Genneva Pte Ltd Placed In MAS Investor Alert List
Genneva Pte Ltd has been placed into the Monetary Authority of Singapore’s (MAS) Investor Alert List. Click the link here and search for Genneva. The news was reported in the 19th February 2011 edition of The Business Times – Golden fleece. Readers can access the article here. According to the article, other than Genneva, another company that offers gold investment schemes , The Gold Label Pte Ltd, was placed in the Investor Alert List late last year. The Gold Label Pte Ltd ‘has filed to wind up its operations, reportedly due to cash flow problems‘.
The article also pointed out that ‘There are a number of aspects that should cause skepticism. First, the firm illustrates its buyback option on its website in a rather disingenuous fashion. It says customers buy gold at a ‘discounted market price’. But the truth is customers buy gold at a fairly hefty premium to the market.’