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…………………..

This post has been edited by eddiv3dd3r: Mar 22 2012, 09:52 PM

Thanks kh8188. Glad you with me. Frankly speaking If this invesment model is workable then the banks and institution are MORON.

YOU BUY GOLD FROM RETAILER IF YOU ARE BUYING A NECKLACE OR A BROOCH FOR YOUR WIFE OR GIRLFRIEND, OR SMALL PIECES OF GOLD LEAF 5 OR 10 OR 20 GMS. AND THE RETAIL PRICE IS AS PER THE FGJAM SET PRICE. FOR THESE SMALL ITEMS, THE MARK UP IS PROBABLY JUSTIFIABLE. NEVER NEVER PAY RETAIL PRICE FOR GOLD BULLION INVESTMENT. IS IT WARREN BUFFET WHO TAUGHT US INVESTMENT RULE NO. ONE : “NEVER PAY RETAIL”??

I WILL START A NEW INVESTMENT SCHEME WITH A BETTER PRODUCT, NAMELY TERRACE HOUSES IN BANDAR UTAMA., P J. THE MARKET PRICE FOR A UNIT IS RM1M. YOU PAY ME RM1.25M. AND I WILL DELIVER YOU A HOUSE. I WILL ALSO PAY YOU HIBAH AT 3 % PER MTH FOR 3 MTHS. I WILL MAKE “DISCRETIONARY” BUY BACK FROM YOU AT RM1.25M AT END OF 3 MTHS. HOUSE IS BETTER THAN GOLD AS YOU CAN GET RENTAL INCOME WHEREAS GOLD PAYS NO INTEREST AND GOT SECURITY PROBLEM WITH STORAGE. IF I ELECT NOT TO BUY BACK FROM YOU AFTER 3 MTHS, NO PROBLEM TO YOU AS YOU CAN WAIT FOR PRICE TO GO UP TO RM1.25M, WHICH IT SURELY WOULD, TO GET BACK YOUR ORIGINAL CAPITAL!!! INTERESTED? That summed eerything. any other takers out there???

So the interested investors, do you all see & understand the issue here? Don't be blinded for god sake...

Unfortunately not many realized this problem aka scam. I was at their appreciation night dinner. Guess what, more than 170 tables packed with consultants, family & relatives, friends, newly investors and curious people who might getting on to invest. Sigh!

Those consultants who achieve the sales target go up stage to collect the recognition award without realizing how many people they already lured to this scheme. Is fine with me if they lured those tycoons and multi millionaires. What worry me is those innocents with their hard earned saving, parents dumped money for their children education, uncles and aunties with their retirement money. Gosh!

While I enjoying my dinner, this new consultant even dare to say he already studied this company go details with it that's why he invested and finally became a consultant. He said is a calculated risk? What calculated risk just because he holding a marked up price physical gold? he said as long the gold in hand there is nothing to worry even this Genneva close shop tomorrow. He even got guts to tell me to apply a personal loan and invest it because the hibah return higher that the loan interest yet I still make a profit. while I had a smoke, another consultant joined and told me, what a successful diner it is, so many big shot coming. All tycoons and millionaires. If this is a scam, he said to me do you think this big shot some with mafia background will let go the consultants if they know they being conned. This consultants is not that stupid. Hello, I'm not saying the consultants are stupid. Is either they still don't know this scam because being blinded by the commission or they realized yet continue to cheat that what worry me. For those consultants realized yet continue doing it, I would like to say you are one hell of a *******. You will get repay what you had done in your afterlife. All your family will be cursed.

I was gonna fainted when this consultant said like that. Imagine those innocence people ie young graduates and fresh employees who just started in working life follow his words and lured in this scheme. For those consultants, yes you are doing well at the moment. My advise to you is either you better ask your clients, family, relatives and friends to pull out this scheme ASAP with all the money intact or you better start packing you cloths & belonging prepare to leave this country. Please don't be such an ignorance, look at all the news lately, there are not a single words talking good about this scheme.

Oh yeah, you can said I just know how to comments in LYN and talking bad while others already making millions outside thru this scheme. Please stop this. I don't gain anything by doing this but look at the whole picture. People are crying & begging money back at you. Some even cursed you. Oh, maybe by then then you already left the country. Whatever is it, consultants I wish you all the best in running away this country if you all choose too. Good luck!

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Added on March 23, 2012, 1:06 pmOn yeah, when the appreciation dinner came to the end, the so called general manager announced due to good reception of this dinner and successful organize it, he said 3% hibah given out for the next 3 months as a goodies to all the consultants. Guess what, a mad rush at the Genneva counter because it only open for next 3 days.

Frankly speaking, a sign of this company either running with low cash flow at the moment or preparing something big coming this May 2012.



This post has been edited by eddiv3dd3r: Mar 23 2012, 01:06 PM