n voice guy here ar? I see 95% of the blog here is him. So he is some high ranking SGV director or manager is he? Why talk like gangster one? Is this how SGV portrait themselves as a company? A gangster image? I saw a photo of this Dato Ng folding his arms lagi gangster oh. Wah! Beh tahan man! Gangster company also do half billion sales ah,not bad not bad. Clap clap clap clap. All those multi national companies or listed companies,their executives must highly educated one also dont do half billion sales. Walau eh, the world has changed.

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Sam says 13 years ago

Suddently u see all those from Teh Hong Piao’s regimen stopped banging on this site, why ah?

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Lee Mei May says 13 years ago

Ex-con or current con is not important. If people are not clear as to the reasons BNM suspended Genneva GV, The Gold Label and Etikamas, please refer to the statement issued by BNM after the raid which mentioned that these goldcos were raided on suspicion of violation of
1. The Anti-Money Laundering Act;
2. The Banking and Financial Institutions Act.
3 Genneva GV Directors and one ex-directors had been charged with money laundering and the next day for mention of the case is 4th April 2011. All the 3 charged Directors had been given Dato’ship recently by a governor who had brought gold on very favouyrable terms and whose son had been appointed “adviser” to the group.
BNM had not initiated any action either against the Company or its directors on the second reason for the raid even though Genneva GV had collected RM70 million from its customers without giving them the purchased gold nor had it purchased and safe keep the gold for its customers. Is it possible that the investigator cannot find any evidence of Deposit Taking?
Gold trading, even though unregulated, is not illegal.

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Ex Con says 13 years ago

What a loooong topic.

We have the detractors who say it is a scam
We have the defenders who say it’s a good investment
We have the inbetweens who are neither here not there

I’ll put in my 100gm of gold worth.

Firstly, I used to be a consultant for Genneva before it was raided by BNM

not very active but made some money

When they were raided, I stopped, held on to my gold.

I cannot for the life of me understand why BNM raided Genneva.
Until today I still don’t understand.

Were they cheating people?
Well. the gold i bought was genuine.
it was at retail price fixed by the Federation. i would have paid the same price if i bought the gold for any other goldsmith
i got some money back from them
so in all fairness, there was no element of cheating.

I have a low low risk appetite so when Samudra GV was launched i did not join just in case another raid happens.

at the end of the day did I lose money?
did my customers lose money?
No to both because by holding on to the gold i can now liquidate them today at a much higher price than i paid Genneva for it.

compared to FD it is several times higher
compared to stocks, it is several times safer

Will i get back into the business?
Despite my low low risk appetite, i am seriously thinking about it. maybe in a few more months when the Syariah system is implemented.

All investments carry risk
even our FDs are not 100% safe despite there being a govt guarantee

So to all you detractors and defenders keep on fighting
it is so entertaining to read

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Lee Mei May says 13 years ago

Hey. Noise man,

All that you see is the 6 digit monthly income that the customers are bring to you. Remember 21/07/2009. History may yet repeat itself and this time round “finance” may find himself scrambling to cover his liabilities.

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Jeffrey Lim says 13 years ago

Dear All,
The Noises that seems to blanket this forum is without any substance and pure and simple is a smear and name calling exercise with the objective of keeping the customers and potential customers of SGV/GMSB ignorant and keep falling into the scheme so as to give such people their 6 digit monthly income. Well, customers and potential customers, remember you are the ones paying for all the nonsense. The unlucky customers who went for their “Park in” to the tune of RM70 million are not laughing. ALWAYS REMEMBER, GENNEVA’S FAILURE TO HONOUR THEIR PROMISE TO THEIR “PARK-IN” CUSTOMERS THAT THEIR MONEY WILL BE USED TO BUY GOLD TO SAFEKEEP FOR THE CUSTOMERS AND THEY ONLY MANAGED TO SECURE 5 KG BEFORE BNM MOVES IN. The litigation will take some time and in this period SGV/GMSB will use this money to snare more customers. Good luck, customers

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Kenny says 13 years ago

If mr noisy man here were to get paid 10 cents for every word he writes here,he would be earning more than his income in SGV.

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Magnum PI says 13 years ago

Alert on the Misuse of Bank Negara
Malaysia’s Name and Corporate Logo and
Its Senior Officers’ Names and Positions
Bank Negara Malaysia would like to alert members of the public regarding the misuse of Bank
Negara Malaysia’s name, corporate logo as well as its Senior Officers’ names and positions in
illegal schemes or fraudulent activities.
The illegal schemes or fraudulent activities may be promoted through emails, letters, phone
calls or other forms of communication. Members of the public are advised to be cautious if
they receive any such request for financial information, or to seek investments or contributions,
and are strongly advised not to respond to such requests.
Bank Negara Malaysia takes a serious view on such illegal schemes or fraudulent activities
and will not hesitate to take the necessary actions against any individuals or corporations who
have misused Bank Negara Malaysia’s name, or corporate logo or any of its Senior Officers’
names and positions in order to mislead the public.
Members of the public are advised to report any incidents of such misuse of Bank Negara
Malaysia’s name, corporate logo as well as its Senior Officers’ names and positions, by
contacting:
BNMTELELINK (Customer Service Call Centre)
Tel: 1-300-88-5465
Fax: 03-2174 1515
E-mail: [email protected]

Did u see this posted on BNM website? SGV has boasted that they have BNM high ranking officials attending their launching dinner,they even emphasized that there were 2-3 tables allocated for them, thats a big implications on BNM endorsing them. One of the consultalnts managed to record the meeting with that kind of boasting and was sent to BNM. So lets keep the fingers crossed they wont do anything.

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YUSUF says 13 years ago

Asalamalaikum again,

Mr.Voice ke Mr.Noise? Are u saying all the PB Mutual agents have joined SGV? I did not, so what for some of them is already SGV agents,dia punya pasal la. They sell for SGV or GMSB ke whatever they call it on Syariah platform with hibah and all that, if PB Mutual do it is not syariah at all, we dont need to. As a bank why we need all that jazz? Bank will do it bank style, just clean cut invest and get intreast. listen buddy “intrest” why dont SGV use that jazzy word? I donno why i even have to reply this bugger? Pengsan!

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Voice Above Noises says 13 years ago

hi, all, both time & yourself will be the judges of the many issues brought onto this forum, all-the-way from as outright ridiculous to the outright malicious and of course, a decent number of balanced views were seen herein too with lotsa noises in-between these two spectrum, of course. Not all being venomous after all.

Just let time pass and things will become clearer. noises will subside too. the instigators themselves will get tired for sure when they learned how irrelevant they have became.

What’s your take?

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Lee Mei May says 13 years ago

Hey Noise man, congratulations at last you have found a mate in “Finance”. For those Aunties like me, I do feel that Gold will preserve your purchasing power, but the SGV/GMSB scheme will not be achieving that objective. Let us take the example of someone coming on board the SGV?GMSB platform today and assuming he puts buys 1 Kg 999.9 purity Halmark gold.
Customer pays RM172,000 for the 1 kg gold
tommorrow he takes delivery of one kg gold and gets paid 2% rebate and receive 5 vouchers at 2% of his purchase price for each voucher.
Credit,RM Debit, RM
Day 1 pays RM172,000 172,000
Day 2 collects gold and RM3,440 3,440
Day 30, collect 2% 3,440
Day 60, collect 2% 3,440
Day 90, collect 2% 3,440
Day 120, collect 2% 3,440
Day 150, collect, 2% 3,440
Day 180, renew contract, buy back 172,000
re-purchase at new price 198,000
At the end of the 6 months, the gold price had gone up 15% (RM26,000), making the price of 1 kg of gold at RM198,000
The customer makes RM3,440 x 6 = RM20,640
If the customer wants to continue the program for another 6 months he has to pay the new price for the gold which means he has to top up RM26,000.
His rebate is not keeping up with the gold price increase.
Assumptions :
1. Price increase of 15% for 6 months is based on 2010 annual icrease of 30%.
2. The rebate/Hibah is not compounded.
Therefore at times of high inflation when gold prices are escalating, the scheme will not protect the customers purchasing power. Do what your grandmother does buy and keep gold or go into ETF.

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YUSUF says 13 years ago

Asalmalaikum,

At last this site has attracted some mutual funds people to response a bit lah, we have been just browsing and close off without saying a word. i can testify to that what Kenny and Simon Teo said here, yes i think there is something cooking in the kitchen and its the same menu. It will bring much excitement to us mutual funds agents, its timely now because we are losing ground to the gold players out there. I really hope to see some excitement in the near future.

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simon teo says 13 years ago

hi all, i m with PB Mutual for more than 10 years now, it was when during the downtime i had no choice but to get involved in the gold business, i was with TGL at that point of time but when it went down i wasnt involved with any goldco anymore, it was at the same time i have given a so called clasified info,only a small handful of us knew that PB is starting up a gold portfolio similar to the ones out there, how sure i dont know,when? i dont know too. I m quite sure something is cooking in our kitchen.

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Jeffrey Lim says 13 years ago

Dear Kenny,

Thank you you for your most timely input. If you notice, I have been ignoring this noises making chap because
1. He is spinning;
2. All noise but no substance;
3. He is rude and vulgar either due to his character or upbringing;
4. He thinks that the forum is like his clique controlled SGV where he can just dispense nonsence and expect everybody to say yah, yah and thank you.
Let the banks come in with viable platforms and give these mightier than thou a run for their money.
SGV/GMSB made use of their customers to made their pile.
The customers carry all the risks without the transparancy.
The customer does not benefit from the gold price appreciation. SGV/GMSB does.
The reason for buying gold is to protect your purchasing power and the SGV/GMSB platform does not do that. Gold is a true asset, but with SGV/GMSB you keep financing the inflation and SGV/GMSB reaps the benefit and makes a fool of you by changing the rules everytime you see some benefit coming.
Customers, please wake up to the reality that SGV/GMSB is only giving you back your own money after they and their agent had creamed off their profit.

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Voice Above Noises says 13 years ago

Well said by some readers who choose to remain anonymous.

Those who choose to endlessly feeding onto a labyrinth of truly use-less, unproductive instigations, way off-track kinda foolish allegations, absolute nonsense and absolute rubbishes, the very poisonous yet outright malicious comments that are so-filled with manifestations of analysis-paralysis from these hopelessly-ignorant morons are tantamount to …

… FEEDING ON THEIR FAECES.

Why would anyone, besides the morons of course, like to do that? The answer is “NONE, NO ONE”!

Our suggestion is to render them, these morons, ABSOLUTELY IRRELEVANT and let them know that their what’s not at their disposal, were already IRRELEVANT.

And welcome to constructive, productive, up-building, enlightening & informative comments that value-adds.

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Voice Above Noises says 13 years ago

Good day, may you please allow us to invite you back on track.

Back from way off-track onto the bigger picture & to have the much broader perspective instead of being endlessly embroiled into a labyrinth of truly use-less, unproductive instigations, way off-track kinda foolish allegations, absolute nonsense and absolute rubbishes, the very poisonous yet outright malicious comments that are so-filled with manifestations of analysis-paralysis from these hopelessly-ignorant morons & what surprised us most being, they themselves deliver or inflict upon themselves a slap in their own face with their own, though unwilling, acknowledgment and candid vindications of the very issue that they are blindly fighting against, not knowing their very own cause. Isn’t that shameful?

Some of these morons do not even aware that they were ( not they are .. ) already IRRELEVANT! What a shame …

God’s always great!

Have you ever wonder the credibility of their claims?

Why not publish them openly in the press, in the paper or even put them onto the air with the help of some dee-jays? Can they? Why can’t they? Will they? Why not they?
– some food for thoughts

What are your takes, people?

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Lee Mei May says 13 years ago

Hey, Noise man,

Have you not been taught manners and that it reflects on yourself to call names?
It is really enjoyable the way you are all worked up and foaming at the mouth. You cannot stand the truth and go looking for hidden agenda and female dogs. Have a good time hunting for your treasures but since all are just a figment of your imagination, you will also find it in your imagination. Anyway, just to let you know, the “Park-in” amount is a whooping RM70 million. So Genneva “deposit take” RM70 million and is keeping very quiet about the whole affair, pushing to BNM the responsibilty of freezing their accounts. But the account only has RM20 million plus 5 kg of gold which at today’s SGV reeved up price is worth RM875,000. Total less than RM21 millions. This is the real treasure, noise man. The Con-Sultans behaves like the 3 monkey who “see nothing”, “hear nothing”, “say nothing” and maybe there is a fourth one “remember nothing”. Do you realise that inciting people, even those with grievances, to rally and protect is an illegal act?

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Voice Above Noises says 13 years ago

Sincerely, may you please allow us to invite you back onto the bigger picture & to have the much broader perspective instead of being endlessly embroiled into a labyrinth of truly use-less, unproductive instigations, way off-track kinda allegations, absolute nonsense and poisonous yet outright malicious comments that are so-filled with manifestations of analysis-paralysis from these morons & what surprised us most being, a slap in their own face with their own acknowledgment and candid vindications of the very issue that they are fighting against, not knowing their own cause. God must be great!

Let’s get this back on track … hope it enlightens.

Holding cash is certainly for SHORT-TERM liquidity.

However, over time, inflation creeps in. In simple term, Cash is not for the MID- nor the LONG-TERM – only for the SHORT-TERM liquidity. Cash belongs to the SHORT-TERM category, i.e.

Thus, we ought to re-distribute our wealth in other forms that could hedge against inflation, esp. when we have a MID-TERM or a LONG-TERM objective. In simple term, we gotta convert them into other forms that belong to the next two categories, i.e. the MID-TERM category and also the LONG-TERM category.

Hence, properties and even blue-chip stocks, unit trusts, etc. Gold is just another alternative. And many other forms of vehicles too. These are for the MID-TERM and the LONG-TERM category. Full stop, period!

Then there comes the art of asset allocation – certain % here & certain percentage there. Then we need to switch them around & re-balance them from time to time. Interesting, isn’t it?

Simply put, we put some cash in for the SHORT-TERM, put some Gold, unit trust & blue-chip stocks in for the MID-TERM and put some properties, land banks in for the LONG-TERM.

What are we gonna do when the property developer folds or run away after soon after we bought the said property? Do we straight away sell off that property right away and count our losses in the difference?

Where will be our risks – we still have that property at hand, don’t we? Most will keep for appreciation before they sell it off again. In simple term, most will keep it in the MID-TO-LONG-TERM category before they convert back to Cash, which belongs to the SHORT-TERM category.

Yeah, after all, this is for the MID-to-LONG-TERM. Why suddenly the urge to convert back to SHORT-TERM (or Cash)? Think again.

That’s because most of us were financially-illiterate and in addition, we have the very outright malicious with all his sinister advice attempting to derail us, confusing us & misleading us from the path to financial well-being. Damn him & her also!

Let’s move on to the MID-TERM thingy, shall we?

Here we use Gold for the MID-TERM.

We use Gold for the MID- to-LONG-TERM wealth preservation.

What if the company folds and run away right thereafter we bought the said Gold bars or Gold wafers? Well, what are our risks or potential losses? That’s mostly the issue that’s going on & on in this forum. Isn’t it?

In that unfortunate event, we still have the genuine Gold bar / Gold wafer with us. Don’t we? Think again …

===========================================

Q – But, but, but if we are to sell it off iimmediately .. (HOLD IT!)

A – Again, why the urge to sell it off immediately? Isn’t it for the MID-to LONG-TERM category?

Q – But, but, but if we are to sell it off immediately, we are going to lose some 20.0% to 25.0% off the market value. Is that right?

A – WRONG! DAMN WRONG! Isn’t that meant for Mid-to-Long-Term?

– Why convert it back to the SHORT-TERM category in all the sudden? What happened to your asset allocation?

Q – Oh, we gotta sell off mah, esp. when the company runs away.

A – Well, what about selling off your properties when the property developers fold or run away?

Q – Oh, that’s different, you know …

==========================================

Hmm … have we not gone through that before?

Are we clearer now? Have we got the perspective finally? Are you enlighten?

We challenge the morons to think hard, to take stock of their own knowledge, and to begin to properly inform, if possible, be enlightening and if competent enough, to educate instead of to instigate, to perpetuate lies and poisonous venom with their very sinister and outright malicious comments that leads us nowhere but towards shameful legacies.

What are your take, people?

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Lee Mei May says 13 years ago

Dear All,

Are you all excited with the start of the new Syariah ompliant leasing and factoring programme of Genneva Malaysia S.B.? The many loose ends (I really mean loose ends) to tie up will most probably keep the Noise man busy. Anyway, the consultants will be kept busy either with option 1 or 2
1. Option 1 is where the consultant will get 3 months commissions for 6 months tenure. For fat cats like Noise man, this is not a problem because he get RM10k per month for getting each consultants under him promoted to senior consultant; So the consultants will have to run more to get the same amount of commission;
2. Option 2 is also where the consultants will also have to run more since there is balancing every month. No more vouchers for the 6 months’ tenure. Every month the Hibah certificates will be given out. Good luck.

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Xavier says 13 years ago

Seriously Mr.KC aka voice man,u are already earning 6 figure income every month,u should be busy spending money if u r not busy solving the company’s crap with the agents, why are u wasting time moderating this blog site? What do u get out of it? Go out there enjoy yourself rather than battling wild fires here. Leave this to the no money but plenty of time people,like me.

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Lee Mei May says 13 years ago

Hey, Noise man, Can you please try a spin on why the Genneva Malaysia Website is suspended? Cannot access http://www.genneva.my/
Why, oh
A lot of your customers interested in information of your exciting new platform.

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Lee Mei May says 13 years ago

Hey, Noise man, why should you be puzzled at the attention given to the goldco that you are defending?

Some and just some reasons.
1. It has been changing like a chameleon. Genneva, Samudra, Genneva Malaysia;
2. It does not even treat its own consultants fairly;
3. It think that the customers are idiots and can be treated anyway they like;
4. If customers feels that holding a leased gold is security, then in the event of the company going bust, creditors has the legal right to ask for the return of the gold though it may be fully paid;
5. Someone should check the accounts to see if it is healthy;
6. Genneva’s record with the “park-in” and its failure to honour the “Buy-back-Guaranttee” and instead use a related company to buy back at 20% discount from the purchase price.
7. Most important the spin and the kiasu mentality.
8. The vulgarity, name calling and lack of substance in their proxies’ comments.
Some of these are from others’ comments and this is acknowledged

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Lee Mei May says 13 years ago

Thank you KW. The Noise man is only trying to crowd out all the other comments to keep the gold buying community from learning the risks to their gold purchases and continue to earn their 6 digit monthly commission.

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kw says 13 years ago

I think Voice man is a mole from SGV.

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Jeffrey Lim says 13 years ago

Dear All,

As per announcement by SGV/GMSB, with the implementation of the Syariah Compliant Leasing and Factoring programme by TDM (not DYMM as you may have been led by certain quarters to believe), the following are applicable :
1. The Hibah (rebate) paid is not fixed but is made known as being 1.5% per month;
2. The customer is leasing the gold even if it is already fully paid and does not have ownership of the gold. Since the customer is not the rightful owner of the gold, but only the leasee, does he have the legal right to “pawn” it to the bank or any other “pawning” organisation? Those practising this should learn from the history of Genneva GV where there are a lot of desparate purchasers who have turned their gold a few times when BNM suspended GGV trading;
3. The “leasing and factoring” proposal of SGV/GMSB is an abuse of the leasing and factoring principle in this case as all those familiar with “leasing and factoring” will be able to confirm that leasing is where the leasee pays a deposit and then continue with monthly payments to the leasor until the term ends and the leasee can choose to buy the item at the residual value or end the lease. In the case of SGV/GMSB, the leasee pays in full and still does not get to own the gold but collects “Hibah”. This is “Deposit Taking” and the gold is the collateral. Does SGV/GMSB have a licence to take deposit? If not, can somebody please confirm whether it is legal under the Banking and Financial Institutions Act (BAFIA).
4. At least with the system used previously, it is a gold trading platform with “willing buyer, willing seller”.
With the new platform, customers should evaluate whether it is safer or otherwise in safeguarding their interests.
5. Customers should remember that with the 1.5% rebate and the mark up of nearly 30% on the spot price, it will take 20 months or more than 3 cycles of 6 months’ tenure for the customer to just get back his principal. In the meantime, the gold that the customer holds is making money for SGV/GMSB. The Hibah he is getting is only his own money until after month 20. In the meantime, his risks are :
a. The time lapse before taking delivery of the gold:
b. The sustainability of the leasor and the risk of business failure.
c. The risks of intervention by the authorities for any reason whatsoever. It is necessary to check whether this so-call “leasing and factoring” platform under Syariah Compliant will not be open to intervention.

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Richard says 13 years ago

Well Voice above noises.. my take is this.

Yes, the gold is only collateral and it is all about cashflow. However, with the gold I get from Samudra I can take it to an Ar Rahnu bank and walk out of the bank within a couple of hours and they have transferred money into my personal bank.

Guess what I do… yes you are right.. I go back to Samudra and buy some more gold.

Can anyone tell me with any other platform how I can turn a current 24% return into a return of over 50% by just using my original money and turning it around a couple of times and that is after paying the bank the “interest”.

Not only am I getting a better return, but the bank is guaranteeing that the gold is 100% genuine… otherwise they would not lend me the money!!!

Risk, yes there is a 24 hours “risk” whilst waiting to collect the gold, but this risk is fine with me. Also there is initially a 30% risk as we are buying retail and not wholesale, but with the way gold price is going the “risk” is virtually zero. Gold went up nearly 30% in 2010.

When people talk about “topping-up” you are not obliged to with the exception if you hold 100g, as you can just take a little less gold when you renew… the return is based in the money that you put in.

When, and I mean when the currencies of the world collapse we will all see what is meant by risk – and that is all those who do not have gold as a form of collateral.

There is far greater risk of holding money in the bank. The banks are effectively stealing our money by giving such a low return.

Anyone notice prices of food etc in the shops recently? Prices are going up much faster than the banks are paying interest. Now I would describe this as being extremely risky.

Please also remember that this platform is not about gold, but how to save efficiently using gold as collateral. And I am very happy to have gold as collateral!!!

Cheers for now

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Oops! says 13 years ago

hey…listen up the management of SGV, cant u just pay up the web devaloper and put up the website? now its on suspension due to default payment. MALUnya !

if u dont believe, then go to http://www.genneva.my

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Lee Mei May says 13 years ago

Dear Old Uncle,

I appauld the way you bear your responsibility towards your customers who had put their trust in you. Well done and may there be more consultants following on your foot step.
As regards Richard, the commission he collects from SGV for the business he brings to them is helping to pay his rental and car installatments. He has only to put in 100 gm (now reduced to 50 gms) personal purchase to start rolling.
If the customer is willing to put in their gold for 3 days per month, there is a Goldco which is linked to a Pawn Shop chain which can give 2.5% per month on 3 months’ tenure and at the end of the tenure, the customer get an additional month rebate, meaning 10% in 3 months, but as you have rightly pointed out, the risks are always higher. Take care, uncle

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Old Uncle says 13 years ago

Dear Richard,

If you are trying to encourage others to get into SGV, you should not hide anything. I realized that you have intentionally left out the most crucial portion of Risk Factor !!!

I do agree with you that the return from SGV is very attractive as compare to other forms of investment. As a responsible consultant, I will always explain to my potential clients of the expected risk factor – the “waiting time” ( pls refer to my previous entry ).

For you to afford new car installment & rental, I guess you must “invest” at least 1Kg of gold amounting to around RM 180,000.

Have you ever wonder that you will need to RENEW & TOP-UP in every 6 months period ??? Will you be able to laugh your way to the bank then if when during renewal, your gold plus top-up fund is with company and UNFORTUNATELY the company declares that it can’t sustain it overhead ‘cos everyone is buying new cars & decided to wind-up business OR BNM steps in to raid SGV for illegal deposit taking ( not delivering product upon payment)

You are also misleading the public about ownership of gold. In actual fact, you don’t really own the gold. Whether the price of gold goes up or down, it doesn’t concern you at all because you are only holding it as collateral from SGV. At the end of the day, you still return the gold to SGV UNLESS of course if you buy gold from OUB.

Do you agree with me, Richard, about the RISKY part of the deal ???

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Richard says 13 years ago

Hi all,

Wishing you all a very Happy and Prosperous New Year for 2011.

I have never come across anything like Genneva / Samudra before and think it is an excellent platform for earning a very good cashflow.

I am buying a new car and the income from the company is paying for the loan interest so I am getting the car for free!!! I rent a house and the income from the company is paying for rent each month.

It is an excellent platform for earning a very good return. I am earning at the moment a minimum return of 24% per annum – anyone tell me a better way of getting such a good return.

Please do not tell me about stock and shares or property – as these will slump in 2011.

Voices above Noises, you are pretty aggressive, but at the same time you are right, others don’t seem to know what they are talking about – they have their heads stuck in the sand – and are really going to suffer when stock and house prices crash – we will be laughing all the way to the bank and we will be holding gold and when hyper inflation kicks in everyone else will be begging on the streets for food.

Good for you Voice Above Noises.

Cheers,

Richard

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Old Uncle says 13 years ago

As I have mentioned earlier, I am ALREADY “involved” with Samudra-GV Malaysia for the past 5 months.

Based on Samudra-GV M’sia’s current daily operation & practices, there are many scenarios where you are totally vulnerable or exposed to 100% risk during a so-called “waiting time”. On all other days, your risk is 30%.

The “waiting time” varies between 3 to 7 days mostly BUT in some cases, it may drag as long as 2 weeks as I had experienced it myself.

We will take an average purchase of 1Kg gold, based on SGV’s own unique pricing formula. The “Waiting time” occurs during the following circumstances :-

1) When you buy 1Kg, you bank-in “hard cash” RM 180,000 to the company, “waiting” for the company to confirm that they have received payment AND “waiting” for company to call you to office to collect your physical gold. They will always tell you, business too good, no available stock in hand. ( This is Illegal deposit taking, creating opportunity/excuse for BNM to raid when most fund had already being transferred overseas!!!!!!)

2)When you want to renew/extend contract – You will have to surrender your 1Kg physical gold worth RM180,000 & top-up price difference of another RM 20,000 to the company, then go back home & “wait” patiently for a few miserable days until the company calls you back to office to collect a new batch of gold. (Ever wonder why they won’t let you have the same piece of gold on the spot & do away with the few days of “waiting time” ??????)

3) When upon contract expires & you do not wish to renew. You will have to surrender your RM 180,000 worth of physical gold to company & then go back home to “wait” patiently as ever, hoping the company will soon call you back to office to collect payment cheque, praying every moment in between that no BNM raid or company closes shop …..

When talking about concern here, the risk involves is well over hundreds of thousands. Just imagine, 1Kg SGV gold is currently at RM180,000. How many people out there can endure parting away with such huge sum of money to consultant WITHOUT receiving physical gold on the spot???? I have a few relatives wanting to buy by the Kilos BUT I immediately turn them down all because SGV has set too many “waiting time” traps around. I wouldn’t want to be held responsible for their life-long savings in event if similar raids like what happen to “OLD” Genneva & TGL were to repeat again.

SGV’s top management always emphasize to us that if in the event SGV’s were to “close shop” or if Bank Negara were to raid, our maximum risk is only 30% since we got gold in our hands.

Can any of the SGV top management clarify with me that during the “waiting time”, if SGV were to suddenly “close shop” or BNM were to conduct raid, what is the ACTUAL risk factor then??? Can SGV provide any sort of guarantee to all their consultants against these times so that they can be answerable to their clients??

This is no ordinary business here where you buy RM10 of fish or meat from the wet market & throw them away if you found them rotten. We are talking about our clients, mostly relatives & friend’s life-long savings and hard earn money here.

Can any consultants from Genneve, Singapore response to my concern. Can I know if Singapore Genneva is following strictly to MAS’s rules & guide lines??? Do they operate the same way as SGV M’sia – so many “waiting time” traps??? If not, I may as well “migrate” my consultant-ship to Genneva-Singapore.

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Voice Above Noises says 13 years ago

Quoted from the very noisy-bitchy, hopelessly-ignorant:
What is more noble than to tell about events without the spin?

Can somebody enlighten her on this, please?

========================================

Great minds discuss IDEAS

Average minds discuss EVENTS

Small minds discuss PEOPLE

========================================

There are those who knows that they know,
when they speak, they lead – Aha!

There are those who knows that they don’t know,
so they choose NOT to speak, for fear they may mislead – Hmm ..

Then, there are those who don’t even know that they don’t know,
YET they speak, and hence they mislead – Wow!

========================================

Shall we not ask ourselves, where do we belong?

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Lee Mei May says 13 years ago

What is more noble than exposing the spins and lies of goldcos.
What is more noble than to support those who thought they had bought and “parked-in” their gold but have only their hope to hang on to?
What is more noble than to tell about events without the spin?
If you can do that then you will be welcomed into the ranks of the noble. If not, it is only noisy spin and the expose is for all to see. Keep it up and more will be coming.

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Voice Above Noises says 13 years ago

We have a request via email and we hope the person who wrote us the email come forward and write into this forum himself, herself or even themselves.

They suggested that this very noisy-bitchy, hopelessly-ignorant, a shameful legacy to the Lee-clan, do list down all the names plus their amount of worth locked into / frozen together with the Gold company, line-by-line herein for all to see and to judge for themselves.

For e.g.

1. so-and-so – 50k worth of Gold in parked-in, since dd/mm/yy
2. another-one – 42k worth of Gold in parked-in, since dd/mm/yy
3.

4. so-on-and-so-forth
5.
6. and the list goes on …

Any comment from any third-parties herein the forum?

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Voice Above Noises says 13 years ago

Does anyone able to explain why the so-called victims are so quiet while this very noisy-bitchy hopeless-ignorant who claimed to have no stake in it are the ONLY ONE making the calls and harping and barking and harping and barking and harping and barking here all alone all these while?

Please, can someone enlighten the most of us who are getting baffled by now?

Why not this very noisy-bitchy hopelessly-ignorant idiot bring the matter to the authority, to MAS, to BNM, to the Prime Minister Office, to the Press (the Straits Times, the Star, the Utusan, even the Bernama) and expose all these scams once-and-for-all-time?

Why, why, and more why ….

Why none of these so-called victims come up and write into this forum?

Better still, why not the chairperson and the chairman, both the very noisy-bitchy hopelessly-ignorant and the very sinister, outright malicious make a public appearance in several press conference calling for public awareness and public support?

Until and unless they come to their senses, almost everybody have to bear with all their poisonous venom, absolute nonsense and stinking rubbish specifically serve to mislead, to distort the truth and to create confusions, to strike at Genn-nee-waa.

Can they still claim to have no stake in anything whatsoever?

Oh, please!

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Lee Mei May says 13 years ago

The Noise man only know how to spin and cloud the clear sky.
Now all the customers of SGV should know how the company does its business and to protect your interest and wealth. For the Genneva “park-ins” the regrets is too late but action is needed to recover your assets. Demand to see the gold which you have paid for. Where is the Gold? Where is the Gold? If no gold, would it not be honorable to return the money? The people are being shifted around and re-cycled to run the various outfits. But the sufferers keep suffering. Demand your gold or money back.

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Voice Above Noises says 13 years ago

Kudos to the outright malicious. Bravo to the outright malicious. As our Bumiputra friends put it, “cemerlang” to outright malicious. Well-done to outright malicious. He has done a wonderful sinister job in creating very strong nemesis for a Gold company by the name of Genn-nee-waa.

* even the Bumiputra community are coming to learn of him, we shall continue to act as a catalyst to it and to see to it that outright malicious earns what he maliciously deserve and for the tremendous, malicious damages he has done, not only to the confidence of the investing public but also to the authenticity of what the very outright-malicious has maliciously perpetuated in their very NOISY WAY.

THIS IS EXACTLY THE ISSUE – why would outright malicious do that? Was outright malicious going through a series of “analysis paralysis” in which he analyze, analyze & analyze till he got psychologically- and intellectually-paralyzed? – so that explain why the poisonous venom, noises, rubbish and absolute nonsenses being so abundantly perpetuated in this forum.

What saddened us is that these hopelessly-ignorant nemesis are so abundantly ignorant of what they are standing up for. They don’t even realize, not even until now, how they have been played into the ploy & lies of the very sinister, outright malicious.

We shall certainly (not perhaps) question each & every motive of outright malicious for spitting poisonous venom, and for relentlessly perpetuating very deep prejudice, hatred, biased noises, not to mentioned being narrowly-focus as well as gross ignorance among these poor souls who so willingly thought they are being noble.

But not all fell for it, outright malicious.

We shall certainly re-visit this issue again in near future and we shall all see if both outright malicious and hopelessly-ignorant are any nearer to the truth and nobleness with all their noises.

So, please continue with your noises, both you outright malicious and hopelessly-ignorant. You are at liberty to drum further noises in your desperate calls for further support through “Dear all” + “Dear Forumers”, etc.

Just like what you claimed you are, we have no stake in this too.

So, why? Likewise, this question applies to you too! Why then, you?! Why?

We are indeed taking great pleasure in putting you back to where you belong, both you noisy idiots.

It is better that both of you start to think about writing something more helpful, more constructive, more noble, more balanced, with broader perspective instead of filling this forum again with your very confusing labyrinth of point-by-point analysis, your very misleading yet erroneous calculations showing negative margins, your off-the-track line-of-reasoning, your harping at irrelevant issues and your barking up the wrong tree. Huh …

Don’t worry, nevertheless. We shall forgive you.

But until & unless both you idiots come to your senses, you will be continuously exposed. Your scams, your conspiracies, your rubbish, your foolishness re-packaged in the name of nobleness, your poisonous venom, your misleading comments, your even more misleading calculations will ALL BE EXPOSED.

Please, take our advice.

Run a press conference. Call for a press conference. Even call for a public debate, better still. We shall come to you. Just make sure you do involve the regulators and also the authorities. We would like to see if you idiots could stand up for the light and truth. Do it! We shall see you there at your press conference.

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Lee Mei May says 13 years ago

Dear All,
Unlike the Noise man who is trying to protect his 6-digit monthly income, I have no stake in any of the goldcos but have invested into buying precious metals at low entry points and selling them high and holding on to valuable assets.
Silver went up by more than 70% in 2010
Gold went up by more than 30%
This way, I protect my purchasing power without the risks of those schemes where the customers does not know what is going to happen the next day and changes are made at the whims and fancies of the power that is. These goldcos exist and show their arrogence all because they think that they are able to blind their customers into submitting to their grandiose schemes. They are using the customer’s money to profiteer while the customers hold all the risks and worse, not knowing what they are. The Noise man is a shining example of their double talk and spin.

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Lee Mei May says 13 years ago

Dear Forumers,

Noises man represents the “cream” of the SGV 6 digit monthly commission Senior Con-Sultans and you can draw your own conclusions from his vulgarity, lack of transparancy, economy on truth from his not answering simple questions on subjects which he had disputed other forumers input, viz :
1. Did DYMM launch the Genneva Malaysia Sdn Bhd Syariah Compliant platform on 15/12/2010?
2. Did any Senior Cabinet Minister or BNM official attended the launch mentioned in 1 above?
3. Did the Finance Minister attended the last SGV Annual Dinner?
4. Is the SGV platform sustainable in the event either/both the following were to take place :
a. the new customers comes in reducing numbers;
b. the price of gold remain steady or goes down.
SGV is already using the new platform to cut down on the rebate and it also proposes to cut the consultants’ commission while increasing the 6 digit earner’s commission at the expense of those senior consultants with sales of below RM2.5m;
5. Did Genneva Sdn Bhd have the gold which had already been paid for by the “park-in” customers? If not, Genneva is Deposit taking and do they have a licence for deposit taking under BAFIA?
The customers have so much at stake and yet all the Con-Sultants care for is the platform where they are getting their 6-D monthly income.

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Xavier says 13 years ago

Despite all the hoo haa,Mahathir opening ceremony and all that,wheres the endorsement from BNM?

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