The Gold Label

Book of Eli says 13 years ago

Our cheques and statement are by SGV with SGV letterhead.

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Lee Mei May says 13 years ago

Of the >RM8 million commission paid out in Feb. 2011, about half is for the PL group. All the customers’ data are with the Management which have also employed at least 8 people to “service” these customers. In time to come, does GMSB needs your service? Or rather, can they afford your service? Say they employ 100 employees and pay each RM5,000 each per month to service their customers, their monthly payroll is only RM500,000. As they have already told at least one consultant, we don’t need you but it is you who needs me! Your fear of losing the commission may in the end make you lose it. If you decide to strike now, and there is unity among you, you may still be able to salvage spmething. Well, let us wait for April 2011 to see whether the 1.5% is attractive to the customers when they have to pay a whooping 25% surcharge on the gold they are buying and without the manufacturere’s certificate of origin.

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Book of Eli says 13 years ago

Like that very risky oh, we can kena FFK by the principle anytime and lose all our fruits of labour !

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BBQ says 13 years ago

In view of Forseum’s comment what if one day the agents started putting posters and attract attention to the banks again? If that happens the boss has already figured that out, an exit plan to detach the agency from GMSB has been devised.
If some of u who are agents,pls refer back to your comm cheques, do u still see Samudra GV issues the cheque or GMSB?
GMSB is now the principle and SGV is the agency francise holder. same as previously TGL is principle and Sovereign is agency franchise. If anything goes wrong the principle can detach from the agency with just a stroke of a pen by the principle boss, because the agents are not signed up with GMSB instead they signed up with SGV, they cannot take legal action againts GMSB. GMSB has their own bumi group of agent directly signed up with The principle and not with the agency francise. Should the agency of SGV detached, GMSB can fully rely on their own agency force. So ask yourself, which party do u belong to? Still SGV or GMSB?

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BANK says 13 years ago

Hi anyone out there,where can find the buyers in Singapore close to spot price to sell the TGL 999.9 GOLD BAR?

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Kardashan says 13 years ago

In the business news publications recently, a Singaporean goldco plan setting up in KL , operates JV with a foreign based bank.

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Magnum PI says 13 years ago

Who says anyone can simply stand in front of someones premise and start promoting their own product which in this case a competition product to the banks and they do it in front of someone’s bank, despite the preference in the high end market is still with the banks. Simply infringe the rights to simply do things like hooligans, as what the consultants are doing is no different than the ah longs that simply sticks posters and stickers everywhere. What ah-pek mentality the company and its consultant potrey. if one day they start sticking sticker and posters to promote Genneva than i will laugh till by belly aches because theres when the governor of BNM will faint.

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study says 13 years ago

Haha.. Sometimes, I feel so funny.. Why are the bankers frightened so much when they aware that ppl stil prefer banking investment… I don’t think there’s any wrong for them to do any roadshows, and spreading their flyers.. After all those goldcos company keep their return in the bank, and the goldco themselves keep their money in the local banks. Now, I know its cimb. And they are reporting institution, which they can’t withdraw and transfer their money aniwhere at libertu animore, means.. Any transaction, must be reported… To me, I just see it poeitively, after all, this is what we call as competition, same like a group of publicmutual agents or berjaya prudential’s agents making a roadshow just at the side of a maybank outlet… Why must worried so much? What kind of mentallity is this? When u feel thretened, don’t kill other bisnes, but create a more interesting investment opportunity under ur roof.. common, healthy competition! Eventhough I buy gold fr this goldco, bt I never forget bout keeping my money in maybank.. Nover do I even wanted to close my account in maybank… With the income, I buy another gold account with maybank… So, I don’t hink in aniway your coo has a locus standy to sue..? I just feel so funny, a coo can think that way.. Think he is a coo n con do anythng he wish. I hope, he understand the law before making any statemnt to the subordinates…

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Nur says 13 years ago

There are still some promoters of Genneva in front of some MBB branches this afternoon, subang, sunway and taipan. They are too much and my COO is real upset. Further if anymore of these incident my COO will take legal action.

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Lee Mei May says 13 years ago

Dear Kardashan,

Has anybody ever ask the goldco what does they “complies” with?
Is it the Tenets of the Syariah platform?
Is it the requirements of the “Scheduled Business” and “Reporting Institutions”?
Is it their gold trading activities?
The Mafia is still telling all and sundry that very soon the Minister of Finance will with a stroke of the pen require all activities of gold taking to be conducted only by “Scheduled Businesses” and since there is no other goldco having the BNM “acknowledgement” there is one and only one left with no competition. They think that their own consultants are so gullible. Knowing the number of people involved in the gold trade, the Minister must be an imbecile to even think of doing such a thing and BNM must take action to halt such speculation as otherwise they may be labelled as conspirators/abettors.

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Kardashan says 13 years ago

Why are they changing their contract clause from” approved by bank negara” to “complied with bank negara”? It is a world of difference between this two. First of all were they even approved by bank negara in the first place?

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Forseum says 13 years ago

For those of u who still don’t know why Teh Hong Piao still stalking the goldco despite the market still prefers the banks platform is because this annoynamus goldco from even 4 years ago has been poaching their mutual funds agents, not only that, the company brain washed their agents into asking the funds clients to sell the funds and buy gold. This has pissed off uncle Teh to the max, that’s why until now he still can’t let go of them. Some other small goldcos out there rather refrain from recruiting unit trust agents. Why aggravate the giant for no reason?

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study says 13 years ago

That’s why.. The way I see it, the ppl running the business is not-capable enuff and they sell gold without knowing what they really doing… Its not only the agents has to go for the seminar. Those big ppl in the whole group who lead the company must understand the model, the legallity n its application economically and of course, without being greedy. If this is properly done, with a systematic managemnt, I don’t think they can go wrong because at all time as scheduled institution, they are monitored by BNM, 24-7. Yes by using IJARAH Islamic principle concept, and Gold as the product, they are carrying out a leasing activities and due to make reports fr time to time to the BNM as reporting institutions, since the BNM is monitoring them from now and on… And it goes the same with other reporting institution under s.21(1) BAFIA. No matter, what their products are… As long as they are using Ijarah concept, they are doing some leasing business, reagardless its a gold trading company or not, and of course they must report quarterly so that as an institution under s.21(1), it doesn’t contravene the provision under s.25 bafia. .

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Jeffrey Lim says 13 years ago

Dear Study,
Thank you for your input.
The important things to note are :
1. GMSB is using the Syariah Compliant platform for their gold trading business and therefore has to follow the 6 Tenets as applicable;
2. GMSB/Dimensi Sentosa had been acknowledged by BNM as a Schedule business and reporting institution as submitted to BNM in their M&A which essentially is for “Leasing and Factoring”
If they do not conduct any business under “Leasing and Factoring”, I do not know what they are reporting!
3. In the early euphoria, all the big guns in GMSB (that time only SGV) had been boasting of their foolproof “Leasing and Factoring” platform, but now they are emphasising that it is only “gold trading” with a difference.

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study says 13 years ago

As a conclusion, in my point of view ( I dunno whether u the smarter ppl n professional can see it or not) :

GMSB as a GOLD TRADING Company, basically does not need any approval nor license nor permission under BNM.

But, if we look deeper, and the business concept as advised by the legal n shariah panel fr BNM, which they use the contract of islamic principle – IJARAH (like many other leasing n factoring companies under s.21(1) BAFIA) which it also means in ENGLISH as Leasing or hire purchase, so the s.21(1) is very viable, relevant, rational enuff and critically need in this business.

And in GOLD LEASING (google it), the common practise is ya.. Selling at a higher price to avoid purchaser or holder to sell the gold at the spotbuymarket,(some banks in europe even does not issue certificate of assay to the holder for the same reason) so that they can hold the gold at a stipulated time, without selling it aniwhere, when the bank take the money, they must compensate and rebate the loss of holding the gold (when in fact they can sell it off, bt can only sell when the agreemnt lapse). And this is what the economy call as GOLD LEASE RATE.

So, mr. Jefry, do u see what I see..? Do u get confused by my explanation…? Or u r enlightened? If confuse so sorry, I’m no better than many others.. Get the panel lawyer fr BNM to explain more coz I’m only those aunties and uncles who bought the gold lah

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study says 13 years ago

And islamic law, there is also a leasing concept call ijarah, and this is the concept used by GMSB, isn’t it? And many other leasing n factoring companies under scheduled institution are using the same islamic or syariah compliant business model which Ijarah – Ijarah bai tumma al thamlik and many others. In English, doesn’t it means leasing…?

I see it as the same but different range of product. So, do I confuse uncles n aunties, or I help them to get a better picture of it..?

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study says 13 years ago

Dear jefry,

I’m not misleading any. This is only my humble view on the way I look at it and how I understand the concept, coz I do some reading n search before I mean to invst in GMSB. And I asked many questions, and I asked whether they agree with me if I say that in a way, why do they need this leasing license when they do gold trading? So.. I want to get the clear picture, so, basically they said they are doing leasing business and gols is their product, instead of the common leasing business done by other leasing companies under scheduled institution. Yes, gold trading per se is not within the purview of bnm, and they need no permission or license for that… But as far as I realized (I dunno whether u or many other realize) the gold trading model is actualing leasing. So, that’s why they still need the permission and license to make it legal in every angle.

Yes, as a gold trading company, they do not need all those stuffs… But as a gold trading company, who sells gold base on hire purchase or leasing concept, I belive all those requremt is still prominent. This is jusr my view, up to u or many others to think the rationality behind it. Not tomake anyone confuse, just to have a broader look on it and more knowledge on gold leasing.

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Jeffrey Lim says 13 years ago

Dear Study,

I do not know what you have been studying, but I hope you will not mislead the Uncles and Aunties with your confused thinking.

If your have not heard about the platform that is used by GMSB, I hope that you can attend the next session of the Seminar by the Head of the GMSB Syariah Committee and BNM panel lawyer.

GMSB by virue of its taking over Dimensi Sentosa is “acknowledged” by BNM as a “Schedule Business” and “Reporting Institution” as shown in the Letter of Acknowledgement posted on the GMSB notice board. As submitted by GMSB/Dimensi Sentosa in its M & A, the business acknowledged is “Leasing and Factoring”
One of the slides presented at the seminar reads,
Quote
” AUTHORITIES
* Genneva does not require BNM’s approval
* Gold Trading business is NOT under BNM purview
* Laid down under the M & A
* Authority – SSM or CCM ” Unquote

I hope even for our Uncles/Aunties/Ah Pek etc it is plenty clear that the platform does not involve “Leasing and Factoring”.

The fact is :
1. GMSB/Dimensi Sentosa is a Schedule Business and a Reporting Institution
2. The platform in which GMSB is doing the gold trading business is Syariah Compliant and guided by the 6 Tenets.

If you are not sure go check up with authorised personnels of GMSB instead of misleading the gold buying public.

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study says 13 years ago

ya sudra, I agree with u though. I was so surprised to come to their biz preview recently, and the agents are like those aunties and uncles selling sayur and counterfeit products at petaling street. There is a killer question, and they can’t even answer, regarding the scheduled institution thing. They seriously haf to go training and I think rm200 is just worth it to understand the whole thing… And I oso agree, Why must this guy named Teh hiong pow must act like ghadafi when he knows that those high end investors will stil go to banking investmnt? And I know that there are some high end professional do invest and even care n haf much time of becoming the agent although they claimed as they are not money machine or their goldspotbuy investmt is their money machine.why those professional like doctors must concern much bout this investment when they prefer other kind of investmnt?… I just can’t digest the reason… I just hope that they don’t downgrade themselves as those ah-piek2 and aunties2.. Coz, as far as I’m concern, in order to become agent, u must invest first … As for me, I’m happy with the 1kg, but I start to worried bout the internal problem the company is facing. I hope, they will get better instead of become worse.. I keep on calling and asking bout the lastest news bout the company at maju tower…hope everything wil just be fine… Too many spculation oso not good.

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study says 13 years ago

Ya, I agree with u volk.. The business is spoiled by the CHINAMAN environment. They come in to GMSB now like a mafia/gangster. These chinaman cud potentially kill the business if they still make it like a PETALING STREET business where GMSB tried so hard and their best to upgrade, to make it proper, and to make it INTERNATIONAL. I believe this bussiness has a big potential n very promissing if porperly done… As far as I’m concern, all scheduled institution is within the monitoring of BNM to avoid mistakes in their operation. Bt, once mistake is done, not to rebutt.. None of them is immune under the BNM law… So, the main problem now is the chinaman groups who think they are dealing with a petaling street business.. 🙁

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study says 13 years ago

Regarding the roadshow, I’ve asked them.. Are they restricted to do such campaign? Its nothing at all wrong of doing that… This is what I gained fr GMSB. But, I understand that now, there’s a conflict between the samudra n the GMSB. The GMSB is totally a diff entity fr genneva n samudra, its just that they are using and selling the same product n they have done many things to improvise the operation and the selling of this product to make it right, and GMSB is owned by the BUMIPUTRA. They haf their own office at majutower, they developed their own website, they engage the legal advisors, and so on… The problematic fellow here is the GENNEVA and SAMUDRA-GV, and now, as being explained, this two fella wanna come in into GMSB and claimed everyhting that GMSB has developed as theirs, like a gangsta mafia and those taico2 kongsi gelap on the street!

So, this is the problem now .. But I believe, once there is a mutual agreement between the parties, all the internal problem wilbe solved and they will have a proper way to conduct everything. I don’t deny that there are some fella which are so greedy, thaths why they shud learn more bout the islamic concept of wealth distribution… Coz, all these islamic concept bussiness module is acquired by GMSB fr BNM legal panel, bt not by those the fella gansta mafia @ ketua2 kongsi gelp in samudra in genneva.

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Volk says 13 years ago

My thoughts exactly, the educuted populations will go for Land Banking if not bank’s products rather than gold trading. Many of my my investors got turned off when they see the chinaman environment in Gennneva, it is those ah-pek community and the auntie uncle clasifications that won’t mind this gold trade. Even u look at the agents that Genneva has recruited, many seems like they were hawkers,ah longs and ah-pek,ah-lian and aunties uncle classifications. They don’t even potrey 10% of the Land Banking and Unit Trust agents’ standard.

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study says 13 years ago

Just a simple n clear info so that many of u won’t get confused further. Thru what I understand, why this company need a permission as scheduled institution, purposely not to comouflage its trading activity at all as many says.. They might not understand that this company doesn’t Sell gold per se, like many other gold trader, which is not within the purview of BNM. Yes, it is generally a gold trading,bt Specifically mention, this company do gold leasing business which indeed need a permission under BNM as scheduled institution.. This is what many ppl out there confuse without knowing the legallity side of it… Don’t get confuse why they use sale and purchase agreemt instead of leasing agreement? Yes, in gold leasing and any othr leasing activities, is normal n common practise dan sale n purchase agreemnt is being used. Because, at the end of the contract, u still haf the choice to very the contract as whether to continue to hire or purchase. But the assumption is, one contract lapse, without any notice, the asset is assumed to be sold or purchased by the other party.

As for all of u kind info, in metal leasing (gold n silver), it is different from normal leasing concept where we pay interest to the aasset owner. In metal leasing, it goes the other way around. Because of the owner handed the asset to the purchaser at a periode of time with the basic agreemnt that the asset will goes back to the owner at the end of the contract, there is a “kos meleopas” of holding the asset by which they suppose can sell it to the spotbuymarket, but they don’t because of the contract.. To cover the loss, the owner of the asset shud compensate with some kind of rebate or income which in business or economic term, we call it as “gold lease rate”. However, still at the end of the ctt, both parties has the choice to sell it of at liberty once the gold lease rate is fully paid by the owner… Google it. This is a common practise by the banks at the other part of the world, but still very2 new n many not understand…

I’m attracted by one opinion regarding the shariah law by mei may, which ‘can’t sell if not belong to us’. In Islamic law, we have this business principle as Ijarah bai thumma ajil.. Which means, a leasing contract.. Hire purchase along the agreement n changeable to sale n purchase at the end of contract. What more important is the terms in the agreemnt. Jusr a clear and obvious example: I believe many of u had bought property under the cathegory of leasehold or countrylease, which the land per se is belong to the govt or land office. But, one agreemnt do u use? Of course not leasing rite.. But sale n purchase, eventhough u know that the land per se is not belong to u, one day, the owner, which is the govt, may take it back.. But still the developer can sell it to u?

aftr all, I believe that all the steps taken by genneva is not to confuse many of u here or as claimed by some as playing a game… All are done within the advise of the shariah committe, en. Aziz of BNM.. So, I don’t think they make any mistake in this or overlooking the area since they have their advisory expert panel esp in the Islamic law which I believe more proper to talk about it instead of we, now nothing and assume.. And not to deny, as scheduled institution.. Genneva is not immune by the law. Even licensed institution can be charged shud they deceives and do any wrong. There many cases public suing the licensed company under BNM for their maliceous act. Or in the other way, none of the institution within the ambit of BNM are immune under the law 🙂

As to whther it is a pozi scheme or not, the way I see it is.. By selling at higher prize, there is a clear profit gain from there.. While they are buying at very2 cheap price n now they r manufacturing their own product, which as a layman whoever will see a clear profit fr there without waiting another investor to come in, in order to get cycle of income as claimed by many others…

Just my humble advise and see all these academically. Tq

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Lee Mei May says 13 years ago

I think between the “Kiasu” Banks and the Arrogant Goldcos, the Aunties and Uncles will be the final victims, either through official BNM intervention for illegal roadshows or due solely to non sustainability of the Business Model. The Malaysian Jim Ron is implementing the Integrated computerised system but to date there is no sign of the commission being paid to their Senior Consultants/consultant for February 2011.

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Forseum says 13 years ago

Hsbc a week ago employed a server agency and conducted a closed door survey with multiple groups of people, they consists of income lower than 10k a month , another group of 10k a month, another group of successful business owners of the high class level, what the survey finds that as far as investment is concern, 85% of the high class level and above 10k group doesn’t go with the gold trade investment even any company claims they are above board. Only the so called ‘auntie n uncle’ classification and would go for this.
So it’s not that easy after all as the educated segment still preferred banks and financial institution related investment. So why is Teh Hong Piao still acts like Gadhafi?

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Sarawakian says 13 years ago

I know the 4 top people involved in East Malaysia are from Sarawak –

Colleen Jee
Justin Jee
Cynthia Lim
Sharon Kho

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Black Hand says 13 years ago

Would appreciate if anyone can list the names of all the directors for TGL here, with their last known address and contacts,eg

James Iseli 016-3232589 Passport No….. Address…
Sue How Soo Feng 012-3223032 email [email protected]
Marcus Liew 012-2198477 IC no. address

etc

It is best we share info. for urgent remedial action.

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Nur says 13 years ago

Got a lot of agents selling outside Maybank this morning, at few locations. My Maybank COO has reported this to BNM.

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Forseum says 13 years ago

I have checked with the legal advisor from BNM whom advises my bank.

The question i posted to him :
If any company does gold trading and its not under central bank’s purview, which means its none of their business as far as gold trading biz is concerned but previously several companies were raided and now one of it became schedule institution. Does that means this scheduled company is absolutely legal and above board as they themself claimed? Does that means they will be absolutely ‘protected’ as far as central bank is concerned?

He answers:
1.Gold trading is none of BNM’s business unless and until the company uses the trade to camoflage into other activity such as money laundry (AMLA) and taking payments as gold purchase but in reality customers were not given gold, it doesnt matter if the company claims that they help customers to secure the product elsewhere,that we can clasified under BAFIA violation.
Previous raids are for these 2 offences. If the company did not commit such offences, the company can have a legal fight in court for mis-conduct if the bank raids them without solid allegations. If the company wins,demage liability from the banks is imminent.

2.Scheduled Institution in a nutshell, are just like registerd marriages compared to unregistured marriages. As long the couple dont go into complications that involves legality issues, they are fine. If they do go into legality issues they are on their own. Registered or unregistered marriages will still go thru penalty when certain offences commited in the law of marriage is concerned.

3.Scheduled institutions are not licensed institutions, companies often uses this status to confuse or decieves the public to help them empower their soliciting ability. If the bank finds that the company taken advantage of this status to use it as ‘marketing tool’ , the status will be revoked.
Licensed institutions are usually banks and insurance companies and they can absolutely take money without physical products delivered. In this case GMSB are still not allowed to do so. On the question if they are so called ‘protected’ ? Not at all.
Allegations can still be slaped on them,the bank can still freeze them, directors can still be charged and status can be revoked if any chance of offence found on the company. In the past history of BNM, there are more than 30 scheduled companies slammed.

So i hope this info is useful.

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FactsUp says 13 years ago

My email is [email protected]

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Herbert says 13 years ago

If i am you guys still holding on to metal gold or paper gold from any of the goldco that promised monthly rebate, i would quickly redeem them for money before its TOO LATE !

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Serene Sia says 13 years ago

Speaking of that, my dad also encountered someone by the name of Nancy promoting openly using flyers with similar captions at Menara Mellinium in front of HSBC today during lunch hour. So it seems theres a lot of them doing this but we were told cannot.

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Lee Mei May says 13 years ago

Have you got a copy of the flyer because
1. The GMSB platform is neither endorsed or licensed by BNM;
2. Gold trading is not under the purview of BNM;
3. The Mafia in GMSB would like all of you to believe that in the near future gold trading can only be done by Scheduled Business (Reporting Institutions). In the event that BNM grant their wishes, wow, think of the effect and the public outcry and that of other interested parties.
4. GMSB as a Syariah Compliant Goldco cannot pay “interest” as they are not a licences institution. The Hibah or incentive paid on new sales is only 1.5%
5. So whoever it is that is doing the promotion, with or without GMSB, is committing an offence and as long as he/she is a registered consultant of GMSB, the goldco is also guilty of the offence as the consultant works directly under them.
So, you know what to do lah.

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BBQ says 13 years ago

In view of Cane’s sightings. If u look into http://www.bnm.gov.my and one of the links in there illustrated very clearly that which ever organisation be it scheduled or non scheduled with Bank Negara, if they use the bank’s name as a prompt to promote their business will result to consequences. In this case it seems Genneva Malaysia is creating shit for themselves.

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Cane says 13 years ago

Walau eh! I saw this joker promoting Genneva at Maybank Kuchai Lama, his flyer says ” Fully endorsed and licensed by Bank Negara” and guaranteed monthy 2% intrest. Where got licensed by bank negara? They already said is not in their purview. Simply use bank negara name.

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BUsybody says 13 years ago

Dear Magnum PI
is that GSS stand for Samudra?

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Magnum PI says 13 years ago

BNM investigation unit officials had confirmed that there will no avenue for the GSS investors to fight on the case. They have confirmed that there’s no gold secured in Cisco. Therefore later the charge on the directors under BAFIA and CBT is imminent. Thus GSS investors lost their money for good.

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Serene Sia says 13 years ago

I dont understand why agents cant do roadshow, isnt Genneva Malaysia is a schedule institution? Those Walton and land banking companies not even schedule institution also can do roadshow. We suppose to be legal and above board, so why are we hiding like a mouse?

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Hamzah says 13 years ago

Got a agent giving out flyers of Genneva outside a BMW showroom in PJ today. I thought that is not allowed? I thought since I don’t have many contacts so maybe I can do this but company say not allowed. How come other people can?

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jonathan says 13 years ago

haha….MR PL,

By saying the below statements, u re creating more enemies for the company…you re NOT helping BUT damaging. You better RESIGN, as the company DONT need you. I believe that there are tons of Qualified ppl to fill up ur position. Ur 6D income can be of better use to hire more EDUCATED professionals. The company have no room for arrogant ppl like you.

“i have only one advice to all the consultants here got so much noise to make. PLS RESIGN”

“Seriously, dont like pls go. That goes for all the company’s consultants too. If you dont like it we dont need you. especially you Lee Mei May”

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Herbert says 13 years ago

Hi, is there anyone out there can confirm whether TGL still have any Gold bars deposited at Certis Cisco, Spore? I meant deposited on behalf of their GSS clients !

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BBQ says 13 years ago

Oh now u all realized that they have sales reps…haha, the bigger surprise u all yet to know, wait for the shocking revelations.

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BUsybody says 13 years ago

Pls Mind your word Mr Philip…
as a high class company’s won’t said this kind of things…

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Darshan says 13 years ago

How can we contact Sue of TGL? No one is responding to the email sent. This is very irresponsible!!!

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Kardashan says 13 years ago

That is so arrogant statement.

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Sean says 13 years ago

wah…..! hear that people? the company dont need u !

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Phillip says 13 years ago

Seriously, dont like pls go. That goes for all the company’s consultants too. If you dont like it we dont need you. especially you Lee Mei May.

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Phillip says 13 years ago

i have only one advice to all the consultants here got so much noise to make. PLS RESIGN .

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Lee Mei May says 13 years ago

Dear Cane,

Sorry I have no chun toi for them to squeeze, literally and physically

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Cane says 13 years ago

Seriously ppl ! I know it very unfair of the company’s doing. Now very errogant and shrude. They got all the chun chun sales figures, so what if u guys were the ones that contributes, so u mean u guys want the co to acknowledge that it was because of all of u all that they now have all those chun figures so they must respect u? As what we seeing now thats not how it seems. They now have 2000 agents, also thanks to u all. So now they are taking the oppertunity to collect rm 230 x 2000. Dont make noise la… in the first place u were the guys that gave them the chun figures and the massive amount of agents. Now they want to squeeze your chun toi and u cry foul? Remember! Who gave them the oppertunity to be this shrude in the first place?
IT WAS ALL U GUYS!!

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Magnum PI says 13 years ago

i dont know anyone of u knew that few months back, the company advertised in the newspaper to hire sales sonsultants, they are not consultants like u, they are directly employed under company and their roll is sales rep, they will be provided database of abandoned customers and these sales reps are to follow up with them, whose customers are they following up u might think?

i actually have a snapshot of the ad but i donno how to attach it here for u all to see.

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BUsybody says 13 years ago

Dear Lee Mei May,

Ms Lee, i totally agree with you …

this Company force all of they consultant to attand for the
BNM training on BAFIA and AMLA….RM230 for a Stupid Cert
and every consultant will have to pay RM230..

as a consultant i really feel very unfair for this…
i try to bring it out this to the company but the management people who told me that, this is company policy, every consultant compulsory have to attend this trainning and as you like if you don’t want to join it.
because if someone who did’t attending they will hold 50% (sorry it was deducte our commision by 50%)

we really feel lack of confidence to this Company’s..
No Matter what happend inside the company, all of Consultant and Senior Consultant definitely have to PAY…….
“Hello we are the one who try hard to get sales to the company’s..”
How can company’s treat us like idiot…

don’t bother about this “STUDY” ignore what he said …
since he was so loyalty of the company, we just can pray for him..

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BUsybody says 13 years ago

Dear Lee Mei May,

Ms Lee, i totally agree with you …
thi

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Study says 13 years ago

CORRECTION:

to lee mei may,

who are here to confuse the market and creating propaganda….? macam cacing kepanasan tak reti duduk diam..???

“adopt the same vulgar and rude manners of their masters, the company.” as u said in gold label threads.

who are u to say that….? and i guess ppl see who are being rude here when i never being rude here…. just creating my doubts about you who never stop condemning?? if u can say out yor doubts, why cant me…? go back to your motherland and do ur own bisnes….

this genneva thingy is nothing to do with me pun, NOR/NOT i have any interests with it…. im just stduying their concept before i decided to invest, and for what i belief thats my rite…. and shud i want to buy gold from there, its non of ur bisnes! everyone has their rite, and what u haf been doing is only speculating and manipulating and trying REALLY HARD to influence ppl. But sorry, i STICK TO MY DECISION.

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Study says 13 years ago

to lee mei may,

who are here to confuse the market and creating propaganda….? macam cacing kepanasan tak reti duduk diam..???

“adopt the same vulgar and rude manners of their masters, the company.”

who are u to say that….? and i guess ppl see who are being rude here when i never being rude here…. just creating my doubts about you who never stop condemning?? if u can say out yor doubts, why cant me…? go back to your motherland and do ur own bisnes….

this genneva thingy is nothing to do with me pun, now i have any interests with it…. im just stduying their concept before i decided to invest, and for what i belief thats my rite…. and shud i want to buy gold from there, its non of ur bisnes! everyone has their rite, and what u haf been doing is only speculating and manipulating and trying REALLY HARD to influence ppl. But sorry, i STICK TO MY DECISION.

Dont u feel shameful of urself and DONT U HAF BETTER THINGS TO DO..?? i can see u haf so much time doing all these coz u really dont haf any better things to do in ur life!

i dont care whether the company sink or not…. i have calculated my risk, and so what…??

sorry to say, i dont haf much time to entertain all these craps! let u live and ur believe and feel sux all over by ur ownself!

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Lee Mei May says 13 years ago

The noiseman and “study” are just out to confuse and con the market. They are not interested in facts but adopt the same vulgar and rude manners of their masters, the company. The company stoop so low, they stoop lower.

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Lee Mei May says 13 years ago

Dear fellow Forumers,

Is the cert even worth the piece of paper it is printed on. GMSB does give a certificate for the gold customers are buying. In the gold market, it has no value and GMSB in its height of arrogence wants the customers to think that it is a prize certificate instead of a liability.
Imagine, the comments given by GMSB that consultants can stop any time since they have all the customers contact database and can deal direct with the customers and save the commission. Imagine a goldco stooping so low. Hey, consultants, This is your wake up call. Remember PL telling all consultants that if they do not like it, they can just lump it and prompto.

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Darshan says 13 years ago

Sue of TGL has not been responsive to our emails. This is not right as the investors are not updated on the liquidation matters, especially for those GSS customers. Anyone here has her contact no? I heard she has changed her contact no in order to keep the investors’ calls away. How selfish is this!!!

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jonathan says 13 years ago

Its been confirmed that each and every consultant will have to pay RM230 for the BNM training on BAFIA and AMLA….RM230 for a Stupid Cert?

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Kardashan says 13 years ago

Yes I agree with u ms.lee, I donno if study is a consultant or not but I as a consultant feel very insulted by the company by forcing us to swallow crap down our throat, sorry if I sounded too harsh, that’s the way it is when u are being grabed by the neck and can’t breathe. As u can see the company getting very arrogant because of the phenomenon sales figures, but they forgot, who bring in these figures? Do they not appreciates their consultants? They already making a unexplainable fortune and yet still want to make this petty money from consultants. It’s a bit phathetic don’t ya think?

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Study says 13 years ago

to lee mei may,

u seems work very hard trying to kill genneva… u will condemn and say bad things and do whatever u can and in what ever means and whatever it takes to make genneva look bad….

and u seems knowing many things about them at the same time…. whats ur hidden agenda actually….?

i wonder whether u live in peace or not by doing all these and never stop thinking and write bad things about them :}

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Naz says 13 years ago

It was romoured that the company paid a 8 figures sum to lighten up the charge on the directors. If they are not guilty of such allegations then why should they pay anything and why lighten the charge if they not guilty of their wrong doings?

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Lee Mei May says 13 years ago

As far as BNM is concerned, any person or company/entity can buy, own, transfer or sell gold as it is unregulated. Hence you have the goldsmith shops selling gold from as long as I can remember and most of the goldcos started their business putting up the show that they are goldsmiths. All SGV customer can see the pityful show put up at the SGV premises to sell gold and jewellery. If SGV and their factory had depended on that goldsmith shop, they would have ceased business many moons ago. But, that is only a front for their goldco business.
Of course some of the goldcos got hit by BNM under AMLA and BAFIA, Genneva Sdn. Bhd. (GSB) being one of them. Even before GSB got hit they got wind of the inpending raid and they had prepared for it by :
1. Launching SGV in June 2009. GSB raided on 21/7/2009 and SGV started operation in Sept 2009;
2. Most of the fund were transfered out. Just RM20m and 5 kg gold left as reported in the mainstream media during the charging in court of the directors.
Their lawyer used to be a senior BNM legal (or so we were told) Mr. KK Wong of Razak Baginda fame.
Then comes May 2010 and the raid on TGL. SGV was advised to take up a company Dimensi Sentosa and go on the Leasing and Factoring under the Syariah Compliant Ijarah platform. They even have a committee fromed to advise them on this trading platform. Whatever happened, they revert back to the gold trading formula but burdening the customers with more costs and procedures to delay the gold purchasing process.
The important matter for purchasers is : Is the Business Model”
viable abd sustainable? Please think for yourself in view of what happened to TGL.

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bank negara for dummies says 13 years ago

u know ah really this bank negara really idiot u know. now only say that this stupid gold trade not their purview, why now only say? after the company have to go through all those changes because we all think this gold trade is illegal in their book. after all those stupid changes from factory and leasing then they say cannot then the company buy a schedule institution then have to follow syariah way, all those stupid evolution because we want to avoid them to come raid us. then now what they say? that all these for nothing because its not their stupid purview and juristriction!! what bullsh*t. SAY LAH EARLIER !! now we have to so mah-fan have to do stamping and all that, if we stick with the previous way just buy sell gold with discount is so good. KANE-NAH !!

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Immanuel says 13 years ago

If there are any who are also victims of the Gold Label Certis Cisco GSS Scheme who are interested to recover their Gold Bars in Certis Cisco, Singapore please drop me a line at the following email – [email protected] the latest by 5pm Friday the 11th of March indicating your interest. Please just state ” i am interested to recover my Gold Bars in Certis Cisco in Singapore” to the above mentioned email address. I am getting a a group organized for those who are interested. Once the required number is attained it will be forwarded to the person concerned who will then contact you OR you will be given the contact of the person to communicate within one week from Friday 5pm 11th March 2011. This person is in the midst of intervening to recover the Gold as informed by his goodself. Please be patient for the reply if there are many emails for me to respond to. Your cooperation and understanding is appreciated.

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Volk says 13 years ago

Any of u TGL guys remember back in the TGL days when James and Sue use to go visit BNM from time to time to make sure they don’t get surprise visit. They have gone to see them every quarter ,so they were reporting institution. All the while there were positive feedbacks from BNM and everyone happy, only sometime in April where we see a bit of precarious things going on, then in May it happened.Now I donno if u all notice, I m starting to see some unusual patterns with BNM.

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BangsarGuy says 13 years ago

I thought agents of GMSB suppose to go to BNM auditorium for training, now last minute kena decline of the vanue, now go maju junction pulak? Are we all still getting the certs from BNM?

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inwa says 13 years ago

now in KL office they give Mitsubushi gold for 1kilo, isnt that only found in Singapore? KL has been all the while only give PAMP for 1kilo.

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BUsybody says 13 years ago

Dear Kardashan,

i think they are mention the banker was their competitors…

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Kardashan says 13 years ago

PL said today at the meeting that the competitors are jalous and therefor wants to destroy us, what competitors he meant? The other goldco?

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Lee Mei May says 13 years ago

All customers of the goldcos are to be aware that normally with their business model, most of the goldcos are unstable as they do not have other sources of income. One laugable comment in this forum is that the manufacturing facility is highly profitable. Whose manufacturing facility are we talking about? Is the profit from an incestious relationship of breaking down the 1 kg bars to smaller units at RM700 per kg? If the manufacturing is so profitable, why do they have to use the profit to pay the gold purchasers as rebate? TGL used a similar business model and have to go into voluntory liquidation. Is GMSB’s business model better? When the run happened in Genneva Sg. subsequent to the TGL filing for liquidation, the gold is moved back to Malaysia and that was the reason for the variety of manufacturers for the gold issued to purchasers (Korean, Mitsubishi, Indonesian, etc). The move to offer the 2.5% rebate/hibah/incentive was to generate the cashflow for their immediate survival. But the success of this “special sales” create an additional problem where GMSB have to pay the 2.5% rebate which will be hanging like a millstone around their neck as their survival depends on their ability to cut the rebate down to 1.5% and cutting the consultants commission to the bare minimum. Genneva Sg is still unstable with the “kiasu” Singaporeans and the Co being placed on the MAS Investor Alert List. If there is a run due to whatever reason on GMSB or if the 2 conditions of new purchasers or current purchaser buying more (much more) and the gold price keep moving up are not met, then GMSB will be history. That is the reason that the goldco had imposed the condition on their consultants that every month they must bring in more sales based on quarterly targets. The new “senior consultants” are the suckers feeding the ever growing appetite of the “Mafia” as their 4% commission for monthly sales below RM2.5 million goes to the “mafia”. What service does this “mafia” group provide?

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Ms.Looi says 13 years ago

Yesterday got a colomm in the nanyang siang pau subsequent BNM response to the article on the last thursday. after translated to english is something like this:
We did not issue licence to operate such business to Genneva Malaysia Sdn Bhd nor approve of such modus operandi. The company is a scheduled institution which was recently taken over by Genneva Malaysia, as far as the gold trading business is concerned its not in the purview of the bank nor in their juristcion to regulate, however the bank will monitor closely on any foul activity such that intervene AMLA and BAFIA act.

When asked if the bank would any near future would regulate and officially legalize this gold trade and the bank response unlikely as it is not in their juristiction to do so.

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Lee Mei May says 13 years ago

Dear No. 4,

You are right in that the 6-D monthly earners always shudder at the thought of their rice bowls being broken as they have used their new found wealth for new bungelows, new cars and new life style (holidays, boutiques and wellnes programs). At the slightest report of queries in BNM, they will jump at the poor soul, if they know who dunnit. Now there are so many queries to BNM that they use their connections in BNM to silent it. Is BNM meant to serve the Malaysian public or the interest of GMSB. Even the Syariah Committee (members) of BNM and GMSB are shared. This is the world of 1Malaysia and Malaysia boleh. I pity the uncles and aunties should anything untoward happen because now that GMSB have established their grapevines in BNM and would be prepared but not the uncles and aunties. GMSB and their “consultants” cannot stop as they can only survive if
1. they have new customers or their existing customers buying more;
2. the price of gold keep going up so that the company can profit from the gold held by their customers.

The question now is : Is it legal for GMSB not to give the Gold Certificate to their customers and instead only give them a “GMSB Certificate”. Can the consumer associations take this up. This is just like a customer buying HP printer and only getting a warranty from the dealer.

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Aku nombor 4 says 13 years ago

Why some of u here attempts to warn? Do u actually think that they will listen? Might as well save yourself some effot and do other things. Agents that is making some money here already hypnotized by the company that absolutely nothing will go wrong and continue to sell more. Mentally they will refuse to believe that there will be possibility on any mishaps that could happen.
I have seen this in TGL those days where agents willing to die for the company and refuse to believe that any possibility that BNM will raid. They idolize Marcus and the directors as if they were gods. It is human nature that the mind rejects the warnings of danger and trying to maintain positivity when they are in an comfort zone or seeing rewards. Just like what has happened to TGL after 8 May 2010, many went into depression and still couldn’t accept that their cash cow is gone,they were so into the positivity of it and when reality hits they thought it’s just a bad dream. That is just a sad side of human being. So some of u here who is trying to help, save your energy.

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Lee Mei May says 13 years ago

Dear Study and search,

It was your Marketing Director PL who categorically said the platform is not “Leasing and Factoring” but “Sales and Purchase”.
Of course there are platforms doing metal leasing but if you are not sure of the GMSB platform, please check lah otherwise pityful = do wrong get sack oh.

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Uncle Han says 13 years ago

Ya, I m enjoying the debating. Just 1 year ago in this very link I was syok syok reading all the hot hot debates on TGL…until May 8th everything went dry. Potong steam.

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BBQ says 13 years ago

Debate debate debate… argue argue argue… u guys seems to be having fun in this while the investigation unit props up a hell of an attack soon. Well mr. Searching or Study, i hope u find your 1kg gold enchanting because u gonna keep it for a very long time.
Some very positive people here dont get it dont u? Its not up to u to determine the company’s fate. The country’s largest unit trust firm will die if GMSB dont die. Do u think the owner of the largest investment firm will allow themselves to die in the hands of GMSB? The attacks wont stop until they succeed, it will go on and on and keep creating nightmares for your investors, if they cant work this out might as well just ta pau and go out of business.
How about the other banks? GMSB swoops up RM600m in ravenue in just 1 year or less? If u everage it and devide by 10 banks, each of them loses RM60m in their FDs portfolios. Give them another 1 year and they lose another 60m each.
If u are the banking cartel, u gonna allow this to happen?

Think Think Think!!

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Study says 13 years ago

i just laugh….. and laugh…..

“I was surprised to find that many silver and gold investors who had been buying the metals for many years still do not know what Metals Leasing is and why it is the single most bullish factor to own either Gold or Silver as 2009 begins. ” John Christians.

It is not necessarily the word leasing to be included in the agreement if u understand the common practise of leasing – which is technically sale and repurchase/purchase transaction.

Gold can be leased simply because it is money!

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Searching says 13 years ago

so…?

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Lee Mei May says 13 years ago

Dear searching,

I think you are still searching. Please open your eyes. Since you have already purchased 1 Kg of gold and got your “hibah”, I assume that you have just purchased your gold towards the end of February 2011 or early this month since the word hibah was only used from that period. Please take a close look at your Sales and Purchase Contract. Nowhere is it mentioned that the transaction is under the leasing scheme. It is a pure Sales and Purchase transaction with GMSB the Seller and you the Purchaser. BNM had stated very clearly that gold trading is legal pure and simple. Anybody is free to buy, sell or own gold, so what the big fuss about legitimacy. Anyway, while you were still giving away your money to Uncle Teh at PM, BNM had raided 3 big goldcos not for gold trading nut under AMLA and BAFIA. So please don’t get all entangled by the spin masters in GMSB about their “legitimacy”.

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Searching says 13 years ago

yes uncle han,

bare in mind…. the company raided by BNM was Genneva SB but not Dimensi Sentosa SB who now become GMSB. and the directors of company called up for trial this april are Genneva SB directors, not GMSB.

shud anything happen, let they dealt with it.

GSB has nothing to make their leasing business legitimate, but GMSB has something clearly makes their practise legitimate.

but i know, there are ppl out there like cacing kepanasan trying to kill this business at every means.

Whatever happen, i oredi haf my 1kg pure gold with me, after deducting the hibah, its like im buying from PublicGold oso maa 🙂

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Uncle Han says 13 years ago

Say all a u want, all endless senseless debate which leads to nothing. I remember wery clearly sometime in early last year in this very thread some people trying to protect the facts being bombarded on TGL. Fierce battle and wars,verbal abuses and pro TGL people trying to protect this site from negativity…..until May 8th, all has shut up.

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Searching says 13 years ago

whatever,

what i know… publicmutual has taken lots of my money in 2010, lost for few hundred thousand thru investing with an irresponsible agent who PB paying them for nothing i guess?? (or a potion of my investment money?)

and now many funds still not making…. china ittikal stil under value, public global balance fund still not hitting even .25cents after 3 years?? hello…. what is these…??? and uncle teh becoming rich and rich on top of ppl money?? what i gain? i have nothing as my security…. just some missing account statments sometimes there in my mail box sometimes not even reached.

Whatever u wanna say…. as ur wish! i will be happy investing in this and i have calculated my risks 🙂

but in PM, i cud not even calculate how much am i gonna loose…? and i have lost some few hundred thousands!

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Lee Mei May says 13 years ago

Dear Searching,

I have only questions but no answers.
I know your pain and sorrow of investing in zero sum schemes, because unless you are a non buying agent, which by definition you cannot be, you are either the winner or loser and you seem to have been assigned the latter.
Well, as you said, you hold the gold and if you can wait, even if the company collapse, you are holding an appreciating asset Good luck.
And by the way, if manufacturing earns more, what the hell would these smart aleck goldco want to do such a business as risky and thankless as they are doing now especially with all the BAFIA (or did I misspell MAFIA) financial institutions wanting to kill them off for taking a slice of their cake.
As you said, it is your money and may I wish you luck

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Searching says 13 years ago

hahahaha…. i dont mind, whatever ppl are saying…

i believe, every company has its own biz model…. and the way, they wanna pay commission to its agents, thats their rite…. if u dont like to become their consultants or disappointing of being their consultant, thats ur rite… i dont think it will affect GMSB in aniway?

The world are open to choices and u haf rite to choose what u like… i invested in unit trusts but i lost a lot, by a so called irresponsible agent (owh these banks are paying those agents for nothing…. i know the commission is cutted from a portion of my investment as well???) or a lousy bank investment arm…??

as far as im concern, after a visit…. this GMSB has opened up a factory, manufacturing golds and i viewed some orders from some body / entity / companies for some gold production for them….. its clearly from buy and sell golds. and thru manufacturing, they are earning more….

i know some consultants shifting to these goldcos because of their frustation of becoming unit trusts agents for years…. facing hardships thru the ups and downs…. just for a little commission they get….. and its just the same…. they haf to recruit to expand, and the up there are gaining for nothing? and i understand that before ur money is calculated to be invested …. it must be nett after calculating the 5% deduction fees and part of it is to pay the agent…. why not using the the companies money on top of the return of the investments to pay the agents..??

and PM is charging higher managemnet fees compared to other unit trusts, but pay less agent’s commission compared to CIMB wealth agents n others?? THINK!!

Aftr all…. if the market turned down… im gonna loose my money for nothing…. but, if the goldco’s turned down…. i have my GENUINE GOLD with me 😀

so, i better not quarrel up…. just live in ue believe, and let me live in my believe….. dont get so offended when i choose GMSB as my choice…. after all, im not taking ur money to buy those golds…. but PB is taking lots of my money and i LOST!!

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Lee Mei May says 13 years ago

The banks try to destroy Goldcos and goldcos try to snatch business from the banks. In the end it is the cronies or …… who are lauging all the way to the banks or is it the goldcos.
Goldco directors gets Dato’ship by doing some favour to some Governor. The important things are :
1. Are the Goldcos operating a viable business. Do they have incomes from sources other than the propfit from selling gold to their customers and paying “Hibah”? If not then, unless they have new customers or the price of gold keeps going up, then sooner or later it is bye bye!
2. Are the Goldcos being fair to their senior consultants and consultants? If a consultant can become a senior consultant with minimum 3 consultants under his structure and RM1,000,000 group sales, he does not get any commission from the sales done by his consultants until his group sales goes over RM2.5 million. All commission to these “senior” consultants is being wollaped by his upline (“the GMSB Mafia”).
Change there must be, but in the Goldco, every week sees changes taking place and most of the time, it is adversely affecting the customers and the consultants.
3. The Goldco is arrogant and Imperial to the point of take it or lump it.
4. Anyway, banks and their mutual funds are not for comparison as their are basically zero sum games in line with the following equation :
Winner + agent’s commission = loser
The same for forex, shares and casinos.
5. Why does certain goldco like GMSB need to go to all the pretense of BNM Syariah Compliant Ijarah platform to do the gold trading business when BNM says very clearly that gold trading is not regulated by BNM?
6. Is a “Reporting” Goldco safer than a non-reporting goldco?

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Searching says 13 years ago

however, just something to ask….

as i mentioned above, Genneva SB was Genneva SB but not GMSB, coz GMSB was Dimensi Sentosa who was incorporated in March 2004.

Dimensi Sentosa with their permission to carry out Leasing and Factoring biz as scheduled Institution under S.21(1), are now using Genneva Gold Products, as their Leasing Products, n thats why they are changing name because they are now promoting Genneva Gold Products…..

Legally, does it means they are the same entity as GENNEVA SB….?

And does it means they are wrong in promoting and using Genneva Golds as their Product…..???

How, if suddenly the other scheduled institution are promoting golds as their products…. will this make them wrong also….??

or, perhaps…. Uncle Teo? Hahahahaha but i dont think he is dare to share the wealth with Us! because he does not understand the Islamic principle of Al-Musyarakah?? – Profit Sharing!

and we are just TOOOOOO STUPIDDDD MAKING HIM RICH AND RICHHEERR AND RICHESTTTT THAN EVER AGAIN!

Just question urself, what haf he done to the public…??? what charity he makes to do the public…??? Our money is with him for NOTHING! Just a paper and so called prospectus as security…. and when ur money lost in his INVESTMENT, nobody complaint… but just commit suicide..!

At least, if anything happen with this GMSB implicate by so called Genneva ….. i have my Gold with me…. the worse, im only gonna loose 20%, but the gold price will keep appreciating…!!

it will still be the best Asset and heritance for my next generations!

so, think!!! 😀

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Searching says 13 years ago

hahaha….. now u guys are talking bout money playing and all…. sometimes, i feel funny reading all the speculations and assupmtions these ppl made… all are talking by their mere assumptions than exact facts..

sean, reading ur comments, i asked them whether its true or not that the company incorporated in march 2004 was GENNEVA… and i will make my search this monday at SSM.

but, as far as im concern, GSB vs GMSB. Its totally different entity. Genneva is genneva itself, but GMSB was formerly known as DIMENSI SENTOSA, where the company that they referred to incorporated in March 2004 was Dimensi Sentosa, but not Genneva coz, that was when exactly Dimensi Sentosa incorporated was?? GMSB was Dimensi Sentosa, but NOT GSB.

Arqam, even a bank, if any of its operation went wrong…. they will also definitely will not be invincible…..not only GMSB as one.

Sometimes i wonder, yeah… uncle Teoh become so rich on top of people depositing their money into his cashcow PB. and yet he has lotsa ‘other’ money to out feed those ppl as mentioned above….. anyone can confirmed and assured me here that those expenses he spends were sources from totally his clean money ….. ?? meaning his personal pocket?? those billions he makes doesnt come from his own money….. its our money he invested and give us in just a chick??? do u think this is fair?????? we are losing investing in his so called UNIT TRUSTS and their other investments when he personally enjoy all the benefits and greedily taking most of the profits?????? can anyone say that hes not doing this??? just because he can out feed those ppl and gain the name BANK – THEY ARE ALSO INVINCIBLE LAW…??

Hello, in every entity so called financial system must be abide by their so called rules n regulations under BAFIA n SC… and i believe, this is what GMSB is working hard and heading to.

I talked to one of the officer at Maju Tower yesterday, yes they were having meeting to make sure that everything that they are doing is rite n within the ambit of scheduled instituon under BAFIA. They are trying hard to make things rite… to make all things done to not against the law and from time to time looking at the loopholes and trying their best to fixing it….

its good to always be awared so that they will keep in mind to make things rite!

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arqam says 13 years ago

I dont believe just by having so called compliances will make GMSB invincible. How invincible can they be? Yesterday they had an emergency meeting in response to the newspaper slam, the GM said they will get raided if thing still goes wrong.
So as far as i m concern, its all bullshit just to spur up more business. In the end if they got raided and frozen again, do u think they will conpensate the RM half billion worth of clients?

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hwee m.b. says 13 years ago

there will be some not so good news from MAS regarding Genneva, probably after May.

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Sharifah bte Hitam says 13 years ago

If u ask any of the top end senior executive of foreign banks, they will tell u the same story.

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Samad Hassan says 13 years ago

Yes, What Study has elaborated here i have to give him credit, however those are only good if we live in UNITED STATES OF AMERICA or perhaps SINGAPORE where everything is rightous,fair and effiecient. Here in Ma-lay-sia is different, everything here dify the reality of law and justification. Everything here is all about $$$. thats reality here. In Ma-lay-sia theres a malay proverb “makan suap” which is reality so intense even MACC can throw a man out of their building.

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Foseum says 13 years ago

I work in a bank, i know whats going on here. Sudra is absolutely right. In the first place u all should know how things works in Malaysia. Is all about cronism and not only just cronism, its who is the bigger crony.

The politic arena is a perfect example. For the good of the bigger crony, any shit can happen to stump out the smaller crony for a better gain of the cake piece. In here.. Malaysia boleh, theres no such thing as ‘fair’ or ‘justifyable’. Theres only power and who has the bigger “feeding coffer”.

Do u know how much “feeding” by HSBC just to gain ourselves in the competitive edge againts the local banks? It runs in tens of millions and mind u i m talking yearly affair. Thats even we are licenced banker. So how much does Kahairuddin needs to feed? can he out feed Teh Hong Piao?

Not to mentioned that some local banks has joined in the boycott on BNM againts the gold trading firms.

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study says 13 years ago

Mr. Sudra,

yes, i dont doubt on the problems circulating Genneva sdn bhd. and yes, without all the permission and licenses, yes i wud agree with those ppl that they may contravene s.25(1) BAFIA. so far, there are just being investigated, no charge falls upon them so far…. and on the directors AMLA case, they are charge and still not convicted. we will see n wait what will happen and what are the arguments from both parties…. and whatever upcoming on this April, it will determine the FATE OF GENNEVA SDN BHD, But not GMSB.

One is not guilty until as he is not found guilty. A suspect isnt a criminalst until he is convicted. so, i rather stick to me believes…. and i have believes in GMSB but NOT GSB. As simple as that 🙂

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study says 13 years ago

to my doubts, i came to the extent meeting and asking so many questions that haf been arises in the previous posts…

and i asked what are their justifications for every steps and decision made by GMSB on their mode of operation, and their explanations are reasonable…

why they arnt going public listing, bla.. bla.. b la…. and who knows…? they will one day, and that is where they are heading to.

and i even visited their newly manufacturing factory… now they arent just sell n buy, but they manufacture their own golds, which is this is very positive on their development…. so, i guess we can projects their one of sources of income now….

its okay, whatever ppl wanna say here… i wud understand it as their CRUEL INTENTION… and no matter which banks or which companies are against them, i oredi made my STUDY….

GENNEVA SDN BHD IS GENNEVA SDN BHD (GSB). Let them dealt with their case. But GENNEVA MALAYSIA SDN BHD GMSB) ISNT GENNEVA SDN BHD . GMSB cant be in any way become GSB coz both of them are totally DIFFERENT ENTITY.

Just so pathetic these BIG BOYS AND SORRY TO SAY PUBLIC GOLD PPL are doing dirty things, just because they feel threatened… common, u guys are big enuff for a HEALTHY COMPETITION!

Whatever u all wanna say bout me after reading my threads – moron, stupid, whatever u named it…. thats ur rite, i will never be affected 🙂 u will feel sicked by urself, living in ur kind of thinking, feeling full of hatred and feel dangered by ur ownself… and thats ur problem!

Focus on bringing up ur own businesses, the more u let down others, the more the universe will respond the same thing to u……. what ever u give, u will get back.. this is the forces of natures…. … the more u delivering negative vibes to others, dont forget, those NEGATIVES VIBES WILL NOW COME EVEN CLOSER TO U!

😀

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Sudra says 13 years ago

Well Mr Study,

I must say u have study this thing really well. I do agree with what u said here. GMSB as a company and its operations have nothing wrong and sounds legitamate. I myself has invested a little. As the company operational and legitimacy i dont think i have much to compaints except sometimes they get too cocky.

The other factors which we seems to missed out or rather choose to ignore is, they are the other BIG BOYS aka the banks on the other side wants to destroy this operations. They see this company as a big threat.They claim that this company caused their loss of revenue. they will use their unfair advantage againts the company as how GMSB used the unfair advantage to gain a better status in this market segment.

Didnt u see those media bombardment from 2 years ago til now it has never stop and still happening. 1 of the BIG BOY seems to be very aggresive on the quest to bring GMSB down as what u can read on this thread. They even go to the extend of involving the police and trying to get the ultimatum on this april 4th.

So i completely agree with your opinion that this business is legitimate but the other side wont guarantee it’s longevity.
Its kind of like a war with unfair judgement by using unfair advantages to derail the company. Its kinda sad to think of it.

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Study says 13 years ago

oppppssss….. one more….? does it mean when GENNEVA MALAYSIA SDN BHD still using the word GENNEVA makes them GENNEVA SDN BHD…..?

READ UR COMPANIES ACT RITE.

referring, to BNM comment, it sounds VERY2 VERY2 VERY2 and VERY familiar…. to the one who posted it, may i know how did u get it??

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Study says 13 years ago

NEED ME TO ELABORATE MORE…???

BNM ADMINISTERED lEGISLATION:

“factoring business” means—
(a)the business of acquiring debts due to any
person; or

(b)such other business as the Bank, with the
approval of the Minister, may prescribe;
“finance company” means a person which carries on
finance company business;

“finance company business” means—
(a)the business of receiving deposits on deposit
account, savings account or other similar
account; and
(b)(i) giving of credit facilities;
(ii) leasing business;
Act 212.
(iii) business of hire-purchase, including that
which is subject to the Hire-Purchase Act
1967; or
(iv) business of acquiring rights and interests in
a hire-purchase, leasing or other similar
transaction.

CLEAR….????????

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Study says 13 years ago

BLUE OCEAN STRATEGY

Create uncontested market space

Make the competition irrelevant

Create and capture new demand

Break the value‐cost trade‐off
Align the whole system of a
company’s activities in pursuit of
differentiation and low cost

Dont u think its relevant….?

is it just because their product is GOLD – make them SCAMMERS??

Why they dont provide prospectus and so on…?

i believe those unit trusts thing and security markets only provide PAPER AS SECURITY and they need medium to convince people to invest… INVEST SMART N RITE, but why do u need it in GMSB in the first place when u own the GOLD as security….??

well, this is just my way of thinking….. if we want to make it wrong, we will always see it wrong in every corner… kinda funny reading all the posts…. and its good to do some sharing….. and after this finding and researches, i guess im gonna buy one soon 🙂

why is it selling at higher price…? i went to PB and i went to CIMB recently to buy goldbar, asking and shop around, what does the market haf to offer to me…. and disappointing, do i get my GOLD ON THE SPOT evethough im buying using the spot market price…?

THE ANSWER IS NO. I HAVE TO FLY ALL THE WAY TO KUALA LUMPUR TO COLLECT my gold, and there are expenses and security issue to bare… but with GMSB, all are arranged. i dont have to waste my time, money energy to collect my gols, risking my life all the the way back home….. hehehehehe

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Study says 13 years ago

Among Others, WHO ARE SCHEDULED INSTITUTIONS??

1. Al-Musyarakah Capital Sdn Bhd
2. Iktiar Factoring Sdn Bhd
3. Malaysian Building Society Berhad
4. Hidayah Factors Sdn Bhd
5. Borneo Housing Mortgage Finance Berhad

All of them are scheduled institutions under s.21(1) BAFIA, and permitted to carry out Leasing and Factoring businesses(scheduled business) by BNM…. so, are they SCAMMERS like GMSB who granted the same permission and also listed as scheduled institution under the same Act of BAFIA…??

what makes them difference…?

its the product makes them difference……

I am nobody, but interested with GMSB and made my research and reading for the past one month….. and this is what i got. trying to get the definition of scheduled institution, what is its scope, as to whether the model of GMSB biz is within the scope of s.21(1) Bafia, etc….

i understand they are using a BLUE OCEAN STRATEGY… need me to explain more…? hmmmm

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