Keluhan pelanggan emas

SAYA adalah seorang daripada puluhan ribu pelanggan Genneva Malaysia Sdn. Bhd. yang diserbu oleh Bank Negara Malaysia (BNM) baru-baru ini.

Saya terpanggil menulis untuk memberitahu sebab-sebab kenapa saya dan mungki

n ramai yang lain memilih untuk membeli emas daripada syarikat Genneva Malaysia Sdn. Bhd.

1. Saya beli emas, saya dapat emas, bukan dapat kertas.

2. Genneva memberi hadiah atau 'hibah' (berlandaskan syariah) atas nilai belian emas tadi mengikut tempoh akad yang dipersetujui bersama.

3. Tiada paksaan. Selepas tamat tempoh akad, saya boleh perbaharui akad atas kerelaan sendiri. Saya juga boleh menawarkan kepada Genneva untuk menjual semula emas itu kepadanya atas harga yang dipersetujui bersama, malah saya boleh menjual emas itu kepada sesiapa saja atau di mana saja yang saya suka kerana emas itu adalah milik saya.

4. Proses jual beli adalah telus, ada perjanjian jual beli (S&P) dan mengikut prinsip Al-Bai serta syariah.

Sebagai orang Islam, saya kagum dengan Genneva Malaysia Sdn. Bhd. kerana selain berusaha menerapkan nilai Islam dan prinsip syariah dalam urus niaganya, Genneva Malaysia telah membantu meningkatkan kualiti hidup kira-kira 70,000 keluarga di seluruh Malaysia! Bayangkan jika setiap keluarga ada lima ahli, ini bermakna jumlah isi rumah yang menikmati hidup berkualiti hasil daripada membeli emas dan memperolehi hibah daripada Genneva, adalah kira-kira 350,000 orang.

Sejak Genneva Malaysia Sdn. Bhd., mula beroperasi, Genneva Malaysia tidak pernah gagal memberi hibah kepada pelanggan-pelanggannya, walhal pemberian hibah itu hanyalah atas budi bicara dan ihsan syarikat itu semata-mata.

Hakikatnya, hibah inilah yang telah membantu kira-kira 70.000 orang menyara keluarga, membiayai kos perubatan, membiayai persekolahan anak-anak termasuklah yang belajar di universiti di dalam mahupun di luar negara tanpa mengira bangsa, agama mahupun ideologi politik.

Ramai yang mampu melangsaikan hutang bank, kad kredit dan macam-macam lagi perbelanjaan yang disebabkan oleh peningkatan kos sara hidup saban tahun.

Malangnya, apabila Bank Negara dan beberapa agensi kerajaan menyerbu Genneva Malaysia Sdn. Bhd. dan merampas peralatan pejabat, rampas emas milik pembeli serta membekukan akaun bank Genneva pada 1 Oktober lalu, maka 70,000 pelanggannya yang menikmati hibah setiap bulan selama ini, menjadi bingung kerana hilang punca pendapatan menerusi hibah bulanan yang dinikmati selama ini.

Dalam kata lain, Bank Negara dan agensi-agensi berkaitan telah menyekat pemberian hibah oleh Genneva Malaysia Sdn. Bhd. kepada kira-kira 70,000 pelanggannya.

Akibatnya mereka kehilangan sumber pendapatan yang membantu menyara keluarga mereka selama ini.

Memang benar Bank Negara bertanggung jawab untuk menjaga kepentingan orang ramai. Tapi bagaimana 70,000 pelanggan Genneva Malaysia?

Bukankah mereka juga orang ramai dan rakyat Malaysia?

Jika benar bentuk perniagaan jual beli emas Genneva ini menyalahi undang-undang, kenapa pihak berkuasa mengambil masa begitu lama untuk bertindak, hingga pelanggannya di Malaysia saja sudah mencecah 70,000 orang, wujud cawangan di seluruh negara, malah model perniagaannya telah berkembang ke rantau Asia Tenggara.

Lebih menyedihkan, alasan tindakan Bank Negara dan agensi-agensi terbabit menyerbu Genneva Malaysia adalah sangat rapuh iaitu Genneva Malaysia hanya disyaki melanggar peraturan-peraturan di bawah kawal selia agensi-agensi berkaitan.

Jika hanya disyaki sahaja, memadailah membuat lawatan atau pemeriksaan mengejut dan jika ada asas, beri amaran keras dan beri tempoh kepada Genneva Malaysia untuk betulkan mana-mana bahagian yang tidak betul.

Setidak-tidaknya, kepentingan 70,000 pelanggan Genneva Malaysia tidak terjejas.

Memandangkan Genneva Malaysia telah beroperasi agak lama dengan jumlah pelanggan yang besar, ada baiknya Bank Negara dan agensi-agensi lain membantu para pelanggan Genneva daripada 'menghukum' mereka.

Benarkan Genneva kembali beroperasi dengan segera, pulangkan harta (emas) mereka (rakyat) yang dirampas, cairkan akaun bank Genneva Malaysia dengan kadar segera supaya syarikat itu boleh meneruskan ihsan pemberian hibah kepada para pelanggannya.

Kemudian regularize model perniagaan Genneva ini. Kenakan syarat tertentu dan rangka garis panduan supaya orang ramai lebih jelas. Ini lebih 'membantu' daripada mengambil tindakan 'menghukum' dan bersifat 'menganiaya', yang sebenarnya berpunca daripada kelemahan dan ketidakupayaan Bank Negara dan agensi-agensi terlibat untuk mengawal dan mengambil tindakan sejak awal.

SABRI MANSOR, Pelanggan Genneva Malaysia Sdn. Bhd.

BNM was once technically insolvent (bankrupt) in 1994

DO YOU KNOW that BNM with only RM100 million paid-up capital does not have a strong enough balance sheet to ensure BNM's long term sustainability? Do you also know that BNM was once technically insolvent (bankrupt) in 1994 ??

In 1837 the Indian rupee was made the sole official currency in the Straits Settlements, but in 1867 silver dollars were again legal tender. In 1903 the Straits dollar, pegged at two shillings and fourpence (2s. 4d.), was introduced by the Board of Commissioners of Currency and private banks were prevented from issuing notes. Since then, the continuity of the currency has been broken twice, first by the Japanese occupation 1942 - 1945, and again by the devaluation of the Pound Sterling in 1967 when notes of the Board of Commissioners of Currency of Malaya and British Borneo lost 15% of their value.

On June 12, 1967, the Malaysian dollar, issued by the new central bank, Bank Negara Malaysia, replaced the Malaya and British Borneo dollar at par. The new currency retained all denominations of its predecessor except the $10,000 denomination, and also brought over the colour schemes of the old dollar.

In 1985, following the "Plaza meeting" of G-5 finance ministers in New York City, the US dollar fell sharply causing major losses in Bank Negara's dollar reserves. The bank responded by starting a program of aggressive speculative trading to make up these losses (Millman, p. 226). Jaffar Hussein, the Bank Negara Governor at the time, referred to this strategy as "honest-to-God trading" in a December 1988 speech in New Delhi.

In the late 1980s, Bank Negara under Governor Jaffar Hussein, was a major player in the forex market. Its activities caught the attention of many; initially, Asian markets came to realize the influence Bank Negara had on the direction of forex market. Alan Greenspan acting the Federal Reserve chairman later realized Bank Negara's massive speculation activities and requested the Malaysian central bank to stop it.

On September 21, 1990, BNM sold between $500 million and $1 billion worth of pound sterlings in a short period, driving the pound down 4 cents on the dollar (Millman, p. 228). In response, bankers began front running Bank Negara's orders. Two years later on Black Wednesday, Bank Negara attempted to defend the value of the British pound against attempts by George Soros and others to devalue the pound sterling. George Soros won and Bank Negara reportedly suffered losses of more than USD 4 billion. [1] Bank Negara lost an additional $2.2 billion in speculative trading a year later (Millman, p. 229). By 1994, the bank became technically insolvent and was bailed out by the Malaysian Finance Ministry (Millman, p. 229).

http://en.wikipedia.org/wiki/Bank_Negara_Malaysia

Memo from Genneva GM

Open Letter to Al Jazeera

From: Pat Lu
Date: Mon, Oct 29, 2012 at 4:02 PM
Subject: Re: Intv with Aljazeera
To: Florence Looi

Hi Florence,

Re: Unauthorised gold traders 'dupe Malaysians'
http://www.aljazeera.com/video/asia-pacific/2012/10/20121028112855667949.html

So you interviewed me and now it's my turn to interview you. :) Here you go:

In response to the Al Jazeera broadcast above, the title should read as "Malaysian Central Bank Robbed Citizens' Gold in Broad Daylight."

As I mentioned at our pre-interview on 11 Oct 2012, 60,000 happy and satisfied customers who bought gold from Genneva Malaysia Sdn Bhd said the company did nothing wrong as the company never failed to meet its obligations and contracts since 2010. More, view Genneva Malaysia Supporters FB Note "March to Putrajaya" at https://bitly.com/PeqlZ1

1. If in my shoes, how would you feel about the deliberate spin?
   
2. If in the shoes of the 60,000 customers who PAID for their physical gold with their life-savings, unjustly confiscated by BNM in the midst of delivery, robbed right before your eyes, what would you do?
   
3. Do you sleep well at night being a part of the international media who broke all journalism code of ethics? View Al Jazeera Code of Ethics at https://bitly.com/x52d96
   

Perhaps I'm wrong. Perhaps I jumped the gun. Perhaps there is another Al Jazeera broadcast in the pipeline as this issue drags on? If so, together with 60,000 Genneva customers and their families, I look forward to celebrating you and Al Jeezera media team.

Please forward this to the Al Jazeera Editor in charge.

Look forward to hearing from you soon Florence,

Much love and God bless,

Pat Lu | +6012.210.4898
Senior Consultant, Genneva Malaysia Sdn Bhd
Preserving Values, Leaving a Legacy

 
On Tue, Oct 23, 2012 at 3:34 PM, Florence Looi wrote:

Hi Pat,

The questions will be along the same lines as our chat several weeks ago. So here you go:
i)                   How did you find out about Genneva Malaysia?
ii)                  What made you decide to try this avenue as a business option?
iii)                 Describe what your experience has been like, as a customer of Genneva’s.
iv)                 Some of Genneva current advisers, who are former directors of Genneva are facing charges for money laundering, illegal deposit taking. Did that not put you off Genneva Malaysia?
v)                  In hindsight, do you wish you had never dealt with Genneva Malaysia?
vi)                 If the previous case is any indication, the investigation will probably take some time to conclude. In the meantime, the assets will remain frozen. What are your plans then?

Best regards,
Florence Looi
Reporter/Producer
Aljazeera English
+6016 2592421
florence.looi@aljazeera.net

Open Letter to Tan Sri Dr Zeti Akhtar Aziz

Thank you Tan Sri Zeti,

It has been a month long wait in agony and desperation since the raid by Bank Negara Malaysia not knowing what the future holds for us and our dependents. Today, your words of assurance to end this investigation as soon as possible gave us a glimmer of hope that our predicament will soon end with a positive outcome.

Thank you for finally acknowledging our plight and we look forward to your next course of action. We would like to express our admiration for your achievements and although we recognize the need to take measures upon suspicions of wrong doing, this cannot justify the impoverishment of over 60,000 people and their families, a direct result of the Bank Negara led raid.

Tan Sri Zeti, we are neither "depositors" nor "investors" of Genneva Malaysia Sdn Bhd. We are merely customers who bought gold from Genneva with our life-savings. We’d also like to leave the arguments about the validity of the company aside. Be it about ‘hibah,’ ‘deposit-taking,’ ‘AMLA.’ ‘BAFIA’ or any other acronyms that seem to permeate the financial world these days. It’s all rather tiring so we’ll let the company duke it out with your financial and legal experts.

Instead, we’d like to make this appeal as a person. One human being to another. We make this appeal:

• As single mothers whose savings base and income came from the company before the raid.
• We are also fathers, providing food and a roof over the heads of our families.
• We are grandfathers and grandmothers, retirees whose savings are sorely needed to see us through our old age, savings that is now in some frozen account or gold that is in one of your vaults.
• We are the sick, patients with no other source of income, badly needing that money for medication. Our needs are not only urgent, they are critical as well.

There are thousands upon thousands of us. It is our hope that you listen to us even as your officers have not and whoever it was in BNM who organised this irresponsible raid that caused such grief and hardship to countless thousands of families.

With all due respect, Tan Sri Zeti, do you also blame us for our current hardship, as many have done? Do you yourself call us ‘greedy’ and ‘ignorant’ too?

Might we remind, that it was you who said that keeping interest rates too low for too long may lead to the “mispricing of risks.” You warned against artificially low interest rates.

We are therefore surprised why it is the Central Banks policy to keep interest rates low, you knew in your heart that it would drive us to into ‘higher-yielding assets that pose(d) significant risks.’

By the way, we do not think that gold holds any ‘significant risk,’ at least not at this point of time. The risk came directly from the unjust confiscation of that gold by Bank Negara. Now many of us are without our gold and savings.

For the aged, the old and the sick, their ‘yield’ from these ‘assets’ were all they had, and your bank took it away from them. We may not have the financial intellect like you to understand what all this means.. but we can see and feel and experience.

We see that real inflation is spiralling out of control, and wonder why there never seems to be enough to last us till the end of the month.

We feel  how low interest rates punish savers. For many of us, the interest after a year from fixed deposits can’t even pay for a family dinner at a nice restaurant!

We experience the hopelessness and helplessness of being crushed by debt, our incomes never rising to meet expenses or to pay off debt.

That is not all. The rakyat, not only contending with low interest rates, spiraling inflation, weak to no personal income growth or even worse, no income at all, must also face confiscation of what little wealth we have by the authorities.

Must we live in fear that the authorities, with their far reaching powers, can at any time, confiscate and take that which does not belong to them with impunity? The little that we have, our liberty, and our right to chose?

We sincerely hope you come to a decision soon and that compassion guides your motives although it may seem out of date these days. Please release the gold and money which is unjustly held by Bank Negara so that we can move on with our lives.

We thank you again Tan Sri Zeti, for giving attention to this matter.

Awang Adek, RESIGN! Gold is money

 

Awang Adek, RESIGN! Gold is money. Minus profit, the money is back in the customers hands in the form of Genneva Gold they bought, get it? Simple business sense also dunno.
---
RE: Up to RM10b tied up in Genneva gold scheme, authorities say

KUALA LUMPUR, Oct 31 ― Putrajaya believes investors may have pumped up to RM10 billion into the gold trading scheme under Genneva Malaysia, which was recentl

y raided by Bank Negara Malaysia (BNM), Datuk Dr Awang Adek Hussin said today.

“The information that I have is that there [are] 35,000 investors that can be detected, but the total investment can reach RM10 billion,” the deputy finance minister told Parliament during Question Time today.

Awang Adek previously told Parliament that Genneva Malaysia’s liabilities exceeded its assets, indicating and that the company was unable to pay returns to its investors.

Genneva’s bank accounts and other assets have been frozen by BNM since October 1, following suspicion that the company allegedly breached several banking and financial laws such as illegal deposit-taking, money laundering, tax evasion and appointing agents without licence, after several people lodged complaints with the police.

Genneva Malaysia has some 60,000 customers and a monthly turnover of RM2 billion, according to its traders interviewed by The Malaysian Insider last week, but the company’s website states 50,000 customers and a turnover of RM3 billion.

Bank Negara Governor Tan Sri Zeti Akhtar Aziz has also said the central bank is fast-tracking investigations into the controversial gold trading company so that its customers will not be kept waiting for too long.

Genneva, Pageantry Gold Bhd, Caesar Gold Sdn Bhd, Worldwide Far East Bhd and Bestino Group Bhd are among 25 individuals and companies offering unlicensed activities that were placed on an investor alert list by the central bank last year, double the number from 2010 and the highest on record since 2003

Open Letter to Mazlan Ahmad, Deputy Director, Enforcement Unit, Bank Negara Malaysia

Attention: Tuan Mazlan Ahmad, Enforcement Unit, Bank Negara

A senior consultant sent 10 valid and fair questions. He does have some good points and perhaps Bank Negara can answer his questions in their next press statement.

1.    Genneva's business model was adopted by competitors. Why were they not  reprimanded?

2.    Genneva business model works and Genneva never failed to pay all monies due since it started in 2010. How can BNM together with PDRM, without fully understanding the business model; raid, freeze the companies  account and cart away 200kg of gold and boxes of documents?

3.    Many allegations made against Genneva that went through the spectrum of money laundering to illegal deposit taking. However, the business existed for more than 3years and was openly conducted. Her events were even graced by dignitaries. Why didn’t BNM stop or issue a statement to deter these dignitaries from gracing Genneva's events and functions if BNM had their suspicions?
As a consequence, the presence of these dignitaries had an influencing effect on many more of the public who were further drawn into the business, the public that BNM claims to protect. Therefore, was this a trap that BNM set up for the public?

4.    Can Genneva appoint an independent auditor to report on the business model. If it can prove the business to be authentic, will the money, gold and documents be returned? How soon?

5.    BNM has continually used the excuse of protecting the interests of the public and customers from dubious business practices but how can they say that when? At the time of the raid:

           a.   Cheques for hibah, sales, gold and other disbursements and were being distributed.
           b.   Customers as well as consultants are standing resolutely behind this business.
           c.   The very people BNM claimed to protect are now anxiously waiting for the return of gold and monies that was taken as a direct action of BNM and not the company.

6.    Can BNM release the money and gold belonging to the customers while conducting it’s investigations? By doing so BNM can then actually claim to protect the customers interests. After that, issue a stop business order and let the business owners challenge the order?

7.    If BNM charged that the business is ‘unsustainable’, the business owners must be allowed to challenge the order at an independent location to avoid the bias of the bank’s "executive powers." If the process of challenge is not  allowed, BNM may have destroyed an innovative business model which might have contributed to the wealth of many!

8.    BNM must act fast to release the money and gold that they have seized, as this is cash that many use to pay all sort of bills. Already the emotional turmoil is escalating, tensions are rising as individuals  stand at the precipice of a financial disaster. Many are unable to receive medical attention and medication; some have critical medical conditions and may even face death. If these tragedies do occur, can BNM be held responsible? The hibah seized by BNM is used for paying such bills.

9.    BNM has consistently projected an "image of accountability" to the public by raiding Genneva. But how can the public be sure that the prosecution is correct if there is no detailed published report for customers of Genneva to examine?

10.    It is so easy for BNM to project the image of protecting the public by raiding but the recent action on Genneva was doubtful, and so can customers, and the public conduct an independent audit on BNM on their current actions including other unapproved dealings that may have resulted in losses of within the Malaysian treasury?

Jangan bimbang, kata PM pada pembeli Gold Genneva

Selepas 20 hari kepayahan ekoran tindakan Bank Negara menyerbu syarikat emas Genneva, pertemuan ringkas dengan perdana menteri memberikan kelegaan kepada sebahagian daripada 60,000 pelanggan yang menyimpan jutaan ringgit dalam bentuk logam berharga itu.

Jurucakap Kumpulan Penyokong Genneva M Shanti semalam sempat menemui Datuk Seri Najib Razak sebelum beliau memasuki PWTC di ibu negara untuk mesyuarat Majlis Tertinggi.

"Kami gembira apabila perdana menteri menteramkan kami, beliau beritahu jangan bimbang," kata Shanti.

Menurut Shanti, Najib juga memberitahunya, kerajaan sedia maklum berhubung kes itu dan sedang menelitinya.

Shanti juga menyerahkan surat rayuan yang antaranya menyebut, lebih 240,000 anggota keluarga bergantung kepada hibah dan komisen daripada Genneva.

Operasi serbuan bersama dilakukan ke atas Genneva Malaysia Sdn Bhd dan syarikat sekutunya pada 2 Oktober lalu oleh pihak berkuasa kerana disyaki melakukan kesalahan bawah undang-undang agensi-agensi penguatkuasa berkenaan.

Bagaimanapun, ramai pembeli dan jururunding Genneva merayu agar syarikat itu beroperasi semula kerana penutupannya menjejaskan pendapatan mereka.

Malah, pada 11 Oktober lalu, kira-Kira 1,500 pembeli emas syarikat itu tampil membuat aduan kepada Pemuda Umno berhubung perkara itu.

Surat Palsu Guna Letterhead Genneva Malaysia

Ex-Chairman involved?

The plot thickens... is there someone out there with the "right connections" there plotting the demise of Genneva Malaysia Sdn Bhd? Seems he's a buddy of PPIM sec-gen who made the police report Genneva Gold is "haram"?

Some history, watch these videos at http://on.fb.me/S1gunL and http://on.fb.me/PzFWm1 (original source was disabled on 16/10 at http://www.youtube.com/watch?v=3TTc4siFSL4 ) - is this the reason why Genneva Chairman was axed?

That's not all, we received feedback from enraged Genneva customers who want to know how TGG staff got their contact details. They received calls from TGG (The Gold Guarantee where "En. Aziz Syariah is") encouraging Genneva customers to sell their gold on the condition customers join their scheme.

Genneva Supporters handing over memorandum to PM

On Friday 19 October 2012, Genneva Malaysia Supporters succeeded in handing over a memorandum to Prime Minister YAB Dato’ Sri Najib Tun Razak. Yeeessssss!

The occasion took place at around 3:00pm at PWTC, prior to the UMNO Supreme Council meeting. The memorandum is to appeal to the Prime Minister to help resolve the problems of the rakyat affected by BNM’s raid on Genneva Malaysia. The appeal includes the swift return of customers’ gold and hibah and consultants’ commission, unfreezing the company’s bank account and resumption of business.

The Prime Minister accommodated the group’s request by receiving the memorandum, smiled and said he is already aware of Genneva Malaysia’s case and is currently looking into the matter. This is testament to Genneva Malaysia Directors’ message to customers and consultants all along that they have been working hard meeting up with authorities and leaders to expedite the conclusion of this nasty episode.

STATEMENT FROM THE CUSTOMERS OF GENNEVA MALAYSIA SDN BHD

Bank Negara’s raid against Genneva is unfair and unjust as it does grave damage to the three hundred thousand customers and dependants’ lifelong savings and livelihood.We note that Bank Negara is only releasing statements on their successful raids but failing to give any assurance to the hundreds of thousands of customers and their dependants that their money and gold is safe. Kindly reassure all customers of Genneva Malaysia Sdn that our gold and money is safe and will be returned to its rightful owners immediately.

Following the 1st October Bank Negara led raid on Genneva Malaysia Sdn Bhd, we the customers of the company present our demands for your immediate action.

OUR DEMANDS

1. We ask that Bank Negara lift the suspension immediately. It is only fair to allow Genneva to operate while investigations are in progress for the benefit of its 80,000 customers. As an urgent measure, the central bank MUST settle with the customers the Billions of Ringgit currently stuck in the treasury of Genneva Malaysia Bhd.
   
2. We also ask Bank Negara to unfreeze Genneva Malaysia’s account and allow the current management to resume with day to day operations so that all claims on monies and gold can be attended to.
   
3. Customers were informed that hundreds of kilograms of gold were taken by the authorities. WE DEMAND THAT THIS BE RETURNED TO ITS RIGHTFUL OWNERS IMMEDIATELY. 
   
4. Return all cheques taken and unfreeze the company’s account so that all monies due can be released immediately to its customers.
   
5. A grace period should be given to Genneva of its shortcomings so that it can correct any wrongful actions, if any. Many customers are solely dependent on the hibah (gift) to finance children’s further education, dialysis for members, medical care, housing and car installments and feed their families.
   
6. We state that Gold is universally accepted. Like other goldsmith shops, Genneva is also selling physical gold bars using an innovative wealth sharing platform.

QUESTIONS WE WANT ANSWERED

• Why did Bank Negara initiate the raid when it was this organization that found it positive during an audit by its legal department 8 mths ago. If there were issues with the business model, why wasn’t it addressed then? Bank Negara even instructed the company to make an official announcement on all major newspapers informing the public of Genneva’s business practices. The company complied and published this in all major newspapers as requested by Bank Negara.

• Genneva’s Syariah compliant gold was officially launched by former Prime Minister Tun Dr Mahathir Mohamad, on Dec 15, 2010. The former King, Datin Seri Rosmah, royalties and other prominent personalities have graced Genneva’s dinners and official events. So, after the assurances provided by the presence of these dignitaries why was the raid performed and the integrity of the company compromised?
  
• Why did the authorities raid this organisation out of the 77 on the Bank Negara red alert list, when it was Genneva which had written to Prime Minister Datuk Seri Najib Tun Abdul Razak about three months ago to regulate the gold business, as the gold business is currently not regulated. 
  
• On receipt of Genneva’s letter urging regulation of the gold business, our Prime Minister acted immediately and directed Bank Negara and the Finance Ministry to set up a task force to study the regulation of the gold business in the country. So why was the response to Genneva so drastic when the company itself was instrumental in requesting for regulatory oversight from the relevant authorities?
  
• Gold trading is permissible and there is no restriction, as confirmed by a letter written to Genneva by the Finance Ministry. So why the raid? Here we categorically state that Genneva Malaysia’s business model is not a ponzi scheme and it’s definitely not a get-rich-quick scheme. Its business model is called a Wealth Sharing Platform, because that is what Genneva truly does. It shares its profit (and wealth) with its clients.
  
• Why release statements on the sustainability of buy-back guarantees when it was Bank Negara that prohibited the company to make this claim in the first place. Genneva has never made any guarantees in its buy-back policy.

We appeal to Bank Negara Malaysia and the relevant authorities to hear our voices, that there are more than 300,000 of us effected, requesting you to recognize the toll that your actions have taken on our lives. Allow Genneva Malaysia to resume its business operations so that any further impact on our lives and livelihood will be mitigated.

Press Conference by Umno Youth in support of Genneva