I have checked into Peninsula Hotel in Chittagong , Bangladesh with two colleagues. I was given an assignment and I lead a team there to complete the assignment. It was a two days assignments and we have make the arrangement to stay at the Hotel for two nights.
After finishing the work on the first day, we retired for the evening and next day, one of my colleague wrote me a SOS mail and related an event which have happen the night before. She dream of the black and white hell guard coming to take her. It was very real and she bargain with these two guards to leave her alone. Finally, they left and my colleague was so shaken up and could not continue with her sleep.
According to her, she has never got this experience before and I try to console her and give her the courage to complete the assignment. Now,we are on our way back to Penang.
At the airport while in transit, we talk about this matter. Surprisingly, there are so many type of ghost. My colleagues' experience of the ghost is according to the Taoist belief. In other case, the muslim have also their own "hantus" or Pontianak" while for Christians , there are different type of ghost. Why there are so mnay type of ghost while there is only one earth and one people? It is unbelievable how religions have evolved into different race, hells and spirits and supernatural beings. Increditable.
The existence of religions is to cater for the different beliefs of the different races. Just like fashion, it is so diverse in design to meet the demands of the consumers. Everything is so commercialized including the creation of ghost.
Personally, I do not know whether the supernatural beings is in existence or not. I have not seen one yet except through strange feelings and in movies. It may or may not exits but anyhow, we have to left them to themselves. We do not disturb them and they do not disurb us and we are world apart in different dimensions and evolutions.
Lets live in peace in our own beliefs and we hope we will never cross our path.
Amitabha.
Monday, November 12, 2012
Friday, November 9, 2012
Westin Hotel, Dhaka - now and present
I just arrived at Westin Hotel , Dhaka via MAS flight from Penang-KL -Dhaka. The flight froerm KL to Dhaka was almost full and 90 pct of the passenger were Bangladeshis going back to their home. Out of the 90 pct, I think there owas only a handful of ladies. Bangladesh is a muslim country and the ladies are not so easy seen walking about on the roads except when working only in the factories.
I have been using TG ( Thai airline) or SG ( singaporean airline) for my trip to Bangladesh and I was told that the month of November and Decemeber are holidays and travelling and the flights are quite full. I leave at 3.30 pm and I arrived at the hotel at 11.30 pm which an eight hours of travelling time. The transit time in KL was hardly 45 minutes.
The flight was quite smooth except the landing was abit rough but it landed safely. For dinner, the airline served chicken or fish with rice and with some vegetables. The taste was quite okay and sufficient to keep us well during our trip.
On arriving in Dhaka, the traffic was still active as Dhaka is 2 hours behind us and it was ony 9.30pm local time. This is the time when the Bangladeshi took their dinner. This habit of eating late is not good for their health and most locals have big and fat bellies except those workers who do manual jobs.
In Dhaka, there are a few stretch of new fly overs to ease the bad traffic jams and upon completion, the traffic condition could be greatly improved and make traffic more pleasant. However, the air is still dirty and the surrounding is full of rubbish and the buildings are often covered with dust. It was a travel back in time for us when we come to this place which is about 30 years behind Malaysia.
As I told my colleagues, Bangladesh is an eye opener for many of us to see the poverty . Frankly speaking, the country have improved very much over the years and if compared to 25 years ago when I first set foot in the country. The growth of educated population and middle class will propel the country to great heights in the coming years.
Yes, this is a poor country but the country is improving at a fast pace and their garment business have topped US$16 billion per year and it has become the most important place for garment and textile.
Syabas to Bangladesh. I wish you well.
\
Namaste.
I have been using TG ( Thai airline) or SG ( singaporean airline) for my trip to Bangladesh and I was told that the month of November and Decemeber are holidays and travelling and the flights are quite full. I leave at 3.30 pm and I arrived at the hotel at 11.30 pm which an eight hours of travelling time. The transit time in KL was hardly 45 minutes.
The flight was quite smooth except the landing was abit rough but it landed safely. For dinner, the airline served chicken or fish with rice and with some vegetables. The taste was quite okay and sufficient to keep us well during our trip.
On arriving in Dhaka, the traffic was still active as Dhaka is 2 hours behind us and it was ony 9.30pm local time. This is the time when the Bangladeshi took their dinner. This habit of eating late is not good for their health and most locals have big and fat bellies except those workers who do manual jobs.
In Dhaka, there are a few stretch of new fly overs to ease the bad traffic jams and upon completion, the traffic condition could be greatly improved and make traffic more pleasant. However, the air is still dirty and the surrounding is full of rubbish and the buildings are often covered with dust. It was a travel back in time for us when we come to this place which is about 30 years behind Malaysia.
As I told my colleagues, Bangladesh is an eye opener for many of us to see the poverty . Frankly speaking, the country have improved very much over the years and if compared to 25 years ago when I first set foot in the country. The growth of educated population and middle class will propel the country to great heights in the coming years.
Yes, this is a poor country but the country is improving at a fast pace and their garment business have topped US$16 billion per year and it has become the most important place for garment and textile.
Syabas to Bangladesh. I wish you well.
\
Namaste.
Western cuisine at E& O Hotel, Penang
My banker friends , J and P was there waiting for me as I enter the restuarant at E&O Hotel. Also with them was my old friend , O . They titilating or chit chatting and they stop talking as I walk in and J stood up to receive me. I join them in the small talks as we were waiting for our dinner to be ready
and I have given them the choice of my food. After drinking some white wine , we adjourned to the dinner table and after sitting down we still continue the talking about the property market in Penang and where are the latest projects on the island. We talk about the seafront project ny YTL , the landmark by BSG and also the E&O project in Tanjung Tokong. My bnnker friend, J told us that the property price are still going up despite the glut of condos on the island.
The layout of the dinner table was a long table with the host and guest sitting on both sides facing each other and the setting was nice and comfortable. It was relaxing with the white and red wine keeping the spirit up.
The dinner got started with some bread and butter , followed by some desserts , salad , some cookies and the fish which is my choice and the main course. It ends with an ice cream and coffee. Well, the food is good and the taste was excellent . It was a simple dinner and the focus was on the talking and catching up each other and strengthen the business relationship of all the guest attending the dinner.
J's favorite topic for the night was Diabetic as he has this disease which is hereditary and it runs in his father's family. He is very careful about his diet and warned all of us to take care. His daily diet was only Oats in the morning, salad and some rice for lunch while dinner is brown rice with fish and vegetables. In the weekend, he has his off days where he will eat whatever he like but in small portions. If he exercise alot , then he will be able to eat more freely.
He told us that recently he torn his ligaments on his leg after playing badminton. Usually, he has a pace knit which is attached to his chest to check his heart beats but his injury to his leg was the most unexpected. Now, he has to get off his exercise and to let his leg heal before he can do anymore exercise.
I told him that as we aged, we should be careful and have to moderate our exercise. He concurred with my advise but badminton have been his game for many years and it really sweat out well. I told him that many friends have injured themselves playing the game and a few have died during or after the game. The game can be tedious if we are competing and sometimes , we over estimate our ability despite the our aging body and health. We get to absorb in the game and we often think that we can take the extra and that is what happen. It could trigger a heart attack or injury from a single point of exertion.
My message to my reade is that we have to moderate our exercise to our age and for any game or exercise, proper warm up exercise should be done before the real exercise and if we feel anything unusual, we should stop and check our condition.
Don't keep off exercise but be aware and moderate it to suit our body condition.
Namaste.
and I have given them the choice of my food. After drinking some white wine , we adjourned to the dinner table and after sitting down we still continue the talking about the property market in Penang and where are the latest projects on the island. We talk about the seafront project ny YTL , the landmark by BSG and also the E&O project in Tanjung Tokong. My bnnker friend, J told us that the property price are still going up despite the glut of condos on the island.
The layout of the dinner table was a long table with the host and guest sitting on both sides facing each other and the setting was nice and comfortable. It was relaxing with the white and red wine keeping the spirit up.
The dinner got started with some bread and butter , followed by some desserts , salad , some cookies and the fish which is my choice and the main course. It ends with an ice cream and coffee. Well, the food is good and the taste was excellent . It was a simple dinner and the focus was on the talking and catching up each other and strengthen the business relationship of all the guest attending the dinner.
J's favorite topic for the night was Diabetic as he has this disease which is hereditary and it runs in his father's family. He is very careful about his diet and warned all of us to take care. His daily diet was only Oats in the morning, salad and some rice for lunch while dinner is brown rice with fish and vegetables. In the weekend, he has his off days where he will eat whatever he like but in small portions. If he exercise alot , then he will be able to eat more freely.
He told us that recently he torn his ligaments on his leg after playing badminton. Usually, he has a pace knit which is attached to his chest to check his heart beats but his injury to his leg was the most unexpected. Now, he has to get off his exercise and to let his leg heal before he can do anymore exercise.
I told him that as we aged, we should be careful and have to moderate our exercise. He concurred with my advise but badminton have been his game for many years and it really sweat out well. I told him that many friends have injured themselves playing the game and a few have died during or after the game. The game can be tedious if we are competing and sometimes , we over estimate our ability despite the our aging body and health. We get to absorb in the game and we often think that we can take the extra and that is what happen. It could trigger a heart attack or injury from a single point of exertion.
My message to my reade is that we have to moderate our exercise to our age and for any game or exercise, proper warm up exercise should be done before the real exercise and if we feel anything unusual, we should stop and check our condition.
Don't keep off exercise but be aware and moderate it to suit our body condition.
Namaste.
Tuesday, November 6, 2012
My amazing friend, SB - beautiful quotes
SB, my freind is residing in Australia and she never failed to amuse me with the posting of wise words from the Holiness, Dalai Lama which helps to arouse my awareness and mindfulness. Sometimes, her posting of beautiful quotes in the FB really inspired me to think and write about it.
The latest quote is " weak people revenge , strong people forgive and intelligent people ignore". It was very well said and I have been thinking about it.
During my career, I have seen many such people working around me , with me or near me and the saying is very true.
There are people who is easily hurt and they cannot control their feelings and hit back at the people who is hurting them and make the situation go out of control. Sometime , these people will hide their pain in their heart and plot to revenge. In extremely cases, it leads to a lost of life and in minor case, they create enemies and become a victim of their own doings.
I have seen strong people who just forgive and move on with their life. These are the magnificent ones who are wise and they are the master of their ownself. They can control their thoughts and their feelings and can easily forgive and forget.
.
But, the top of the class are the intelligent ones, who knows what to think, do and what to focus and ignore all the petty thoughts and actions and concentrate on the fundamental and major things in life. These are the big players who direct or use their limited time on the major issues and make things happen in their life or the life of the people around or near him or her. They are the people who put the big pebbles in the jar before filling it with the sand. Big things come first.
The person who wrote these beautiful quotes must have seen through life a thousand times or have achieved a certain level of enlightenment to understand these beautiful quotes and use it to inspire others.
Thank you to whoever he or she shall be. Your beautiful you really strikes me and to all my readers, which category are you in and you will know what type of people are you.
Namaste.
The latest quote is " weak people revenge , strong people forgive and intelligent people ignore". It was very well said and I have been thinking about it.
During my career, I have seen many such people working around me , with me or near me and the saying is very true.
There are people who is easily hurt and they cannot control their feelings and hit back at the people who is hurting them and make the situation go out of control. Sometime , these people will hide their pain in their heart and plot to revenge. In extremely cases, it leads to a lost of life and in minor case, they create enemies and become a victim of their own doings.
I have seen strong people who just forgive and move on with their life. These are the magnificent ones who are wise and they are the master of their ownself. They can control their thoughts and their feelings and can easily forgive and forget.
.
But, the top of the class are the intelligent ones, who knows what to think, do and what to focus and ignore all the petty thoughts and actions and concentrate on the fundamental and major things in life. These are the big players who direct or use their limited time on the major issues and make things happen in their life or the life of the people around or near him or her. They are the people who put the big pebbles in the jar before filling it with the sand. Big things come first.
The person who wrote these beautiful quotes must have seen through life a thousand times or have achieved a certain level of enlightenment to understand these beautiful quotes and use it to inspire others.
Thank you to whoever he or she shall be. Your beautiful you really strikes me and to all my readers, which category are you in and you will know what type of people are you.
Namaste.
Warren Buffet's spending theory
I must admit that Warren Buffet is a wise old man and his theory on spending is awesome. He said that if we spend on things that we do not need, sometimes in the future, we will need to sell the things we need. How can it be so ? Yes, this is a matter of attitude and behaviour. If we spend without discipline, we are building up a habit and a complusion to buy. Henceforth, we will run out of money in the future and will need to sell the things we need and buy the things we don't need. By that time, we are out of sync.
It is matter of pychology, there is a saying that " less is more". What does it mean ? Less is less and how can it be more. This is again reflect on the human nature. If we are contented with less , then we are thrifty and we will save more. Or if we have less, we will value the less and makes every bit count, so in that sense, it is more.
Lets take the example of eating. If we have less on the plate, we will eat each bite with more effort or chew more or enjoy each bite more. If we have plenty on the plate, we will eat fast and in a bigger mouth and we will not enjoy what we eat or know what we eat and we need more to fill our stomach. This is again , a matter of perception and awareness.
If we are mindful and aware and only buy the things we need, we will be contented easily and our habit will result in the accummulation of our wealth. Eating less also means keeping healthy and eating what we need makes us well.
However, we should be balance in our judgement and exercise our wisdom well. What is less ? It should adequate and be able to balance our life and keep us happy. Less does not mean less until we are under nourish and pale in health. How do we determine whether the less is adequate ? This is through experience and adjustments as we go along in life. We must not be too greedy or too thrifty but just enough. This understanding took us to Buddha's middle path. Both extremes are not good for us but the mid way which balance the both extremes is the best.
Hopefully, the above is not mend to misguide you and I must remind all of you that no two person is the same. Less means differently to different person and there is no standard requirement for all human beings. Your have to find your own path and your mid point in your habit and your life.
Namaste.
It is matter of pychology, there is a saying that " less is more". What does it mean ? Less is less and how can it be more. This is again reflect on the human nature. If we are contented with less , then we are thrifty and we will save more. Or if we have less, we will value the less and makes every bit count, so in that sense, it is more.
Lets take the example of eating. If we have less on the plate, we will eat each bite with more effort or chew more or enjoy each bite more. If we have plenty on the plate, we will eat fast and in a bigger mouth and we will not enjoy what we eat or know what we eat and we need more to fill our stomach. This is again , a matter of perception and awareness.
If we are mindful and aware and only buy the things we need, we will be contented easily and our habit will result in the accummulation of our wealth. Eating less also means keeping healthy and eating what we need makes us well.
However, we should be balance in our judgement and exercise our wisdom well. What is less ? It should adequate and be able to balance our life and keep us happy. Less does not mean less until we are under nourish and pale in health. How do we determine whether the less is adequate ? This is through experience and adjustments as we go along in life. We must not be too greedy or too thrifty but just enough. This understanding took us to Buddha's middle path. Both extremes are not good for us but the mid way which balance the both extremes is the best.
Hopefully, the above is not mend to misguide you and I must remind all of you that no two person is the same. Less means differently to different person and there is no standard requirement for all human beings. Your have to find your own path and your mid point in your habit and your life.
Namaste.
Monday, November 5, 2012
Deep sea people - a different specie
Someone called me " deep sea people" because of my writing on my blog. People with deep insight , vision and wise. My writing is from my heart and my experience. Why deep sea people?
It draws me back years ago, when I often see those people working in the deep sea thrawlers. These people venture out into the far away sea and catch fishes for a living. Not everybody can be a deep sea man because these people need to be physically and mentally strong. It is hardwork all the way and the weather can be very unfriendly. It is man against nature and sometimes, it is very risky. Facing the sea and one own self can be very challenging and these people have learn to survive and survive well.
Another type of deep sea people are the Pearl hunters in Japan and Korea. These lady divers can survive under water for more than 15 minutes in one single dive and remained under water to do their pearl culturing. It is an amazing test of their stimina and energy. During the dive, the oxygen will get depleted from the brain and one can see hallucination and gradually one could get into a coma and died. There are many incidents of death while in deep sea diving. Again, these are special breed of people , who can hold their breath and work under water.
For those popele with deep knowledge and insight , they can wonder far into themselves and control their emotions and feelings and see through life a thousand times. These people dive deep into themselves and really know what they want in life and share their insights. Again, these are special breed of people.
There are special people on this earth who know how live and is laughing outside in and deep understanding of the worldly affair and intelligence.
Cheers to all of them.
Namaste.
It draws me back years ago, when I often see those people working in the deep sea thrawlers. These people venture out into the far away sea and catch fishes for a living. Not everybody can be a deep sea man because these people need to be physically and mentally strong. It is hardwork all the way and the weather can be very unfriendly. It is man against nature and sometimes, it is very risky. Facing the sea and one own self can be very challenging and these people have learn to survive and survive well.
Another type of deep sea people are the Pearl hunters in Japan and Korea. These lady divers can survive under water for more than 15 minutes in one single dive and remained under water to do their pearl culturing. It is an amazing test of their stimina and energy. During the dive, the oxygen will get depleted from the brain and one can see hallucination and gradually one could get into a coma and died. There are many incidents of death while in deep sea diving. Again, these are special breed of people , who can hold their breath and work under water.
For those popele with deep knowledge and insight , they can wonder far into themselves and control their emotions and feelings and see through life a thousand times. These people dive deep into themselves and really know what they want in life and share their insights. Again, these are special breed of people.
There are special people on this earth who know how live and is laughing outside in and deep understanding of the worldly affair and intelligence.
Cheers to all of them.
Namaste.
Genneva gold - a big lie and a scam
Subject: Genneva: From RM3billion in investments to RM1million cash
According to national news, Genneva had amassed some RM 3 billion
but apparently only RM 1 million was found in all the accounts. It looked
like the other 2.99 billion has taken flight but no one knows where or how.
but apparently only RM 1 million was found in all the accounts. It looked
like the other 2.99 billion has taken flight but no one knows where or how.
If a Ponzi scheme could take place in America sight unseen and
knowledge unknown, it shouldn't be a surprise that in Malaysia, something
similar could occur right under our noses. Given that certain top
politicians might have given their nod, anything is possible. Moreover with
public greed, no one would check properly, which is the cornerstone of the
story of Genneva
knowledge unknown, it shouldn't be a surprise that in Malaysia, something
similar could occur right under our noses. Given that certain top
politicians might have given their nod, anything is possible. Moreover with
public greed, no one would check properly, which is the cornerstone of the
story of Genneva
Guaranteed returns
Contrary to what others thought, Genneva smelled like a Ponzi
Contrary to what others thought, Genneva smelled like a Ponzi
scheme right from the beginning but unfortunately too many people were too
centred on wanting to get rich and therefore dropped their guard. That's
how these things operate with impunity in this country - simply that most
people don't care until it hits them hard.
centred on wanting to get rich and therefore dropped their guard. That's
how these things operate with impunity in this country - simply that most
people don't care until it hits them hard.
Every investor who supposedly invests in Genneva would get a 2 %
guaranteed return per month in the form of "Hibah" or "Gift" for the next
three months. This was the preferred terminology because calling it
'interest' or any such equivalent was deemed illegal. This investment is
considered a 'loan' to Genneva where they then provide you with partial
collateral using gold and an interest rate of 2 % per month.
guaranteed return per month in the form of "Hibah" or "Gift" for the next
three months. This was the preferred terminology because calling it
'interest' or any such equivalent was deemed illegal. This investment is
considered a 'loan' to Genneva where they then provide you with partial
collateral using gold and an interest rate of 2 % per month.
The consultant who successfully recommends Genneva to anyone gets
0.6 % per month of the 'loan' amount or even more, depending on the tier he
is at - whereupon all consultants are placed in some form of pyramid-like
commission structure similar to schemes pioneered by Amway. Beginning at
0.6 % per month, it also includes another 0.2 % for the 'Senior Consultant'
and a further 0.2 % for the 'Group Leader,' totalling 1 % as the overriding
commission for the 'loan' they manage to attain for the company.
0.6 % per month of the 'loan' amount or even more, depending on the tier he
is at - whereupon all consultants are placed in some form of pyramid-like
commission structure similar to schemes pioneered by Amway. Beginning at
0.6 % per month, it also includes another 0.2 % for the 'Senior Consultant'
and a further 0.2 % for the 'Group Leader,' totalling 1 % as the overriding
commission for the 'loan' they manage to attain for the company.
Firstly Genneva would utilise the 'loan' to purchase gold bullion,
which is cast with their name and then certified by an NGO (such as Gold
Bullion Association of Malaysia) to signify that they - and not the
investor - had actually established themselves. For this, no one knows the
actual purity of the gold you will receive unless you decide to melt the
entire bullion and analyse it. Even so, the collateral given to you is
never in full; the snag being that in order to participate in Genneva's
scheme, you the investor must then purchase the gold bullion at 30 % higher
than the market price.
which is cast with their name and then certified by an NGO (such as Gold
Bullion Association of Malaysia) to signify that they - and not the
investor - had actually established themselves. For this, no one knows the
actual purity of the gold you will receive unless you decide to melt the
entire bullion and analyse it. Even so, the collateral given to you is
never in full; the snag being that in order to participate in Genneva's
scheme, you the investor must then purchase the gold bullion at 30 % higher
than the market price.
The lure of promised paybacks
If you leave the 'loan' with Genneva for the next 12 months, they
If you leave the 'loan' with Genneva for the next 12 months, they
will pay out 24 % in total back to you with an additional 12 % to the
consultants who fit into the pyramid that successfully referred you to
them. That totals 36 % payback for each subsequent year. If we assume the
company purchases gold bullion at the prevailing market rates, they will
still stand to lose 6 % for every such 'loan' made to them - 100 % cost of
gold + 30 % mark-up - 36% interest equals -6 %.
consultants who fit into the pyramid that successfully referred you to
them. That totals 36 % payback for each subsequent year. If we assume the
company purchases gold bullion at the prevailing market rates, they will
still stand to lose 6 % for every such 'loan' made to them - 100 % cost of
gold + 30 % mark-up - 36% interest equals -6 %.
And so the question is how or what Genneva needs to do to make up
for the yearly loss of 6 %. By then their total 'loan' intakes had amounted
to RM 3 billion, which means the interest payouts were working out to RM
180 million annually. That's where Genneva resorted to a combination of
scams going by the names of 'Factional Scam,' 'Ponzi Scam' and something as
dubiously named as 'Tai Chi Tactic.'
for the yearly loss of 6 %. By then their total 'loan' intakes had amounted
to RM 3 billion, which means the interest payouts were working out to RM
180 million annually. That's where Genneva resorted to a combination of
scams going by the names of 'Factional Scam,' 'Ponzi Scam' and something as
dubiously named as 'Tai Chi Tactic.'
To elevate Genneva to the 'big boy' stakes, they went on a huge
recruitment and exposure campaign, not only sponsoring sporting events but
also bought out Datok-ship titles from Indonesia and/or Brunei, hosted
lavish annual dinners, extravagant lucky draws, glittering conferences and
seminars. Once they have attained the maximum requirement amount of
investment, the second stage of their plan kicked in - that's where the
real game began.
recruitment and exposure campaign, not only sponsoring sporting events but
also bought out Datok-ship titles from Indonesia and/or Brunei, hosted
lavish annual dinners, extravagant lucky draws, glittering conferences and
seminars. Once they have attained the maximum requirement amount of
investment, the second stage of their plan kicked in - that's where the
real game began.
One scam after another
'Factional Scam' begins with the purity of the gold bullions
'Factional Scam' begins with the purity of the gold bullions
downgraded over time. At RM 200 per gram for 99.99 gold, each 100 grams
will cost RM 20,000, which is what the first gold bullions are worth. By
reducing the purity to 95 %, the worth of gold would drop to RM 19,000
although you will still be paying RM 23,000, because of the stipulated 30 %
mark-up.
will cost RM 20,000, which is what the first gold bullions are worth. By
reducing the purity to 95 %, the worth of gold would drop to RM 19,000
although you will still be paying RM 23,000, because of the stipulated 30 %
mark-up.
In case they got into trouble down the line, the directors of
Genneva decided to form their own NGO and called it Gold Bullion
Association of Malaysia (GBAM). Their task is to issue certification and
quality assurance in case anyone amongst the public decides they want the
gold certified and checked for quality.
Genneva decided to form their own NGO and called it Gold Bullion
Association of Malaysia (GBAM). Their task is to issue certification and
quality assurance in case anyone amongst the public decides they want the
gold certified and checked for quality.
The problem at this stage is that nowhere in Malaysia is gold
regulated and therefore no one could actually say they were doing anything
wrong or illegal even if anyone were to find the gold to be lacking in
actual quality. But to ensure that the whole scenario was legitimate in
order to buy public confidence, GBAM was established purely to hoodwink
everyone into believing them entirely. In other words they had their backs
covered to prevent the scam from surfacing.
regulated and therefore no one could actually say they were doing anything
wrong or illegal even if anyone were to find the gold to be lacking in
actual quality. But to ensure that the whole scenario was legitimate in
order to buy public confidence, GBAM was established purely to hoodwink
everyone into believing them entirely. In other words they had their backs
covered to prevent the scam from surfacing.
Next came the 'Ponzi Scam.' This is where Genneva managed their own
little bubble economy. Over time, the directors knew that after they have
cooked their books, they had to hide them in order to 'honour' the
investors with their interest payments. However since they really don't
have the RM 180 million to do so, they decided to issue 'coupons' for their
gold, which stated that upon the expiry of the three-month contract signed
with Genneva, you the investor will receive the gold bullion as promised.
But hardly a few days thereafter, they tell you that you need to return the
gold bullion to facilitate the renewal of the contract in which case then
you are required to wait a further two months or so before you could even
get your hands on a supposedly 'new' bullion.
little bubble economy. Over time, the directors knew that after they have
cooked their books, they had to hide them in order to 'honour' the
investors with their interest payments. However since they really don't
have the RM 180 million to do so, they decided to issue 'coupons' for their
gold, which stated that upon the expiry of the three-month contract signed
with Genneva, you the investor will receive the gold bullion as promised.
But hardly a few days thereafter, they tell you that you need to return the
gold bullion to facilitate the renewal of the contract in which case then
you are required to wait a further two months or so before you could even
get your hands on a supposedly 'new' bullion.
Getting caught in a loop
At that point in time, since you have already paid the 30 %
At that point in time, since you have already paid the 30 %
mark-up, there is no sense in selling the gold bullion to another party
because they will further deduct another 20 % as charges, thus increasing
your loss to 50 %, which is where Genneva would convince you that the best
thing to do is for you to return the gold bullion or have the company
purchase it back from you.
because they will further deduct another 20 % as charges, thus increasing
your loss to 50 %, which is where Genneva would convince you that the best
thing to do is for you to return the gold bullion or have the company
purchase it back from you.
This whole thing is in fact a complete circus - upon its return,
the same gold bullion will then make its rounds to other investors by
merely changing the certificate number that is issued by its very own GBAM.
To facilitate this complete carousel scam, all Genneva had to do is to only
obtain 50 % of the required gold to make the whole thing believable in the
eyes of the investors. 50 % was all it took to circulate the bullion around
to give credibility to the whole scheme. Therefore by spending only 50 %,
Genneva pockets the other 50 % as profit. After deducting 6 % loss on
interest, they're still making 44 % of the RM 3 billion of investment,
which is RM 1.32 billion.
the same gold bullion will then make its rounds to other investors by
merely changing the certificate number that is issued by its very own GBAM.
To facilitate this complete carousel scam, all Genneva had to do is to only
obtain 50 % of the required gold to make the whole thing believable in the
eyes of the investors. 50 % was all it took to circulate the bullion around
to give credibility to the whole scheme. Therefore by spending only 50 %,
Genneva pockets the other 50 % as profit. After deducting 6 % loss on
interest, they're still making 44 % of the RM 3 billion of investment,
which is RM 1.32 billion.
In order to hold the investor captive, Genneva hatched a
two-pronged plan that is linked to prevailing gold prices. If gold price
increases relative to the date you purchased it at, they will buy the gold
back from you but at the historical price (which is lower) when the
contract was first signed by you. If the price of gold drops, Genneva will
refer back to the agreement where the fine print says they have the right
not to buy it back. Either way they win but fine print is always such that
people are more likely not to read. In order to keep interest up, the
investor will then need to make up the difference if the price drops or to
up for another gold bullion whence the price increases. In this way
investors are caught in a loop unless they are willing to cut their losses
and go their separate ways.
two-pronged plan that is linked to prevailing gold prices. If gold price
increases relative to the date you purchased it at, they will buy the gold
back from you but at the historical price (which is lower) when the
contract was first signed by you. If the price of gold drops, Genneva will
refer back to the agreement where the fine print says they have the right
not to buy it back. Either way they win but fine print is always such that
people are more likely not to read. In order to keep interest up, the
investor will then need to make up the difference if the price drops or to
up for another gold bullion whence the price increases. In this way
investors are caught in a loop unless they are willing to cut their losses
and go their separate ways.
Hiding their trailsTo cover up their trails, the directors had also decided to set up
various companies in several different countries where their funds are then
funnelled in and out of them. They put up with this convolution so as to
confuse the authorities, making it very difficult for them to trace the
money in a hope that in the end they would just give up.
funnelled in and out of them. They put up with this convolution so as to
confuse the authorities, making it very difficult for them to trace the
money in a hope that in the end they would just give up.
At the same time Genneva would use these fund movements to explain
that the money was for purchasing gold where each of these companies had to
comply with in order to fulfil investor requirements in each of the
countries. Upon investigation the deconstructed money trail had begun from
Malaysia and worked its way to Singapore, then to China and then later to
the Philippines where it ended up in an underground bank account not just
there but also in Taiwan and another offshore bank account.
that the money was for purchasing gold where each of these companies had to
comply with in order to fulfil investor requirements in each of the
countries. Upon investigation the deconstructed money trail had begun from
Malaysia and worked its way to Singapore, then to China and then later to
the Philippines where it ended up in an underground bank account not just
there but also in Taiwan and another offshore bank account.
At this rate even as Genneva becomes exposed to their investors,
not only would their own investment portfolio have grown but also there
would be demands of exchange, refunds, interests and commissions. And so
comes the final part of their scam - to blame the authorities and set a
whole new ball game running.
not only would their own investment portfolio have grown but also there
would be demands of exchange, refunds, interests and commissions. And so
comes the final part of their scam - to blame the authorities and set a
whole new ball game running.
There are people whom Genneva makes full use of simply because they
think of themselves as smart, connected and/or powerful. The directors
fully know that if they stop paying commissions or interests or no longer
honour these people their just takings, they expect them to file complaints
and prompt the relevant authorities to take action.
think of themselves as smart, connected and/or powerful. The directors
fully know that if they stop paying commissions or interests or no longer
honour these people their just takings, they expect them to file complaints
and prompt the relevant authorities to take action.
Luring Bank Negara
When that happens - as they would in any complaint of this nature -
When that happens - as they would in any complaint of this nature -
knowing how much time one has before the authorities knuckle down and take
serious action is not too difficult to work out. The country's reserve
bank, Bank Negara, works in structured dogmatic steps - upon receiving the
complaints, they would first make contact with Genneva for a statement in
response, requiring explanation as to the findings of the complaint. There
is time here not to do anything, which is precisely what Genneva did - they
did nothing.
serious action is not too difficult to work out. The country's reserve
bank, Bank Negara, works in structured dogmatic steps - upon receiving the
complaints, they would first make contact with Genneva for a statement in
response, requiring explanation as to the findings of the complaint. There
is time here not to do anything, which is precisely what Genneva did - they
did nothing.
By the time Bank Negara confirmed negligence on the part of Genneva
and decided to raid their offices. At that very same time, Genneva
announced that there was 'an accounting fault' and that on a given date,
all commissions and interests would be paid out completely. Giving that
excuse just as Bank Negara was to carry out the raid - which would have
also frozen their accounts - would put the reserve bank in bad light,
affording Genneva the image of a victim of conspiracy not only by the bank
but also by its jealous competitors.
and decided to raid their offices. At that very same time, Genneva
announced that there was 'an accounting fault' and that on a given date,
all commissions and interests would be paid out completely. Giving that
excuse just as Bank Negara was to carry out the raid - which would have
also frozen their accounts - would put the reserve bank in bad light,
affording Genneva the image of a victim of conspiracy not only by the bank
but also by its jealous competitors.
The trick here was simple in hindsight. Rather than wait for the
bubble to burst, Genneva resorted to using someone as the fall guy to break
it for them instead. And that fall guy was Bank Negara - unwittingly they
took the fall for Genneva to escape.
bubble to burst, Genneva resorted to using someone as the fall guy to break
it for them instead. And that fall guy was Bank Negara - unwittingly they
took the fall for Genneva to escape.
Heist worthy of Hollywood
They would now have to prove to the investors that they could still
They would now have to prove to the investors that they could still
honour payment but the 'problem' was that they'll have to wait for anywhere
from 5 to 10 years wherein the courts of law would decide on the verdict.
Through Bank Negara's raid, now everyone realises that Genneva never had
the RM 3 billion in money or gold terms. To everyone's horror, a huge bulk
of the money had already been funnelled out of Malaysia - only a pitiful
sum is left in the accounts locally.
from 5 to 10 years wherein the courts of law would decide on the verdict.
Through Bank Negara's raid, now everyone realises that Genneva never had
the RM 3 billion in money or gold terms. To everyone's horror, a huge bulk
of the money had already been funnelled out of Malaysia - only a pitiful
sum is left in the accounts locally.
Genneva's directors - who are largely in their fifties or
early-sixties - would have concealed the money under proxy names such as
their spouses and children or even siblings. They know that at their age,
this would be the last but best chance at becoming millionaires. Their
calculations suggest to them that at worst they get convicted, having to
pay a fine of RM 5 million with or without a prison sentence of 10 years,
which in real terms is 7½ based on 'good conduct.'
early-sixties - would have concealed the money under proxy names such as
their spouses and children or even siblings. They know that at their age,
this would be the last but best chance at becoming millionaires. Their
calculations suggest to them that at worst they get convicted, having to
pay a fine of RM 5 million with or without a prison sentence of 10 years,
which in real terms is 7½ based on 'good conduct.'
By then investor anger would have subsided, the whole deal would
have been forgotten and the trail gone cold. For them their investments
would have been considered bad and they'd move on. But for the Genneva
directors, they would be released from prison in time to fish out their
well-hidden money in order to enjoy the 'fruits of their labour.'
You never know - while they're in prison, they could sell thehave been forgotten and the trail gone cold. For them their investments
would have been considered bad and they'd move on. But for the Genneva
directors, they would be released from prison in time to fish out their
well-hidden money in order to enjoy the 'fruits of their labour.'
rights of 'their story' to Hollywood. That's another few cool millions
going their way. And legally as well.
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