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Where is 4000 kg gold?

Mahathir is laughing on his way to bank while several thousand Genneva investors are crying on their way to banks.

Greedy investors themselves have to be blamed for expecting 24-36% annual return and parting their hard earned money for “paper gold”.

A well managed developer can make better ROI like 50%. Lee Chong Wei knows it, but you have to be rich enough like him to venture into housing project.

This is a UMNO-way to rob RM5 billion from Malaysia Chinese in the broad daylight after NEP.

Bank Negara: 8,000 Genneva customers failed to get gold even after they paid
By LOSHANA K SHAGAR

PETALING JAYA: Bank Negara has revealed that more than 8,000 customers of gold investment company Genneva Malaysia Sdn Bhd have yet to receive their gold amounting to over 4,000kg, despite having settled the payments.

In a statement on Monday, the bank added that documents seized from the company also revealed that some customers, who had surrendered their gold to the company, had not received their cash reimbursements amounting to more than RM80mil in total.

“Initial forensic accounting has uncovered considerable losses experienced by the company in 2012. The company has liabilities exceeding 10 times its assets.

“Selling gold at about 20% to 25% higher than the market price, paying returns of about 2% to 3% per month to customers and buying back the gold from customers at the initial purchase price has not been a sustainable venture,” the statement read.

It also noted that cash flow for the company to sustain its operations had relied heavily on the amount collected from new customers.

Genneva, was raided by Bank Negara, the police, Domestic Trade, Cooperatives and Consumerism Ministry and the Companies Commission of Malaysia on Oct 2.

Three days later, the authorities conducted raids on the premises of Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd on suspicion of illegal deposit-taking, money-laundering, tax evasion and avoidance and false description.

The statement said Genneva had RM99.8mil frozen and 126kg of gold seized, which the bank said were required for investigations and will only be dealt with at the direction of the courts.

The public are advised to refer to Bank Negara Malaysia’s website for further information.

The nkkhoo.com comment board with Facebook account.
Mac Davis says:

Julian Assange’s WikiLeaks could release secret documents in 2013 detailing Tun M as the 2nd richest ex-PM? We shall wait and see.

qabila says:

Dr Umum banyak buat tipu!

Manja says:

Boleh kita minta ganti rugi dari Tun M?

qtrina says:

Moral of the story: We should never trust Tun M!

Janice says:

Now Najib is banking on Tun M to help him in election.
How to trust Tun M for can promise you Gold only to be cheated?
Trust the sweet words from Umno and you will regret again.

Azuan says:

My family invested big time because of our faith in the Genneva ambassodor Tun Mahathir. I shall pursue with Bank Negara if we could claim damages from Tun M for his false endorsement of thsi ponzi scheme!

Oppa Genneva Styler says:

I was the the first batch who earned big buck from Genneva so don’t envy my fortune. I now can afford latest gadgets like new cameras, tablets, cars and girlfriends !
SORRY for those who are stranded … be careful & wise to vote for a more responsible government.