Following the raids by CAD on Genneva, more news relating to Genneva and other gold buy-back firms has made it both to the screen and print media. Channel 8 news featured the CAD raid while The Straits Times focused on new gold buy-back firms.
In last night’s Channel 8 news, it was revealed that Genneva has ceased operations following the CAD raid. Genneva also issued a letter on the 29th September 2012 that states that the ’directors of the company discovered financial improprieties that led to delay in the payment of discounts and commissions and fulfilment of buyback guarantees.’ Also, ‘ The directors have since lodged the necessary police reports and put into fresh management staff‘. In addition, ‘A legal firm has been appointed to look into the several legal suits filed against the company‘. Genneva also asked 7 to 10 working days to prepare for dialogues ...
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