Amedia is one of the very few AEC counter that keep deliver steady earning and its business model also unique and command monopoly. fundamentally, Amedia balance sheet also very healthy and pending catalyst include bonus 1 + free warrant fro every exiting share.
I don't know much about Amedia. I read from online news its share is under selling pressure because investor has doubt about its bonus issues. Strange for me,because even bonus issue can't proceed,its share should not tumble by 50%
Amedia have total share volume of 228m, based on last 3 days volume traded, 16.2m, 29.2, 49.9m + today so far volume at 22.4m = 117.7m or 51.6% total share exchange in last 3 days!?
Furthermore, If we exclude major shareholder holding 41.5% stake or free float 58.5%, current share trade consist of 88% of share exchange hand.
Hmm then why the selldown. I read here and there.. only speculation that Dato' Wira will derail the bonus issue.. but still even if BI is not going ahead, no point to sell down the shares to PE 3x ?
Bonus or warrant is just goodies to shareholder, the important is earning sustainability and keep high EPS growth. I believe, with as much as 88% (100% exchange if counted remaining afternoon session volume) shareholder exchange ownership, Amedia share should be able to stabilize now.
Based on recent report by TA, Amedia is expect to have CAGR of 20-30% fro 2013 and 2014. This also does not explain the selldown unless their broadcasting license is taken away.
Based on Q1 result, Amedia EPS= 1.96sen, annualized EPS= 7.84, implied Amedia trade at PE 4.3x. In turn of balance sheet, it have cash 13.5m, Bank borrowing just 2.7m give rise net cash per share of 4.7sen. Amedia also have bask by solid NTA of 28sen.
Within these quarter, Amedia should be able to complete following corporate proposal:
1. Transfer listing status from ACE to Main lisiting
Based on Q1 result, Amedia EPS= 1.96sen, annualized EPS= 7.84, implied Amedia trade at PE 4.3x. In turn of balance sheet, it have cash 13.5m, Bank borrowing just 2.7m give rise net cash per share of 4.7sen. Amedia also have bask by solid NTA of 28sen.
Within these quarter, Amedia should be able to complete following corporate proposal:
1. Transfer listing status from ACE to Main lisiting
Folks, was Genneva Malaysia, a company dealing in buying and selling gold products another Ponzi company waiting to collapse? Actually directors of Genneva – Marcus Yee Yuen Seng, Ng Poh Weng and Chin Wai Leong – can use MLM (Multi-level marketing) Pyramid system to do this business.
While MLM is more profitable, it’s more cumbersome since the regulatory control is much tighter. Of course you still can get away by appointing politically-linked Datuk-Datuk as your company chairman to facilitate license renewal and to close many enforcers’ eyes when irregularities occur. (Bernie Mandoff modus operandi)
Genneva brilliantly plays in a grey unregulated area – gold trading. Interestingly, according to the gold exemption order 1986, any Tom, Dick and his pussy cat can hold, borrow, lend, buy, sell or export gold without contravening any laws.
In short, it’s easier to move around gold than hold a rally in this country. Genneva was careful not to collect deposits from investors as this action can be seen as crossing into BAFIA’s (Banking and Financial Institutions Act) territory which requires a license from the Central Bank (Bank Negara). Without a need for a license (and renewal) means one less problem in doing business for Genneva.
How the Genneva Gold Investment Scheme works is quite simple. You purchase the physical gold which comes with a S&P (Sales ad Purchase Agreement), a Certificate of Ownership and a Letter of Hibah. The juice of the orgasm was in the form of “Hibah” (or monthly gift) – ranging from 1.8% (50g – 95g of gold purchase) to 2.5% (3kg and above of gold purchase) in cash return every month. That’s a whopping 21.6% – 30% annual return rate, mind you.
Warren Buffett must be super idiot not to join Genneva, no? In addition, your initial capital is 100% protected because according to die-hard investors, you can sell back your gold to Genneva at the same price you bought initially.
However, according to Genneva website, the company “does not” gives any undertaking or guarantee the repurchase of the gold products sold to its purchaser. Now, what did mom said about there ain’t no such thing as a free lunch.
First of all, this gold trading is a mega project. Genneva claims to have about 50,000 satisfied clients (or investors) in Malaysia alone. Let’s assume each investor poured in RM100,000 for this once-in-a-lifetime investment – that’s a mind-boggling RM5,000,000,000 (RM5 billion) hot money.
Knowing how greedy Malaysians are, the RM100,000 of investment quoted here is a super conservative figure. And here comes the magic. Genneva actually sells its gold to customers at a staggering premium of 20-30 percent. For example, while UOB was selling gold at $74,500 per kilobar, Genneva sells $96,000 per kilobar, on the same date.
And why wouldn’t Genneva laugh all its way to the bank with RM1 billion to RM1.5 billion in profit (20-30%) from these so-called 50,000 “expert” gold investors (*tongue-in-cheek*). Now, do you understand why I call this scheme a mega project? It’s because everything was designed to be gigantic.
If you want to fleece others’ money, do it big and systematically. Adding spices to instil artificial confidence would be to invite heavyweights such as mighty former PM and PM’s wife. Heck, Genneva even has the Sultan of Pahang’s daughter, as its chairman. Very confincing strategy, right?
Do you really need to be a rocket scientist for a scheme that gives you 1.8% – 2.5% of cash when the banker already made 20% – 30% in profit upfront? If you think taking 30 bucks from your pocket and return 2 bucks and 50 cents to you every month is the best invention since sliced bread, then you deserve to be scammed.
But there’re many great testimonies – not only they’re still keeping the physical gold, they’re also making 30% annual return rate. Of course they do otherwise this scheme won’t work, would they? You need some testimonies for this musical chair game to continue playing. And due to greed, some investors would sell every inch of cloth increasing their investment, which keep the money rolling.
How do you know the gold you’re hugging every night is as pure as it claims? How do you know it’s not tungsten-filled gold bars? Yes dude, jewelry stores on 47th Street and Fifth Avenue in Manhattan discovered a 10-ounce 999.9 gold bar costing nearly $18,000 turned out to be a counterfeit.
The bar was filled with tungsten, which weighs nearly the same as gold but costs just over a dollar an ounce. Heck, the gold bar even had stamp of the reputable Swiss Produits Artistiques Métaux Précieux and a serial number. Apparently the victim, Ibrahim Fadl, a dealer himself bought the gold bars from a merchant who has sold him real gold before ( watch video here: http://www.youtube.com/watch?feature=player_embedded&v=VLekbvBCmUo ). Previously such fake gold bars case happened in England but now had spread to New York.
If you challenge Genneva investors with questions, they may put a gun to your head. Besides, who cares as long as they continue receiving their Hibah. To the investors, Hibah was the main juice of orgasm but to Genneva, Hibah may be their biggest bait.
Frankly, the whole system works as long as the gold price doesn’t crash, people continues to buy gold bars, Genneva continues to generate positive income from their billions of dollars of profit elsewhere, no power struggle within the company and whatnot.
For every single Ringgit of your hard-earned money, Genneva can pay you the Hibah for 10-months and still make profit – with not a single cent coming out from the company’s own pocket. It’s your original money that they’re rolling and playing, as simple as that.
Genneva also knows all the 50,000 “happy” investors will not redeem their gold at the same time. If they do, the company will simply go bust simply because they don’t have RM5 billion (based on example above) to take back all the gold bullions (*grin*). With billions of dollars war chest, Genneva was like a mini bank.
Back in Oct 2010, the directors of Genneva Sdn Bhd – Ng Poh Weng, 60, face 263 charges involving RM185mil while Marcus Yee Yuen Seng, 58, faces 234 charges amounting to RM153mil and Chin Wai Leong, 34, face 210 charges involving RM212mil.
Earlier in July 2009, Bank Negara (Central Bank) had frozen their personal and company bank accounts and their asset of gold bars. Later, Genneva Pte Ltd, also a gold trading company in Singapore, with the same directors from Malaysia’s Genneva, lost a lawsuit from one of its investors claiming $190,000 with a second writ of summons for a total sum of $86,000 in the pipeline. If everyone was enjoying 21.6% – 30% annual return with option to sell back the gold bars to Genneva, why would investors sue the company?
Another burning question – if the company’s account and asset were seized and frozen since 2009, how can the directors and company allowed to operate until the latest raid early this month, more than 3-years later?
Was Bank Negara sleeping on the job? Were there too many (greedy) hands in the cookie jar, hence the power struggle (or rather money struggle), considering the gigantic amount of money in the coffer (if there’s any left).
Or was it purely SOP (standard operating procedure) by any ponzi scheme operator to call it the day by asking the authorities to raid the company itself so that they can stop paying investors, knowing very well nobody would go to jail?
There’re people who makes good money from Genneva gold trading scheme but not everybody makes it to the finish line. But now that the company is raided, what’s next?
As usual, early bird catches the worm and as for the latecomers – remember to join the party early next time, will ya?
At first, every Consultants were forced to pay portion out of their commission regularly each month- so called monthly meeting expenses!!!. Later on, we, consultants were made compulsory/forced to pay Rm 500 each to joint as Gold Beam membership.
From there on-wards, to renew membership with Rm 250 every year. Why is there a need to joint as member of Gold Beam when all of us consultants are under the umbrella of Genneva ??
Without our consent, Genneva can just subtract from our commission to “donate” to functions like big walk, F1, etc to boost it’s name/image. If company is doing well, why does the company needs to boost its image at the expense of its consultants??
When company’s cash-flow was low, its started forcing everyone of us to pay Rm 250 to Rm300 each to attend non-sense hibah training. After that, we had to pay extra Rm 40 per contract for stamping.
Later on, company came up with deducting Rm5 per cheque deposited into clients’ bank account. Is there any other company around who charge a fee for banking-in employees’ salary/commission into bank a/c??
To me, all the above collections are like day light robbery.
Have you ever heard of anyone having to pay to attend for their own company’s Annual Dinner Genneva must be the first and only one. On top of paying for dinner ticket, we even had to pay bus transportation fare to the event venue. Imagine that.
During the Annual dinner, lucky draws were not lucky at all because Genneva never fulfill its obligations until today. When asked where are the won prices, they said had to cancel because violate government guide lines. Free trips to China also no news until today!!!
Of course you may say these are small matters as long as you get your monthly commission and physical gold bars in hand. Yes, I do agree will you. Even if company wind-up or no longer pays out hibab, its “OK” as long as gold bars are with the clients.
But this is not the case. I had emphasized this 2 years back, for those who follow this forum would still remember. My only concern is the “Waiting Time”.
Scenario 1) Waiting to get hold of your physical gold after you have made payment AND Scenario 2) Waiting to collect payment cheque when you had delivered your gold in advance to the company during “sell back”.
2 years back then, the “waiting time” was about 2 weeks maximum but now, it seems stretching beyond months!!!.
My fellow CON-sultants, have you ever thought of the consequences if you are caught in the above scenarios when suddenly :- 1) Genneva follows Gold Label footstep, to announced in newspaper it no longer sustain business & decided to wind-up or 2) Bank Negara decided to conduct a raid at Genneva & found no cash nor gold available at the premises.
The key point here is “Waiting Time”. The months of “waiting time” is total nightmare. You will have to be hold responsible to your relatives & friends whom you had convinced that the scheme is “safe”.
Please please and please do not compare Genneva with Poh Kong or any other gold smith shop. With Poh Kong, you pay and ON THE SPOT you get you gold. Likewise when you sell to Poh Kong, you get you cash ON THE SPOT.
Please please do not mislead others that you have physical gold in hand. In actual fact, during the duration of 3 months contract, you only get to hold on gold bar a few days at the most.By the time you got your gold, its already time to pass back to company for renewal inspection!!!! Yet wait another round….
Please, no more mentioning of holding gold bar in your hand & wait for it to appreciate then sell. The main issue of discussion is, the time for Genneva to deliver gold or cheque cleared before anything bad happened.
For those who are still waiting to get the gold or sell-back payment cheque, sweet dreams. By the way, ever wonder why sell-back payment cheques NOT auto-deposited into bank like monthly commission!?!?!.
41 comments:
Bought more Amedia at 37sen
Bought small qty of Amedia at 38 and queued more at 37.But cancel queue at 37. Stupid move.Now 38-38.5
Hng
My friend bought Amedia at 45( or 47) yesterday. He sold some at 38.5 to cut loss.Like CK say,those buy at >70cts cry also no tears
Teng
Amedia is one of the very few AEC counter that keep deliver steady earning and its business model also unique and command monopoly. fundamentally, Amedia balance sheet also very healthy and pending catalyst include bonus 1 + free warrant fro every exiting share.
Hng
I don't know much about Amedia. I read from online news its share is under selling pressure because investor has doubt about its bonus issues. Strange for me,because even bonus issue can't proceed,its share should not tumble by 50%
Bought more Amedia at 36sen
Again stupid move. Have chance to buy Amedia at 36 but hesitate to click 'confirm'. End up bought some at 37.Smaller qty than 1st batch at 38
Teng
Worse come to worse, Amedia should find another strong support level at 32sen. Just need to average down holding cost
Amedia bonus and warrant should path its way, transfer listing from ACE to main board.
Hng
I buy very small quantity only for Amedia. Bought more at 36 cents. Pray for jackpot for this counter. Hope it will rebound like Pwroot
Hng
I think today is T+3 for those who bought on tuesday
Bought again Amedia at 36sen
Bought more Amedia at 36. Have to go out now. Wish Hng and myself good luck
Teng
After so many days of tumble, share price should have limited downside now, and due for technical rebound at least
Hng
I think 36 is strong support for now. next will be 32cents
Teng
Amedia support level should be at 35sen, follow by 32sen
Hng
Aiyo,now it hit <35
Bought more Amedia at 34sen
Teng
Amedia have total share volume of 228m, based on last 3 days volume traded, 16.2m, 29.2, 49.9m + today so far volume at 22.4m = 117.7m or 51.6% total share exchange in last 3 days!?
Furthermore, If we exclude major shareholder holding 41.5% stake or free float 58.5%, current share trade consist of 88% of share exchange hand.
Asia Media enjoy tax free for its pioneer status and its profit margin is very high, command as much as more than 40%.
Hmm then why the selldown. I read here and there.. only speculation that Dato' Wira will derail the bonus issue.. but still even if BI is not going ahead, no point to sell down the shares to PE 3x ?
Gark
Bonus or warrant is just goodies to shareholder, the important is earning sustainability and keep high EPS growth. I believe, with as much as 88% (100% exchange if counted remaining afternoon session volume) shareholder exchange ownership, Amedia share should be able to stabilize now.
Based on recent report by TA, Amedia is expect to have CAGR of 20-30% fro 2013 and 2014. This also does not explain the selldown unless their broadcasting license is taken away.
Gark
Based on Q1 result, Amedia EPS= 1.96sen, annualized EPS= 7.84, implied Amedia trade at PE 4.3x. In turn of balance sheet, it have cash 13.5m, Bank borrowing just 2.7m give rise net cash per share of 4.7sen. Amedia also have bask by solid NTA of 28sen.
Within these quarter, Amedia should be able to complete following corporate proposal:
1. Transfer listing status from ACE to Main lisiting
2. Bonus and free warrant
Gark
Based on Q1 result, Amedia EPS= 1.96sen, annualized EPS= 7.84, implied Amedia trade at PE 4.3x. In turn of balance sheet, it have cash 13.5m, Bank borrowing just 2.7m give rise net cash per share of 4.7sen. Amedia also have bask by solid NTA of 28sen.
Within these quarter, Amedia should be able to complete following corporate proposal:
1. Transfer listing status from ACE to Main lisiting
2. Bonus and free warrant
Sold off all Hapseng at 1.65, realize slim gain and free up more margin line
Wau, bought back hapseng at 1.62, realize intraday gain instead
Faber today also move a little, hope can surpass 1.40
Bought Amedia 0.34...
looks like rebounding...faber also no news.. :(
any bad news amedia why so jiat lat???
After long trading pause....bought AMEDIA at 0.34...hopefully okay...
congra those who bought amedia at 0.34.
I dare not. Scare i can not sleep.
Hng
I was busy afternoon. Amedia close at 35.Hope next week it will rebound
Faber is strong today.Can go higher?
Teng
Faber stay above 1.40 is a good sign, hope recovery can be sustain and stock continue uptrend.
tak boleh tahan and hand sipeh ictchy, so many day no trading.
last minute bought little bit amedia at 0.35.
黄世凯：大股东董事没脱售亚洲媒体股权
（吉隆坡12日讯）亚洲媒体集团（AMEDIA，0159，创业板）首席执行员兼执行董事拿督黄世凯表示，在公司股票近期被市场拋售而走低期间，他本身没有在市场上脱售股权。
他也指出，自公司上市以来，作为最大股东，他未曾减少手头上持有的亚洲媒体集团股票。
针对亚洲媒体集团过去一週大幅走低，回吐大部分年初至今的涨幅，黄世凯透过手机简讯向《东方財经》回应称，「截至昨日（11日），公司没有接获任何有关大批股权易手或董事局成员买卖股票的通知。」
根据大马交易所的股权报表显示，亚洲媒体集团从2011年12月30日至今，都不曾出现大股东或董事局成员的股权变动。
黄世凯续称：「作为亚洲媒体集团大股东和公司发起人，我本人从首次公开售股（IPO）至今，从来不曾脱售自己手上持有的公司股票，甚至是连一股也没有卖掉。」
根据《彭博社》最新可获数据显示，黄世凯目前是透过Wong SK控股私人有限公司，持有亚洲媒体集团的41.47%股权，是该公司最大单一大股东。
最后，黄世凯也提醒，市场若要知道任何有关亚洲媒体集团的最新消息，可以直接参考大马交易所的文告。
亚洲媒体集团上週五（10月5日）宣佈派发红股后，其股价连续多个交易日大热下滑，更在本周三（10月10日）遭大马交易所发出不寻常交易活动（UMA）询问。
不知股价暴跌原因
针对UMA询问，亚洲媒体集团已在同一天发文告回应称，除了今年4月份申请转板及10月份建议派发红股的企业宣布之外，该公司没有其他未呈报的进展，因此，对股价暴跌的背后原因並不知情。
亚洲媒体集团上周五建议以1送1的比例，送出2亿5080万红股和同样数量的免费凭单，以回馈股东及提高股票流通量。
达证券分析员认为，红股计划可以提高亚洲媒体集团的股票流通量，並为转战主板作准备。
无论如何，这项利好消息却未能扶持该股的股价表现。
必需留意的是，亚洲媒体集团在建议派发红股当天，其实也同时发布了两则修改公司业绩的文告。
分別是修正该公司在今年5月23日公布的2012財政年首季（截至3月31日止）净利，从之前公佈的457万9000令吉，下修至净赚445万8000令吉。
这也影响了该公司在8月14日公布的上半年（截至6月30日止）业绩，因此，首六个月净利从原先的886万2000令吉，修正为874万1000令吉。两者分別出现2.64%以及1.37%的差距。
另一方面，亚洲媒体集团在USJ和成功时代广场的数码地面电视广播（DTTB）系统虽已推出，但仍需等待Bukit Lanjang、Bukit Besi和蒲种的DTTB系统在年终推出后才能全面启动。
儘管分析员看好亚洲媒体集团的前景，但却担心该公司可能面对客户广告开支下滑以及DTTB系统或延后推出等负面消息。
亚洲媒体集团今日闭市报0.35令吉，全天下跌3仙，或7.89%。该股共有4409万零300股易手，是全场最大热门股。
亚洲媒体集团上周五的闭市价是0.87令吉。按周比较，该股在短短五个交易日內已急挫52仙，跌幅高达59.77%。
Written by Finance twitter - Part I
Folks, was Genneva Malaysia, a company dealing in buying and selling gold products another Ponzi company waiting to collapse? Actually directors of Genneva – Marcus Yee Yuen Seng, Ng Poh Weng and Chin Wai Leong – can use MLM (Multi-level marketing) Pyramid system to do this business.
While MLM is more profitable, it’s more cumbersome since the regulatory control is much tighter. Of course you still can get away by appointing politically-linked Datuk-Datuk as your company chairman to facilitate license renewal and to close many enforcers’ eyes when irregularities occur. (Bernie Mandoff modus operandi)
Genneva brilliantly plays in a grey unregulated area – gold trading. Interestingly, according to the gold exemption order 1986, any Tom, Dick and his pussy cat can hold, borrow, lend, buy, sell or export gold without contravening any laws.
In short, it’s easier to move around gold than hold a rally in this country. Genneva was careful not to collect deposits from investors as this action can be seen as crossing into BAFIA’s (Banking and Financial Institutions Act) territory which requires a license from the Central Bank (Bank Negara). Without a need for a license (and renewal) means one less problem in doing business for Genneva.
How the Genneva Gold Investment Scheme works is quite simple. You purchase the physical gold which comes with a S&P (Sales ad Purchase Agreement), a Certificate of Ownership and a Letter of Hibah. The juice of the orgasm was in the form of “Hibah” (or monthly gift) – ranging from 1.8% (50g – 95g of gold purchase) to 2.5% (3kg and above of gold purchase) in cash return every month. That’s a whopping 21.6% – 30% annual return rate, mind you.
Warren Buffett must be super idiot not to join Genneva, no? In addition, your initial capital is 100% protected because according to die-hard investors, you can sell back your gold to Genneva at the same price you bought initially.
However, according to Genneva website, the company “does not” gives any undertaking or guarantee the repurchase of the gold products sold to its purchaser. Now, what did mom said about there ain’t no such thing as a free lunch.
Written by Finance twitter - Part II
First of all, this gold trading is a mega project. Genneva claims to have about 50,000 satisfied clients (or investors) in Malaysia alone. Let’s assume each investor poured in RM100,000 for this once-in-a-lifetime investment – that’s a mind-boggling RM5,000,000,000 (RM5 billion) hot money.
Knowing how greedy Malaysians are, the RM100,000 of investment quoted here is a super conservative figure. And here comes the magic. Genneva actually sells its gold to customers at a staggering premium of 20-30 percent. For example, while UOB was selling gold at $74,500 per kilobar, Genneva sells $96,000 per kilobar, on the same date.
And why wouldn’t Genneva laugh all its way to the bank with RM1 billion to RM1.5 billion in profit (20-30%) from these so-called 50,000 “expert” gold investors (*tongue-in-cheek*). Now, do you understand why I call this scheme a mega project? It’s because everything was designed to be gigantic.
If you want to fleece others’ money, do it big and systematically. Adding spices to instil artificial confidence would be to invite heavyweights such as mighty former PM and PM’s wife. Heck, Genneva even has the Sultan of Pahang’s daughter, as its chairman. Very confincing strategy, right?
Do you really need to be a rocket scientist for a scheme that gives you 1.8% – 2.5% of cash when the banker already made 20% – 30% in profit upfront? If you think taking 30 bucks from your pocket and return 2 bucks and 50 cents to you every month is the best invention since sliced bread, then you deserve to be scammed.
But there’re many great testimonies – not only they’re still keeping the physical gold, they’re also making 30% annual return rate. Of course they do otherwise this scheme won’t work, would they? You need some testimonies for this musical chair game to continue playing. And due to greed, some investors would sell every inch of cloth increasing their investment, which keep the money rolling.
How do you know the gold you’re hugging every night is as pure as it claims? How do you know it’s not tungsten-filled gold bars? Yes dude, jewelry stores on 47th Street and Fifth Avenue in Manhattan discovered a 10-ounce 999.9 gold bar costing nearly $18,000 turned out to be a counterfeit.
The bar was filled with tungsten, which weighs nearly the same as gold but costs just over a dollar an ounce. Heck, the gold bar even had stamp of the reputable Swiss Produits Artistiques Métaux Précieux and a serial number. Apparently the victim, Ibrahim Fadl, a dealer himself bought the gold bars from a merchant who has sold him real gold before ( watch video here: http://www.youtube.com/watch?feature=player_embedded&v=VLekbvBCmUo ). Previously such fake gold bars case happened in England but now had spread to New York.
If you challenge Genneva investors with questions, they may put a gun to your head. Besides, who cares as long as they continue receiving their Hibah. To the investors, Hibah was the main juice of orgasm but to Genneva, Hibah may be their biggest bait.
Frankly, the whole system works as long as the gold price doesn’t crash, people continues to buy gold bars, Genneva continues to generate positive income from their billions of dollars of profit elsewhere, no power struggle within the company and whatnot.
For every single Ringgit of your hard-earned money, Genneva can pay you the Hibah for 10-months and still make profit – with not a single cent coming out from the company’s own pocket. It’s your original money that they’re rolling and playing, as simple as that.
Genneva also knows all the 50,000 “happy” investors will not redeem their gold at the same time. If they do, the company will simply go bust simply because they don’t have RM5 billion (based on example above) to take back all the gold bullions (*grin*). With billions of dollars war chest, Genneva was like a mini bank.
Written by Finance Twitter - Final Part
Back in Oct 2010, the directors of Genneva Sdn Bhd – Ng Poh Weng, 60, face 263 charges involving RM185mil while Marcus Yee Yuen Seng, 58, faces 234 charges amounting to RM153mil and Chin Wai Leong, 34, face 210 charges involving RM212mil.
Earlier in July 2009, Bank Negara (Central Bank) had frozen their personal and company bank accounts and their asset of gold bars. Later, Genneva Pte Ltd, also a gold trading company in Singapore, with the same directors from Malaysia’s Genneva, lost a lawsuit from one of its investors claiming $190,000 with a second writ of summons for a total sum of $86,000 in the pipeline. If everyone was enjoying 21.6% – 30% annual return with option to sell back the gold bars to Genneva, why would investors sue the company?
Another burning question – if the company’s account and asset were seized and frozen since 2009, how can the directors and company allowed to operate until the latest raid early this month, more than 3-years later?
Was Bank Negara sleeping on the job? Were there too many (greedy) hands in the cookie jar, hence the power struggle (or rather money struggle), considering the gigantic amount of money in the coffer (if there’s any left).
Or was it purely SOP (standard operating procedure) by any ponzi scheme operator to call it the day by asking the authorities to raid the company itself so that they can stop paying investors, knowing very well nobody would go to jail?
There’re people who makes good money from Genneva gold trading scheme but not everybody makes it to the finish line. But now that the company is raided, what’s next?
As usual, early bird catches the worm and as for the latecomers – remember to join the party early next time, will ya?
At first, every Consultants were forced to pay portion out of their commission regularly each month- so called monthly meeting expenses!!!. Later on, we, consultants were made compulsory/forced to pay Rm 500 each to joint as Gold Beam membership.
From there on-wards, to renew membership with Rm 250 every year.
Why is there a need to joint as member of Gold Beam when all of us consultants are under the umbrella of Genneva ??
Without our consent, Genneva can just subtract from our commission to “donate” to functions like big walk, F1, etc to boost it’s name/image. If company is doing well, why does the company needs to boost its image at the expense of its consultants??
When company’s cash-flow was low, its started forcing everyone of us to pay Rm 250 to Rm300 each to attend non-sense hibah training. After that, we had to pay extra Rm 40 per contract for stamping.
Later on, company came up with deducting Rm5 per cheque deposited into clients’ bank account. Is there any other company around who charge a fee for banking-in employees’ salary/commission into bank a/c??
To me, all the above collections are like day light robbery.
Have you ever heard of anyone having to pay to attend for their own company’s Annual Dinner Genneva must be the first and only one. On top of paying for dinner ticket, we even had to pay bus transportation fare to the event venue. Imagine that.
During the Annual dinner, lucky draws were not lucky at all because Genneva never fulfill its obligations until today. When asked where are the won prices, they said had to cancel because violate government guide lines. Free trips to China also no news until today!!!
Of course you may say these are small matters as long as you get your monthly commission and physical gold bars in hand. Yes, I do agree will you. Even if company wind-up or no longer pays out hibab, its “OK” as long as gold bars are with the clients.
But this is not the case. I had emphasized this 2 years back, for those who follow this forum would still remember. My only concern is the “Waiting Time”.
Scenario 1) Waiting to get hold of your physical gold after you have made payment
AND
Scenario 2) Waiting to collect payment cheque when you had delivered your gold in advance to the company during “sell back”.
2 years back then, the “waiting time” was about 2 weeks maximum but now, it seems stretching beyond months!!!.
My fellow CON-sultants, have you ever thought of the consequences if you are caught in the above scenarios when suddenly :-
1) Genneva follows Gold Label footstep, to announced in newspaper it no longer sustain business & decided to wind-up or
2) Bank Negara decided to conduct a raid at Genneva & found no cash nor gold available at the premises.
The key point here is “Waiting Time”. The months of “waiting time” is total nightmare. You will have to be hold responsible to your relatives & friends whom you had convinced that the scheme is “safe”.
Please please and please do not compare Genneva with Poh Kong or any other gold smith shop. With Poh Kong, you pay and ON THE SPOT you get you gold. Likewise when you sell to Poh Kong, you get you cash ON THE SPOT.
Please please do not mislead others that you have physical gold in hand. In actual fact, during the duration of 3 months contract, you only get to hold on gold bar a few days at the most.By the time you got your gold, its already time to pass back to company for renewal inspection!!!! Yet wait another round….
Please, no more mentioning of holding gold bar in your hand & wait for it to appreciate then sell. The main issue of discussion is, the time for Genneva to deliver gold or cheque cleared before anything bad happened.
For those who are still waiting to get the gold or sell-back payment cheque, sweet dreams. By the way, ever wonder why sell-back payment cheques NOT auto-deposited into bank like monthly commission!?!?!.
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