BNM's Zeti - Kindly respond to defend your "Award Winning" Credibility!

"Both the PM and the central bank governor have got to respond to these questions that impinge on their credibility and competence"
"In managerial jargon, both the PM and the central bank chief are faced with implied offences that call for the sack. Either they react in a way that is plausible or they quit to honour the integrity of their offices".
~Dr Tan Kee Kwong, Ex-deputy minister laments twin conspiracies of silence

*******************************

Ex-deputy minister laments twin conspiracies of silence

Terence Netto 9:01AM Dec 20, 2012

PKR disciplinary committee chairman Dr Tan Kee Kwong denounced the "two conspiracies of silence" presently besetting the government which he said were "unsustainable even in a debased democracy such as ours."
Tan (right), a former BN deputy minister who joined PKR three years ago, said Prime Minister Najib Abdul Razak's "deafening silence in the face of grave allegations of criminal conduct and the mute response of Bank Negara's governor to the massive flight of capital from the country are fantastic and shocking, even if you allow that our democracy is deeply flawed and permissive."

Businessman Deepak Jaikishan has leveled grave allegations of possible criminal conduct against Najib in connection with the Altantuya Shaarribuu murder, while Malaysiakini has reported thatRM200 billion left the country in 2010 in illegal capital flows, a fact that ought to have the central bank chief either quaking or quitting, said Tan.

"Either separately, more so in combination, a mute response is not a sustainable option in these circumstances," said Tan who is expected to fielded in the Wangsa Maju constituency in Kuala Lumpur in the coming general election.

Tan is the son of Dr Tan Chee Khoon, a legendary figure in the annals of the Malaysian opposition whose name was a byword for integrity.

Come Clean BNM- With this, Your Credibility Stinks!

To prove a point why BNM’s credibility is in doubt, take a look at an article that appeared in PPIM’s website titled “Genneva Gold: The truth behind the scam by OUTSIDER AND INSIDER”  (view http://bit.ly/WawVC1). As usual, the contents are twisted but this aside, the interesting part is the screenshot of page 3. In the third image of the email, you will see BNM Head of Special Investigation Unit (SIU) Mazlan Ahmad instructing his colleague Farez Mohd Latip, "Pls forward and share with the world including FB on Enti Genneva and Genneva Disgruntled Customer Group. TQ."  -- (screenshot of page 3.)

The point is not the content of the article but the manner in which the Head of SIU dealt with it. As the Head of BNM’s SIU, shouldn’t he be objective and level-headed enough to act based on facts rather than spreading unconfirmed story of an individual? This makes the SIU Head appear like someone with a personal vendetta.

With this in mind, would BNM be REALLY objective in their investigation of Genneva Malaysia thus far? If this is how the Head of SIU behaves, the credibility of the SIU is now questionable, at the very best, including whatever official statements dished out by BNM.

And since BNM is the lead agency in this investigation and the main source of information for government officials, it is no wonder why statements made by Deputy Ministers are also inaccurate to the point of fabrication of facts.

It would be interesting to see if BNM would salvage their reputation by righting the wrong of their officer(s) and free the afflicted 300,000 rakyat from further suffering caused by this injustice.

Also view GMS Photo Album, A Conspiracy? Whodunnit? - http://on.fb.me/QQKYKA

– Genneva Malaysia Supporters

http://www.facebook.com/GennevaMalaysiaSupporters

Bank Negara invents a new "Violation".

Bizarre, ludicrous, stupid, creative. None of these even begin to adequately describe the latest ‘genius’ of Bank Negara (BN). They have created a new violation of the law so that BN can act to prevent that violation and protect the public because nothing else negative appears to have surfaced.

So create a new violation: If a company is not profitable, it is a “serious crime” and therefore “we the BN must rush in and seize all the assets so that the public is protected and thus make sure that the directors cannot abscond with the assets.”

This appears to be the logic and substance of the latest press statement issued by BN on 3rd December 2012 - http://on.fb.me/TFFe6R

By this definition, all public listed companies who are losing money (and therefore not profitable) can be raided, assets frozen and stopped from carrying on business.

In the rare of-chance that this piece may reach the inviolate and sacred shores of BN, perhaps they may consider the following:

1.   Buying and selling gold is like the buying and selling of any other commodity, It is the sum total of all transactions that make up the business of Genneva Malaysia Sdn Bhd (GM). One cannot judge every single transaction as a stand alone deal. All transactions over a period of time must be evaluated, to ascertain viability (sustainability). Only then will a broad picture emerge, as to whether the cash flow will result in a long term sustainable business.

If you looked at GM’s business activities for the last 24 months, it has been not only sustainable, but spectacularly so. It was a business model that was working well until the “well-intentioned” disruption of the business by the elite of BN.

If any ongoing business is completely and suddenly halted for two months with recurring cost and liabilities spiralling but without any corresponding sales, it takes no genius to state that this will result in a loss.

2.   This explanation has been repeatedly hurled to BN, but for some inexplicable reason, this elementary fundamental of an “operating business” has failed to penetrate the bright minds of the elite at BN. It is this inability to grasp a simple business knowledge that keeps them yelping the same slogan over and over again that “GM’s business is not sustainable”.

3.   To add insult to injury, the alleged losses have been greatly and grossly exaggerated. Does anyone at BN not know that 4,000 KG at about RM 200 per gram is RM 800,000,000? In all the months of operation prior to the raid, GM has never exceeded RM 200,000,000 in sales in a given month. Now where on earth did this RM 800,000,000 figure spring from? Is this loss for the present two months of non-operation or is this from forever? Is this yet another stroke of creative genius?

4.   Delay in gold delivery far, far too serious, and therefore BN must act. It is irrelevant that supply of gold in the open market is not something that can be dictated by GM. If BN is truly convinced that such delays pose a great threat to the safety of public funds, why has no similar action been taken against Habib Jewellers for delivery of gold one month after receiving payment, and Poh Kong more than a month for delivery of silver? Why no raid here?

5.   In truth, GM has not failed any client in the delivery of gold – late, yes, but failure, no. That is, until now, directly caused because BN stopped all the activities of GM.

6.   In the gold business, profit or loss is dependent on price fluctuations. Only on realization can the profit or loss be determined. Moving average buying price is almost always lesser than the moving average selling price. This was Cleary demonstrated for some months in 2012 because of continued falling gold price for a few months. So paper losses began accumulating, but this did not stop the company from operating. It was BN that stopped GM from operating.

7.   The money paid by buyers of gold is secured as they have physical gold, receive hibah, and have the ability to resell the gold if prices have fallen, to GM at the same price they bought it. The only possible risk is if the physical gold is not given to them after the purchase or payment is not made for a sell-back, during which interim the company can go bust. It is in this gap then there is a real danger of a loss. But so far, this has not happened.

8.   If BN continues this sluggish rate of investigation, ironically described as speedy, then they will be the real cause of loss to GM’s customers and not GM. One wonders if everyone is aware of the legal consequences of such actions.

Now it turns out that there were no valid or acceptable reasons for the raid. So now they created a new crime - Lose money in your business and we will raid you and close you down.

And the latest twist to this drama is UMNO Youth charging in like a white knight ostensibly to protect the public and aid them. Sue the company is their mantra now. Sue GM for what when the real culprit is BN. (http://on.fb.me/WJB23o)

This is a strategy to cover up the error in raiding a well operated business and having realised the mistake perhaps UMNO Youth is the vehicle to divert attention from the real cause of the problem and direct anger to gm This is so obvious strategy to turn the customers against GM. They have so far been faithful to GM because the Company has delivered without fail. It is BN that spoiled all this.

– By Savana Sim, Genneva Malaysia Supporters

http://www.facebook.com/GennevaMalaysiaSupporters

**Note from Admin: No permission required to re-post this in any media.

I'D RATHER HAVE PIRATES THAN PERVERTS IN GARBS IN PUTRAJAYA!!

If PAS believes that it makes them "HOLY" to persecute Unisex hair salons, 

If they Protest against Elton John because they ENVY or object to what he does 
with his own PENIS/ DICK/ COCK,

If they have so much hatred for people who just be themselves in their privacy,

If they get uncontrollable HARD-Ons seeing beautiful and SEXY women,
If they hate to see people have some fun through music/ concerts,

If they feel threatened by people having a "drink",
If they feel they don't need my support.....
WELL- FUCK YOU TOO, PAS!!

IF THEY ARE THAT DUMB- CAN GO TO HELL!!

IF THEY'RE SO DUMB THAT THEY DON'T UNDERSTAND 
THE PEOPLE'S ASPIRATIONS  (beyond their obsession with sex, dicks, asses and pussies) AND THE FEDERAL CONSTITUTION- 
THEY DONT DESERVE MY SUPPORT!! 

I AM SO  BLOODY sick and tired of these SEXIST hate mongering PERVERTS!!

ENOUGH OF PAS's SEXIST STANCE!!

I want leaders who can give us GOOD GOVERNANCE-NOT idiots who look at people's dicks and under ladies skirts!!      
Not leaders who want to promise me their heaven!!

I WANT LEADERS WHO TALK ABOUT EQUALITY, JUSTICE, HUMANITY AND GOOD GOVERNANCE!!                                      NOT PERVERTS WHO TALK ABOUT HEAVEN, ASSESS, SEX OR DICKS!!

I'D RATHER HAVE PIRATES THAN 

THESE PERVERTS IN PUTRAJAYA!!

SCREW THE COUNTRY, 

IF THIS IS WHAT  PAS IDIOTS  WANT!!

LET BN WIN AND RAPE ITS COFFERS- 

At least I can go on living in a SANE society!!

VOTE AGAINST ALL PERVERTS- ESPECIALLY THE HYPOCRITES 

IN THE RELIGIOUS GARBS!!

The "Protection" is by "Taking Away- and Keeping the Money".

*************$$$$$$$$$$$$$$$*************

"Please explain why
 BNM’s Director of legal department Mr Jeremy Tan 
audited Genneva Malaysia in Feb’12 and the outcome was 
- "no issue with the biz and operation model". 

Mr Jeremy allowed Genneva Malaysia to resume operation but with condition to announce in all major newspapers on who Genneva was. 

The announcement was made on 27 Feb 2012 in all major newspapers. The key content in the announcement was not to give a buy-back guarantee to the public and Genneva is not an investment body but a pure Gold Trading company. 

You BNM blessed that announcement. You claim that you protect the public- taking away peoples belongings and keeping it for a long periods of time- is not an act of protecting. 

You knew about Genneva’s biz model very well when you raided Genneva Sdn Bhd and yet you let Genneva Malaysia operate all the way till Oct 1st 2012. 

What is your true intention actually?"
**************$$$$$$$$$**************

Post of the Day by Zaid Zulfa
by Genneva Malaysia Supporters on Wednesday, 7 November 2012 at 09:54 ·

BNM, whatever your plan is on Genneva the most basic act that you should have executed by now is to return the belongings of the public/purchasers. The gold bars, sell back & commission cheques & hibah belongs to the purchasers & consultants. There is no law or act in this world that says you can take away things that have been paid for (daylight robbery). You can continue your investigation as long as you want to and accused Genneva with all sorts of allegations or even create new ones, but please return back what belongs to the purchasers/consultants. You may then take the entire time you want to investigate.

Looking at things now, it indicates that you don’t hear and care for the people of Genneva. Regardless how much effort the clients, consultants & management of Genneva dedicates to resolve this matter in the rightful, etiquette, political and professional manner, you BNM will always portray us as the people who is on the wrong side of the court, no room given to claim and defend our rights.
This is because you are the law, you are above the law, you can manipulate the law, amend the law to tell the world that after 6 years of operating we are wrong, and basically you can do wonders.
Even after revealing all Genneva’s biz documents and operation after your recent interrogations with the directors/clients/consultants till today nothing positive or right that you concur Genneva when some of the documents and biz flow is advice, verbally endorsed & directed by BNM during the Feb 2012 audit by BNM.

Please explain why BNM’s Director of legal department Mr Jeremy Tan audited Genneva Malaysia in Feb’12 and the outcome was no issue with the biz and operation model. Mr Jeremy allowed Genneva Malaysia to resume operation but with condition to announce in all major newspapers on who Genneva was. The announcement was made on 27 Feb 2012 in all major newspapers. The key content in the announcement was not to give a buy back guarantee to the public & Genneva is not an investment body but a pure Gold Trading company. You BNM blessed that announcement. You claim that you protect the public, taking away peoples belonging & keeping it for a long period of time is not an act of protecting. At the first place if it’s true that you are protecting you should have done so prior to Tun Dr Mahathir launched of the company, prior to Donald Lim DFM launched of the HQ office in Kuchai Lama. You knew about Genneva’s biz model very well when you raided Genneva Sdn Bhd and yet you let Genneva Malaysia operate all the way till Oct 1st 2012. What is your true intention actually?

BNM’s press statement of the 5th Nov, “The period of non-delivery have in some cases, exceeded five months”. If you are referring this clause to Genneva this is a big lie. 
Genneva’s delivery has never exceeded that long. 

All your press statements were general; you refused to specify which gold raided company belongs to which allegations. The way I view it you are cultivating confusion to the public, with the press involvement situations exaggerated. 
On top of that BNM uses the word “approximately” to reflect the amount of gold seized. For the amount of accounts & cash you sound to be accurate. It has been 37 days after raiding & yet BNM do not know the exact gold seized & again which gold raided company are you referring too? Frankly speaking BNM is not behaving as the world’s best central bank as reported by Global Finance Magazine.


Majlis FATWA, suddenly became silent? When Tun M launched the company Genneva was halal. Maintaining the same biz model till 2012 out of a sudden Genneva became haram in 2012. Why? Now the authorities took away what belongs to the people which they have paid for. What is the “HUKUM” like from the Islamic perspective? Halal? Haram? Out of a sudden the FATWA council just kept silence regarding this. The council should be renamed as THE CUSTOMISED FATWA Council. Why? You stand in the name of religion when there is a hidden need & when issue biases the council or when direction is given by a party who is much powerful then the FATWA council. In other words, in Islam, from the perspective of Malaysia FATWA council, Allah’s law can be overridden. Having saying that, I humbly proposed the council to rename itself as the Malaysia’s Munafiq FATWA council. The teaching of ISLAM & the prophet Muhammad (PBUH) is simple, if you put somebody’s life in misery regardless he/she is a Muslim you have committed a sinful act. I don’t need a PHD in Islamic studies to know that or voicing it out to the FATWA council. I am also conveying the above paragraph to PPIM & Ustaz Zaharudin.



I know that there is a possibility by posting what I have written here I might end up in the Malaysia Citizenship Alert List. I hope I won’t fall into such list because I am a loyal tax payer. I am voicing out what I believe is right. Some people may like/dislike or may not agree/agree with me, I don’t care. There are always 2 sides of a coin. All we want is what belongs to us that we have paid for. Just return it back & let our life’s continue as normal. Please don’t let this crisis drag much longer. Your cooperation & consideration on returning back our belongings is highly appreciated. You have the capability to transform 60,000 daily curses into beautiful prayers, thank you & blessing notes by returning what belongs to us. You are ranked as the world’s best central bank as reported by Global Finance Magazine, you obtained an “A” in your scorecard. Malaysia is ranked the 10th friendliest country by HSBC. PLEASE do not jeopardize all these ranks & titles. Last but not least all we asked for is our gold & money. Thank you.



Source:http://on.fb.me/SrS4Si

BNM- Why the Misleading Spin to the Media & Rakyat??

A joint press release by Bank Negara Malaysia, 

police and the Attorney-General’s Chambers said 

the raids were conducted in the best interest of the public 

to avoid them falling victims .....
“Furthermore, the companies were also found 

to be unable to provide the guarantee buy-back of gold.
~ BNM

Now Read what the truth behind
the above statement by BNM is:-

 

 

Our "Caring" BNM- "Protecting" the interests of the public ... :-(

*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 Malaysia Supporters

A joint press release by Bank Negara Malaysia, police and the Attorney-General’s Chambers said the raids were conducted in the best interest of the public to avoid them falling victims .....
“Furthermore, the companies were also found to be unable to provide the guarantee buy-back of gold.
~ BNM


 
So now- let's see how much of "public interests", BNM really cares about ....

‘Nor the main culprit behind forex scandal’

Athi Shankar | June 3, 2012

An ex-Bank Negara insider reveals the inside track on the currency speculation undertaken by Nor Mohamed Yakcop and other powerful people about 20 years ago.

GEORGE TOWN: A former Bank Negara insider has named four powerful elites as main players to have caused the central bank’s massive RM30-billion loss in the international foreign exchange speculation scandal some 20 years ago.
In his explosive revelation, retired Bank Negara deputy manager, Dr Rosli Yaakop named former Prime Minister Dr Mahathir Mohamed, ex-finance minister Daim Zainuddin, ex-Bank Negara Governor, the late Jaffar Hussein and current Minister in Prime Minister’s Department in charge of Economic Planning Unit Government Nor Mohamed Yakcop as the “forex scandal elite club masters.”

NGO: Malaysian leader worth $15 billion despite civil-servant salary; timber corruption suspected

Abdul Taib Mahmud, who has headed the Malaysian state of Sarawak for over 30 years, is worth $15 billion according to a new report by the Bruno Manser Fund. The report, The Taib Timber Mafia, alleges that Taib has used his position as head-of-state to build up incredible amounts of wealth by employing his family or political nominees to run the state's logging, agriculture, and construction businesses.

Taib is worth RM45b, believe it or not

Pushparani Thilaganathan | September 19, 2012

When Sarawak Chief Minister Taib Mahmud told longhouses residents in Sungai Aup, Sibu, in 2010 that he had 'more money than he can ever spend', people understood that he was rich. But how rich, was anyone's guess.

The Musa Aman Connection: HSBC’s Money-Laundering Scandal

The Musa Aman Connection: HSBC’s Money-Laundering Scandal

Written by  Sarawak Report

Thursday, 19 July 2012 10:56

As HSBC’s Global Head of Compliance resigned in disgrace yesterday, acknowledging the bank had turned a blind eye to a staggering $38 trillian dollars’ of suspect transactions, thoughts in Sabah will have returned to the financial affairs of their Chief Minister, Musa Aman.
The Malaysian Anti-Corruption Commission (MACC) report into timber kickbacks (a case described by Najib Razak as being “linked to Musa Aman”) contains a great deal of information about HSBC’s involvement in processing the millions of dollars that ended up in Musa’s bank accounts.

MUSA’S SECRET DONORS -We Blow The Whistle On UMNO’s Sabah Kickbacks!

14 Oct 2012

This post is also available in: Malay

Bag carrier – Michael Chia was caught couriering RM40million for Musa Aman, which the PM now says was destined for Sabah UNMO

This weekend Malaysia’s PM, Najib Razak, indicated it was perfectly “proper” for his party to accept secret donations of millions of dollars from undisclosed sources.
He was referring to the RM40million that the Hong Kong authorities seized in 2008 in the possession of a courier Michael Chia, who was in the process of trafficking the money in a suitcase to Sabah.
For the past four years the Chief Minister of Sabah, Musa Aman, has strenuously denied that this money had anything to do with him or indeed that he had “any business association whatsoever” with Michael Chia.



OVER TO YOU, BANK NEGARA MALAYSIA!!!

STATEMENT FROM THE CUSTOMERS OF GENNEVA MALAYSIA SDN BHD

*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 Malaysia Supporters

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.

Please Clarify, BNM- Are you lying to the Media/ Rakyat?

Here's a Comment left on the
 Genneva Malaysia Supporters Facebook Page:-

BNM, with regards to your press statement made yesterday, you are twisting your words, confusing the public & making yourself look guilty.

Do you have evidence that the company Genneva Mal SB failed to buy back at 100%? Your statement "NOR WOULD THEY BE ABLE TO PROVIDE THE BUYBACK GUARANTEE OF GOLD".

Knock.. knock…are you forgetting something?

Aren’t you the one prohibited Genneva Mal SB from giving the public a 100% GUARANTEED buy back?

Allow me to humbly refresh your memory, 8 months ago “Mr JERxxx” from your legal department audited Genneva Mal SB.

The Outcome of the audit was positive, BNM had no issue with Genneva’s biz model but BNM instructed Gen to make an official announcement on all major newspapers informing the public who were are & Gen do & don’ts.

On the 27th of Feb the announcement was published as per your request.

Please clarify why 

today you raided GMSB?

Letters from the Heart (Re: Genneva Raid)- 21

Letters from the Heart (Re: Genneva Raid)- 20

Letters from the Heart (Re: Genneva Raid)- 19

Letters from the Heart (Re: Genneva Raid)- 18

Letters from the Heart (Re: Genneva Raid)- 17

Letters from the Heart (Re: Genneva Raid)- 16

Letters from the Heart (Re: Genneva Raid)- 15

Letters from the Heart (Re: Genneva Raid)- 14

Letters from the Heart (Re: Genneva Raid)- 13

Letters from the Heart (Re: Genneva Raid)- 12

Letters from the Heart (Re: Genneva Raid)- 11

Letters from the Heart (Re: Genneva Raid)- 10

Letters from the Heart (Re: Genneva Raid)- 9

Letters from the Heart (Re: Genneva Raid)- 8

Letters from the Heart (Re: Genneva Raid)- 7

Letters from the heart (Re: Genneva Raid)- 6

Letters from the Heart to BNM/Authorities - 5 (Re: Genneva Raid)

Letters from the Heart to BNM/Authorities - 4 (Re: Genneva Raid)

Letters from the heart to BNM/Authorities - 3

Letters from the heart (Re: Genneva Raid) to the Authorities-2

Letters from the heart (Re: Genneva Raid) to the Authorities

CLASSIC :- (utu)Sexed-up Journalism!!

Here's a CLASSIC example how Utusan Malaysia spins...

EXPOSED! Not "on suspicion" or "alleged"- BACKED BY SOLID EVIDENCE!
More lies spewing out of Utusan Malaysia. Who are they serving? 
We're beginning to think there is indeed a CONSPIRACY to shut down Genneva Malaysia Sdn Bhd. 
Read on and watch the video too... 
What say you?
---
Comment:
Watch Angelina Sinyang interviewing people at Genneva and then read 
her article on Utusan Melayu Here:
http://www.utusan.com.my/utusan/Jenayah/20121002/je_01/Syarikat-jongkong-emas-diserbu
---
Comment:
What kind of report that Angelina or her editor wants her to write... she interviewed that guy for almost 20 minits.... but in the article she wrote, for the first 3/4 article is like blamming again the same story about genneva... and only the last paragraph the way she put it as if she only interviewed that guy for 5 minits ( the write up as if not sincere ) its just for the sake of putting it..... that's all.. nothing in the report wanting to really find out the real truth.. what kind of reporters we have nowadays.. Oh yaa.. I know reporters that just wanted to sell their papers.. not about finding the truth....

Does the "B" in "BNM" stand for "BARUA" or just "Basket"?

"Some estimate the figure at 

anywhere between RM10 billion to RM30 billion, 

but the fact is that foul-play and irresponsible 

forex speculation had exposed Bank Negara 

to maximum losses of as high as RM270 billion, 

which is three times our country’s GDP 

and more than five times our foreign reserves at the time."

~ Lim Guan Eng

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

$$$$$$$$$$$$$$$$$$$$$$$$$$$

Forex losses: Soros vilified, Bank Negara man promoted

Aidila Razak 11:36AM Sep 24, 2012

"Why is currency speculator George Soros vilified as a rogue speculator, when the person responsible for the loss of RM5.7 billion (by Bank Negara Malaysia through foreign exchange trading) was given a promotion?"

This was the question DAP-Bagan MP Lim Guan Eng posed to deputy finance minister Donald Lim during question time in Parliament today.

Pointing to BN-Tasek Gelugor MP Nor Mohamed Yakcop, Lim asked why the former had not been taken to task instead of being promoted now to a minister in the Prime Minister's Department.

"This is not 'janji ditepati' (promises fulfilled), but 'jampi ditepati' (a hex coming true)," he said.

Donald had earlier informed the Dewan Rakyat that Bank Negara Malaysia (BNM) suffered total losses of RM5.7 billion, as specified in BNM's 1993 annual report. He said that BNM ended its currency speculation activities in 1992.

He had said this in answering Guan Eng’s question on the actual losses suffered, the persons responsible and why no stern action was taken against those responsible.

Donald, however, did not say who was responsible for the losses and the actions taken.

“Going by the statements of top BNM officials then, the speculating by the rogue Malaysian traders was done through computers at several desks, to drive up certain currencies to rake in profits,” Guan Eng said.

‘Ministerial responsibility’

Pressed on the matter of accountability, Donald dodged the question further by telling Guan Eng to instead ask PKR-Permatang Pauh MP Anwar Ibrahim, who was the finance minister at the time.

Interjecting, BN-Rembau MP Khairy Jamaluddin added that Guan Eng’s question was a “friend-killing question” (soalan bunuh kawan).

Citing the Hansard from 1993, Khairy added that Guan Eng’s father, Lim Kit Siang (DAP-Ipoh Timor) had then called for Anwar to take “ministerial responsibility” over the losses.

Given room to answer by the speaker Pandikar Amin Mulia, despite heckling from the MPs, Anwar said that he had instructed a stop to the trading.

“There is nothing wrong with Ipoh Timor asking that question as he was seeking an explanation over something that was first denied.

“As finance minister, I had confirmed it and instructed the immediate halt of all forex trading,” he said.

He added that the forex trading started “before 1990”, and that the then-Bank Negara governor, the late Jaafar Hussein, said Nor Mohamed was given the go-ahead by then finance minister and prime minister at the time.

“Jaafar offered to resign with Nor Mohamed. But after I was jailed, Nor Mohamed was promoted to minister,” Anwar said.

Speaking to reporters at the Parliament lobby later, Anwar said that he had also instructed Nor Mohamed to resign and to relinquish all posts in the financial world, including those in private companies.

However, he claimed, Nor Mohamed returned as a financial adviser when Dr Mahathir Mohamad took over as finance minister in 1998, and later fifth prime minister Abdullah Ahmad Badawi appointed Nor Mohamed as finance minister II.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

“Since then, every year, BNM had to amortise, 

cut from the budget around half a billion ringgit 

to foot the losses incurred.

“There are estimations saying that the losses had run up to between RM20 billion and RM30 billion and I believe 

(current BNM governor Tan Sri Dr) Zeti (Akhtar Aziz) can validate that now because she is among those who believe 

the losses could be up to RM30 billion... 

BNM took 10 years to recoup its losses,” 

~ Anwar Ibrahim.

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Do we have Financial Nazis in BNM?

BNM has really kicked itself in the face by behaving like NAZIs and raiding Genneva on the pretext of "investigation".That's like saying the shameful ISA is cool!!
I just got three calls this morning from the general public- sympathizing with Genneva and its Clients, saying "Malaysia is a bad place to do business"!!
One man even rehashed the "Tan Koon Swan" story to articulate his sympathies- the people haven't forgotten!!

"Probing get rich schemes" is a flimsy excuse to persecute successful businesses- whatever happened to Audits?
"People allegedly lost their investments", my foot!!
Nobody "LOST"- they were only delayed due to restrictions imposed upon them.
If the banks cannot supply the gold due to sudden restrictions imposed by BNM- whose fault is it that?

If that is the case, all businesses can be "raided" at the whim and fancy of some Little Napoleon in BNM- and it sets the stage for corruption, blackmail and dirty deals.

BNM should instead be probing BMF, Nor Mohd Yakop, Syed Mokhtar, Scorpene, MinDef, Samy Vellu, Ling Liong Sik/PKFZ and the many BN big guns for their immense wealth ..... not legitimate businesses!!

Meanwhile, I suppose BNM wishes to swim in the millions of RM belonging to the RAKYAT, frozen by BNM in the account!!

Genneva investors still in shock

Reports by REGINA LEE, DAVID TAN, TERENCE TOH, KOW KWAN YEE, QISHIN TARIQ, and EDMUND NGO

PETALING JAYA: Investors of gold trading scheme Genneva Malaysia Sdn Bhd were still in shock a day after an investigative raid on the company.

Anxious and confused over the scope of investigations, hundreds of them converged at the company's headquarters in Jalan Kuchai Maju 6, here, and its office in Penang, demanding answers.

However, Bank Negara Malaysia spokesman Lee Poh Fong said a statement would only be issued after investigations had concluded.

“There is nothing wrong with gold trading but we want investors to be careful against those promising high returns,” she said, referring to a previous press release issued on Sept 5.

Looking for answers: Some 100 consultants and customers being ushered into a meeting room for a briefing session conducted by Genneva regional director Datuk Joseph Kow at the branch office in Gelugor, Penang.

According to the Domestic Trade, Cooperatives and Consumerism Affairs Ministry's enforcement division, one of the four government agencies involved in the raid of the firm, the action was in response to numerous complaints by investors.

Division head Mohd Roslan Mahayudin said besides Bank Negara, the lead agency heading the operations and investigations, the ministry had also been receiving complaints over the past four months from people who had allegedly lost their investments.

“The decision to raid Genneva was carried out by a task force led by BNM to probe get-rich-quick schemes,” he said.

Sources familiar with the investigations said the company was being investigated for offences under money-laundering and deposit-taking laws.