*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 thisin all major newspapers as requested by Bank Negara.
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.
- 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.
- 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.
- 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.
- Return all cheques taken and unfreeze the company’s account so
that all monies due can be released immediately to its customers.
- 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.
- We state that Gold is universally accepted. Like other goldsmith shops, Genneva is also selling physical gold bars using an innovative wealth sharing platform.
- 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
- 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
- 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.