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I did say chop my head off to rebut an investor in FMT if all gold bar investors received gold bars

This is exactly the trick used by Genneva by over selling gold bars to many investors to maximize returns.

You may not have realized that all commercial banks are working on the same principle through paper money creation.

Paper money creation is every one ringgit deposits in the bank is loaned out to several borrowers simultaneously. Any bank will bankrupt like Genneva if all depositors withdraw their money from the bank in the same time.

A case study, your RM 1 deposit earns 3 sen in a year, but the bank will collect 21 sen (at lower end) from seven borrowers. The margin is 18 sen sen or 600% gross margin under the ideal case.

The difference with paper gold bar trading is licensed banking business is guaranteed by the government and money creation ratio is also controlled by the central bank.

All well-managed banks can reap huge profits with paper money creation alone.

Gold investment probe: Many paid but did not get their gold

KUALA LUMPUR: Seized records have revealed that many investors who had paid had yet to receive any delivery of gold, prior to the joint raids by Bank Negara, the police, the Ministry of Domestic Trade, Cooperative and Consumerism and the Companies Commission of Malaysia on four companies suspected of conducting illegal investment schemes using gold.

In a joint statement giving an update on their ongoing probe, they said that, in some cases, the investors had been waiting for more than five months after making payment.

“The total amount of gold seized during the raids from all the companies is approximately 142.7 kilogram, and monies in bank accounts and cash amounts to RM101.92mil,” the statement said.

Investigations also revealed that these companies kept poor records with some of them maintaining different versions of financial records for different purposes.

“These companies have also failed to submit audited accounts with the Companies Commission of Malaysia for the last few years, as required by law.

“For businesses, especially those that involve large numbers of clients and monies, it is imperative to maintain accurate records of all business transactions to avoid financial mismanagement or misrepresentation of the true financial situation of the company,” the statement said.

“The enforcement agencies are aware of the plight facing affected investors and every effort is being made to determine the whereabouts of any monies and assets of the companies.

“A dedicated team has been established to track the movement of monies and other assets. International accounting firms have also been appointed on a full time basis to assist in the investigations.

“The scope of the investigation is international.

“In this connection, the enforcement agencies are actively collaborating with their foreign counterparts to obtain evidence in several other jurisdictions to assist in the investigations,” the statement said.

On Oct 5, gold trading firms Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd were jointly raided for suspected offences that include illegal deposit-taking, money-laundering, tax evasion and avoidance and false description.

Three days earlier, Genneva Malaysia Sdn Bhd had been raided.

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Freddy says:


st seah says:

must as well say chop off your brother dick as it won’t kill you off ?

nkkhoo says:

My dick is reserved for your asshole.