Channel 8 news ran another story on Genneva on the 09th October 2012. Below is the video (in Mandarin):

According to the news clip, Genneva started selling gold in kilograms. It only started selling 100g gold with Genneva’s name this year. A Singapore Pawnbrokers’ Association (SPA)spokesman revealed that some Genneva’s customers had pawned their gold and reinvested the money with Genneva before CAD’s investigation. A conservatively estimated 50 pawnshops have received a minimum of $20m worth of Genneva’s gold.

Investors brought gold at a 30% premium from Genneva. 1 kg of gold cost more than $90,000. Investors would make a big loss at the current market price  of $70,000.

SPA also highlighted that there is no sight of Genneva’s gold at the pawnbrokers’ open auction market, indicating that investors who had pawned Genneva’s gold are still paying the the monthly interest of 1% to 1.5% to maintain the pawn, ...