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?
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