On the 1st of October 2012 the gold trading firm Genneva Sdn Bhd and its affiliates in Malaysia were raided by the police, Bank Negara, the Companies Commission of Malaysia, the Ministry of Domestic Trade, Cooperatives and Consumerism, for various suspected offences, which include illegal deposit taking, money laundering, tax evasion and avoidance, false description (misrepresentations), appointment of agents without licence, and failing to lodge statutory documents.
There was also a similar operation against Genneva Pte Ltd in Singapore by Singapore’s Commercial Affairs Department.
In fact this is the second time for a similar offence. That time the previous firm was called Genneva. Interestingly, the case is still pending. I wonder how many of the present customers and consultants know about this incident.
I read that the same directors from Genneva, set up a new company called Genneva Malaysia Sdn Bhd and continue the same business.
Now the angry or rather confused and worried customers and consultants are blaming the authorities.
Probably many Malaysians dare to invest with this gold investment company (even after the first raid), could be because Genneva’s Syariah compliant gold on Dec 15, 2010 was officially launched by the former Prime Minister Tun Dr Mahathir Mohamad. And it was said that over 1,500 VIPs attended the event too. See the video clip below:
You can read the explanation over at: http://1-million-dollar-blog.com/genneva-gold-scam-explained/
At the point of writing, four police reports have been lodged against Genneva Malaysia Sdn Bhd over gold trade.
By the way, over at Bank Negara Malaysia (BNM) site, it has alerted the members of the public a list of companies and websites (not in full) which are neither authorized nor approved under the relevant laws and regulations administered by BNM.
See the list on this link: http://www.bnm.gov.my/documents/2012/20121015_EN_FCA_list.pdf
Whatever it is, always remember this GOLDEN adage:
“If something sounds too good to be true, it probably is.”
Here are some of my favorite quotes on gold:
“If you are truthful you will have as much gold as you want.” – Greek proverb
“More gold has been mined from the thoughts of men than has been taken from the earth.” – Napoleon Hill
“Even the just may sin with an open chest of gold before them” – Latin Proverb
“When we have gold we are in fear, when we have none we are in danger” – English Proverb
“Truth, like gold, is to be obtained not by its growth, but by washing away from it all that is not gold.” – Leo Nikolaevich Tolstoy