#genneva

Patek Philippe Ref. 6300A-010 “Grandmaster Chime”

This is a unique stainless steel version of a timepiece introduced in 2014 to mark the watchmaker’s 175th anniversary. 

The double-face reversible watch boasts 1,366 movement components and 214 case components and features 20 complications, including a perpetual calendar, a minute repeater, a second time zone, a leap year cycle and esoteric chiming mechanisms known as grand and petite sonneries. 

New Post has been published on http://www.therakyatpost.com/news/2014/07/04/genneva-malaysia-bank-negara-sued-return-gold-monies/

Genneva Malaysia, Bank Negara sued over return of gold, monies

KUALA LUMPUR, July 4:

A total of 1,065 gold traders are suing a gold investment company, Genneva Malaysia Sdn Bhd (Genneva), for breach of contract involving RM146 million in sales and purchase of gold.

They also named Bank Negara as the co-defendant in the civil suit for ancillary orders to release the gold and monies, which were now held as property on trust by the central bank following a raid and seizure at the company in 2012.

The plaintiffs, headed by Murshid Meam Ghouse, filed the suit through the legal firm of Raj, Ong & Yudistra at the High Court Registrar office last Monday. Copies of the statement of claim were made available to the media today.

In the statement of claim, the plaintiffs claimed they had entered into three types of agreements with Genneva for gold trading.

The plaintiffs claimed Genneva did not provide the gold products they bought, causing them to suffer losses in the form of cash amounting to RM48,816,915.

The plaintiffs also claimed they did not receive the gold or the value of the gold they bought, which amounted to RM81,952,471, nor did the gold trading company paid them the sale price for the gold, amounting to RM15,255,953.

As such, they said, Genneva had defaulted in honouring the contracts with them, involving total losses of RM146,025,339.

They also claimed that Bank Negara owed them a common law duty to return to them the properties which it had seized during a raid on Genneva.

The plaintiffs are claiming, among others, special damages of RM146,025,339, from Genneva and an order for Bank Negara to return the gold and money to them, as well as interest, cost and other relief deemed fit by the court.

New Post has been published on http://www.hargaemas.com.my/terkini/empat-pegawai-genneva-gold-berhadapan-dengan-900-pertuduhan/

Empat pegawai Genneva Gold Dihadapkan Dengan 900 pertuduhan!

Empat pegawai atasan syarikat perniagaan perdagangan emas Genneva Gold hari ini dihadapkan ke mahkamah dengan 900 pertuduhan dibacakan kepada mereka, dipercayai memecahkan rekod pertuduhan terbanyak di negara ini.

Mereka dituduh di Mahkamah Sesyen Kuala Lumpur bawah Akta Bank dan Institusi-Institusi Kewangan 1989, Akta Pencegahan Pengubahan Wang Haram 2001 dan Akta Perihal Dagangan 2011.

Dua bekas Pengarah syarikat Genneva Malaysia Sdn Bhd itu ialah Datuk Philip Lim Jit Meng dan Datuk Tan Liang Keat mengaku tidak bersalah di Mahkamah Sesyen Kuala Lumpur atas dakwaan membuat kenyataan palsu dalam iklan syarikat berkenaan dengan mengatakan bahawa pelaburan emas dengan syarikat berkenaan mengikut undang-undang Syariah.

Mahkamah memerintahkan kes itu disebut semula pada 28 Oktober depan dengan kedua-dua mereka RM20,000 setiap seorang. Mereka kemudiannya dibawa pula ke Mahkamah Sesyen lain untuk menghadapi pertuduhan lain pula.

Di Mahkamah Sesyen yang lain, Lim, Tan dan Datuk Lim Hah Heng dan Datuk Ng Poh Weng didakwa dengan enam pertuduhan menerima deposit tanpa lesen sah melalui satu skim perlaburan emas di bawah Akta Bank dan Institusi Kewangan 1989.

Keempat-empat mereka menghadapi dua pertuduhan setiap seorang di bawah akta itu. Mereka juga dijangkakan akan menghadapi 915 tuduhan pengubahan wang haram. Semua kesalahan itu didakwa dilakukan antara 10 Januari 2011 higga 1 Oktober 2012.

Pada 1 dan 5 Oktober 2011, Bank Negara Malaysia (BNM) menyerbu beberapa syarikat pelabur emas bersama anggota polis, Suruhanjaya Syarikat Malaysia (SSM) dan Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan terhadap syarikat Genneva Malaysia, Pageantry Gold, Ceasar Gold dan Worldwide Far East Berhad.

Selain itu pada Muzakarah Jawatankuasa Fatwa Majlis Kebangsaan Bagi Hal Ehwal Ugama Islam Malaysia Kali Ke-100 yang bersidang pada 4-6 Julai 2012 telah membincangkan mengenai Hukum Jual Beli Dan Pelaburan Emas Yang Dijalankan Oleh Syarikat Genneva Malaysia Sdn. Bhd. Muzakarah telah membuat keputusan seperti berikut:

Pada 1 Ogos 2012 pula, Persatuan Pengguna Islam Malaysia (PPIM) membuat laporan polis di Ibu Pejabat Polis Daerah Ampang ke atas syarikat Genneva Malaysia oleh tiga wakil persatuan Pegawai Kerja Mohd Mustaffa Hamzah dan juga Pengarah Latihan PPIM Dr Izham Nayan.

Mohd Mustaffa atau lebih dikenali dengan Abang Muss berkata PPIM kesal dengan tindakan syarikat Genneva yang mengaku menjalankan urusniaga mengikut hukum syari’ah seperti dinyatakan di laman web mereka.

Menurut beliau, laporan polis dibuat untuk menggesa pihak berkuasa bertindak terhadap syarikat Genneva Malaysia yang sewenang-wenangnya melakukan perbuatan berkenaan.

Syarikat berkenaan turut didakwa mengambil deposit sebanyak RM5 juta tanpa kebenaran dari Bank Negara Malaysia. Lebih perit lagi, pelabur yang terlibat dalam urus niaga Genneva ini didakwa terdiri daripada orang kenamaan, syarikat dan yayasan serta tidak diketahui punca pendapatan mereka.

Butiran terperinci mengenai kesemua 900 pertuduhan berkenaan masih belum diperolehi, laporan lanjut bakal menyusul tidak lama lagi.

Genneva Malaysia, Syariah Official Launching by Dr Mahathir back in 2011, but is being raid by Bank Negara Malaysia one year later.

Owing to the high rise of gold prices, a number of gold investment companies have risen at Bolehland.

The recent raid of Genneva Gold has once again reminded there is no such thing as too good to be true.

Nevertheless, we would like to analyze how money laundering can take place into such investment. Below assumption is solely based on conspiracy theory and it can not be taken as legitimate proof or legal usage.

There are some investors who have plenty of cash earned from illegal activities (corruption, loan sharks, illegal gambling, prostitution, drug smuggling, human trafficking etc), no matter the income origin is domestic or international

They funded the investment in the name of Silver, Platinum, Gold or Whatever Tradings

Such precious metal trading "investment" companies will then look for general amateur investor who is seeking for low-risk-high-return kind of investment products

Unlike the epic Ponzi scheme or Pyramid scheme, the "investment return" is not funded by the subsequent innocent investor, instead it is funded by the behind-the-scene-big-gun-investor of those precious metal trading "investment" companies

Those behind-the-scene-big-gun-investor will collect the "clean money" from general investors, meanwhile pump in their "dirty money" through investment companies channels as "investment return"

Those "investment return" paid by behind-the-scene-big-gun-investor can be considered as the "laundering cost"

For illustration, it would be 1 Billion "dirty money" to be pumped into the precious metal trading "investment" companies, and then only able to collect back 600 Million "clean money", the 400 Million has been channeled through the precious metal trading "investment" companies as "investment return" and operating cost