Thursday October 4, 2012
Retiree investors hurt
SEVERAL of Genneva’s investors were seen crying after it was raided by authorities led by Bank Negara on Monday.
The retirees, in particular, were in tears because they will not have the money to send their mother for dialysis, son for operation, pay the fees for their children’s further education and feed the family.
For most of the investors, aged 60 to 80, it is their life-long savings which was bringing some returns.
The letter “Gold raid long overdue” (The Star, Oct 3) does not see another side of the story.
As much as I respect his views in not investing in gold, he must also respect others, especially those retired who were deriving income and benefits from Genneva until the Bank Negara raid.
Yes, the writer’s comments are right in saying millions of ringgit is now at stake.
They are at stake because the authorities found nothing wrong and allowed the company to operate for about three years.
Some of these gold investors have been investing in the company since it opened for business at the end of 2010.
Genneva’s Syariah compliant gold was officially launched by former Prime Minister Tun Dr Mahathir Mohamad, on Dec 15, 2010. See YouTube: (http://www.youtube.com/watch?v=b0-Nso97tD8).
As a retired investor starting about a year ago, I invested because the interest would allow me to finance my three children’s further education.
To give some insight into Genneva’s going under red alert three months ago in the Bank Negara radar followed the resignation of a top official from the company.
It is ironic that the authorities had raided an 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 Razak to regulate the gold business, as the gold business is not regulated currently.
The Prime Minister acted immediately and directed Bank Negara and Finance Ministry to set up a task force to study the regulation of the gold business in the country.
It is only logical to allow the company to operate while investigations are in progress. If they have violated pull them up under the legislation, if there is any for gold trading.
I earnestly hope, not only for my sake but for the benefit of 80,000 investors, wisdom will prevail on the part of the authorities.
Only sanity and good decision making on the part of the Government will allow Genneva to continue its business so that its investors can breathe, eat and support their dependants to continue living in this great land, Malaysia.