for those who thinking why our Rosmah @ Fat Momma attended the so called Genneva Appreciation Night dinner:

here the comments from one of the blog regarding this scam:

Dear Chuah,

No need to shed crocodile tears for Poh Kong, Tomei, Habib as they are still having their business in gold bullion due to customers’ trust in them and their business model will not fail them or the customers. Their price is fixed by their Association FGJAM and not by goldco posing under GoldBEAM which force all their consultants to be menbers.
Just answer a couple of questions, if you are sincere in the gold market:
1. Are the goldcos which does buyback making or losing money in December 2011 and January 2012?
2. Where does the money for the hibah, consultant commission and operating expenses come from?
Assume goldco buys gold at today X ringgit and sells it for 1.25X ringgit to a customer with a 3 months’ tenure. , it makes 0.25X ringgit
Assuming it gives hibah of 2.0% and commission of 0.8% and has 0.5% operating expenses, making a total of 3.3% per month or a total of 9.9% for the 3 months tenure.
To make 9.9% in 3 months using the 25% mark up, the goldco has to find a business which can generate 9.9 x 4 = 39.6% in 3 months or 13.2% per month since they have to buyback at the end of the tenure.
If they do not buy back, do you think any customer will go back to them by overpaying 25% but only earn 9% hibah (Assuming 3% hibah per month.
Otherwise, the money will have to come from any increase in the price of gold held by the customers. What happens if the price stagnates or goes down?
The goldco Chairman is a cousin of the PM. But the PM cannot be seen to be supporting a goldco which has a shakey business model. So just make use of the “First Lady” and if the goldco collapse, the PM/Finance Minister doesn’t know about it and the “First Lady” has no official designation and she had just obliged when asked by the goldco to officiate. Remember, at the February launch of the Dragon promotion, the Deputy Finance Minister found a junior to take his place and the Agong declined to launch the Shariah Compliant platform of the goldco?
This comment meant to Chuah who is one of the Genneva so called consultant. I was at the dinner too on invitation by a friend of mine. Guess what, his whole family and relatives are in this scam and the uncle was tried to lured / recruited me into this. He forgot one thing. There is the word called internet and google.

nothing much special except for a grand gala and nice dinner @ RM288 per ticket which had to bare by the consultants itself. the funny thing is, the top achiever so called platinum award goes to a lady whose husband one of the main people in Genneva. So irony!

Bravo to this Genneva so successfully manipulated this dinner to make it so grand... only pity to those investors where their hard earn money meant for children education, retirement just gone like that. Time will tell time will tell.

For those so called consultants, if you have a clear conscience, please stop promoting this scam. Yes, we all love money. Infact I do, but I don't wish my house door keep knocked by a poor family wailing and crying beg for the money back as it meant for their children, retirement and in chinese we said coffin fund.

Yes, im in financial industry and i do have my networking, if not why I being invited to the gala dinner event so the uncle can brain wash and recruit me. Frankly speaking the commission is lucrative but I really don't wish my clients cursed me, my friend, relatives crying and begging at me. It just not worth it.

Yes, you can call me a loser, an old thinker, envy and red eye because of Genneva's success , consultants earning millions and I just jealous. Call me whatever you wish too.  Again, I'll said this is a SCAM. One hell of a BIG SCAM. why? Need to say more? google it with words of Genneva, Genneve Gold or Genneva Malaysia. There more and more bad news and bad comments rather than good of it.

I guess more losers out there just like me. Yes, Infact I'll continue to be a loser I'll keep telling this scams to my family, my relatives, my friends, my clients and public in general.

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Added on March 22, 2012, 9:52 pmA former consultant wrote this and again it meant for Chuah, Genneva Consultant.

Here you go:

My name is OLD UNCLE. I used to be an active con-sultant for Genneva ( formally known as Samudra) in the early 2009.
Thankfully, I managed to totally pull-out/withdrawn all contracts since last year .

I assumed you are new and therefore do not fully understand what is really going on with the company.
They kept changing company policies as and when they like, to suit their own interest every few days.

At first, every Consultants were forced to pay portion out of their commission regularly each month- so called monthly meeting expenses!!!.
Later on, we, consultants were made compulsory/forced to pay Rm 500 each to joint as Gold Beam membership.
From there on-wards, to renew membership with Rm 250 every year.
Why is there a need to joint as member of Gold Beam when all of us consultants are under the umbrella of Genneva ??

Without our consent, Genneva can just subtract from our commission to “donate” to functions like big walk, F1, etc to boost it’s name/image.
If company is doing well, why does the company needs to boost its image at the expense of its consultants??

When company’s cash-flow was low, its started forcing everyone of us to pay Rm 250 to Rm300 each to attend non-sense hibah training.
After that, we had to pay extra Rm 40 per contract for stamping.

Later on, company came up with deducting Rm5 per cheque deposited into clients’ bank account.
Is there any other company around who charge a fee for banking-in employees’ salary/commission into bank a/c??

To me, all the above collections are like day light robbery.

Have you ever heard of anyone having to pay to attend for their own company’s Annual Dinner ??? Genneva must be the first and only one.
On top of paying for dinner ticket, we even had to pay bus transportation fare to the event venue. Imagine that.

During the Annual dinner, lucky draws were not lucky at all because Genneva never fulfill its obligations until today.
When asked where are the won prices, they said had to cancel because violate government guide lines.
Free trips to China also no news until today!!!

Of course you may say these are small matters as long as you get your monthly commission and physical gold bars in hand.
Yes, I do agree will you. Even if company wind-up or no longer pays out hibab, its “OK” as long as gold bars are with the clients.

But this is not the case. I had emphasized this 2 years back, for those who follow this forum would still remember.
My only concern is the “Waiting Time”.

Scenario 1) Waiting to get hold of your physical gold after you have made payment AND
Scenario 2) Waiting to collect payment cheque when you had delivered your gold in advance to the company during “sell back”.

2 years back then, the “waiting time” was about 2 weeks maximum but now, it seems stretching beyond months!!!.

My dear Mr. Chuah, have you ever thought of the consequences if you are caught in the above scenarios when suddenly :-
1) Genneva follows Gold Label footstep, to announced in newspaper it no longer sustain business & decided to wind-up or
2) Bank Negara decided to conduct a raid at Genneva & found no cash nor gold available at the premises.

The key point here is “Waiting Time”. The months of “waiting time” is total nightmare.
You will have to be hold responsible to your relatives & friends whom you had convinced that the scheme is “safe”.

Please please and please do not compare Genneva with Poh Kong or any other gold smith shop.
With Poh Kong, you pay and ON THE SPOT you get you gold.
Likewise when you sell to Poh Kong, you get you cash ON THE SPOT.

Please please do not mislead others that you have physical gold in hand.
In actual fact, during the duration of 3 months contract, you only get to hold on gold bar a few days at the most.
By the time you got your gold, its already time to pass back to company for renewal inspection!!!! Yet wait another round….

Please, no more mentioning of holding gold bar in your hand & wait for it to appreciate then sell.
The main issue of discussion is, the time for Genneva to deliver gold or cheque cleared before anything bad happened.

For those who are still waiting to get the gold or sell-back payment cheque, sweet dreams.
By the way, ever wonder why sell-back payment cheques NOT auto-deposited into bank like monthly commission!?!?!.

Dear uncles and aunties, the end is near…You may start crying…………………..

That is not earning. That is recouping your capital. i.e. you recoup back 50% of your initial investment in 2+ years time.
So by your logic of selling the gold at 75%, meaning to say you earn 25% in 2+ years time.
Then if you do not sell it off, by the logic of getting back 50% every 2 years plus; to recoup back your whole capital takes 4+ years.

If you ask me, looking at that simple maths figure - am not really impressed.

well, since you are talking about gold only, why cant you buy from goldsmith? Why genneva? Since everyone would be selling more or less the same price.

Then you will be saying because Genneva has hibah, mubah, lanbah, whatever system it is call as it gives out dividend every month.

So, why does Genneva ask you to buy +25% gold price? You think they want to earn the difference profit or what?
Why do you let genneva earns the 25% difference? Are we not looking to buy cheaper gold with the same amount of gold?

Enlighten me please, me dont know gold investment. Im just curious.

Genneva has a good strategy against gold prices going down.  To them it was always about the cash flow.   

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Let's say for example:

50g for RM 10k was your previous contract. 

-When the prices go down they still want to keep your RM10K.  How do they keep your RM10K for the renewal?  Easy they will tell you that your RM10k can get 55g and tell you to renew with more gold. 

-When prices go up they will tell you that in order to keep the minimum 50g gold you need to top up.  now lets say 50g is RM11K, so you need to top up RM1K more. 

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You see how it works.  When prices go down they try to keep the same amount of cash flow.  When prices go up that's when they grow the cash flow by making you keep the same gold weight.  Genneva acts more like a finance company than a gold company.

U forget about their hibah+commission pay out about 2-3% per month, where is this money come from?

CPU and PMs?   

Can buy 10 to 20% below SPOT?  

  i gotta ask the bank of China...... 

and GLD..........maybe my GLD is worth 20% mORE ler.....    

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Added on October 3, 2012, 12:01 pm
A Scam is only a SCam when its shown as a SCAm......too late.  AKA MADOFF...how many years was it on operations? 

BUT RED FLAGS are a good way to go for investors...........Genneva has TOO MANY of those in its life.......

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Added on October 3, 2012, 12:03 pmMAIN THING IS TO CHECK THEIR INCOME STREAM IN THE BOOKS.
THIS WAY YOU KNOW WHETHER THEY GENERATE AUTHENTIC INCOME TO PAY
THE 'GIFTS'

You buy RM10,000 gold. They promised to pay you "hibah" of RM750 (assumes 2.5 monthly hibah) after 3 months and you are given option sell the gold to them with mutual agreed price of RM10,000.

This means they borrow RM10K from you for 3 months and paying you with RM750 interest , which equally to 30% annuity.

This business is clean if:

Genneva uses your RM10K to make profit of more than RM750 within 3 months. They can use your money for any investments or any business operations so long the return is more than 30% annuity. Let say, they make 40% profit anuuity. After paying you, Genneva retains 10% profit as their profit and also paying for admin operating cost and agent fees.

I don't see any logic problem of this business model in fact.

BUT, what is the possibility of making 40% annuity profit consistantly? IT IS SO DIFFICULT TO DO IT IN BUSINESS WORLD!!!!!!! Don't read only the success stories, do read the failure business stories. The world statistic shows that 80% of business are failed. Talk to anybodu who runs the business before to get the fact. Don't talk to the successors only, as they areonly monority.

THUS, how Genneva makes the profit to substain their bussiness. Can they invest money better Warren Buffett as this rich guy is only can get 18-20% annuity return. Dare you say Warren Buffett is a non performance investor?

I know you believe Genneva says in their website that they have a good team who has 100 years experience of gold management business. Does this means that this team can earn better than Warren Buffett. If so, you really make Warren Buffett look STUPID!!!

Hope, you can see the problem here clearly!!!

Even, 18% is damp hard to achieve.
Do you know that 90% of share investors are losing money? This is also a world statistic you can find simply from the net.

Still back to the question, how Genneva makes more than 18%?

Gold is rising now, can it drops tomorrow?

Have anyone (investor) ever check or buy the GMSD financial details or info via SSM website?
Came across from other forum website saying the company failed to submit its financial report for last few years?
I'm not sure whether it's true or not....

so, @GoldChan, bout ur uncleared question, I'm afraid u might not able to get REAL/TRUE answer in near time as further investigation required.
I mean if GMSD really failed to submit their account lately, then the authorities required more time to figure out the whole thing.

Whether GMSD having 60k+ investor entire Malaysia as claimed by those investor, I guess the answer will revealed soon.

Dont think they should/can reveal anything at the moment, the finding are crucial for them to drill Genneva in court. If they wanna reveal anything anything to public, at least they need to consult the lawyers/prosecutors 1st.