Nicky Wu ---> former consultant wrote this in a forum about the Genneva CON-sultants:

My name is ZZZZZZ. 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Thankfully, I managed to totally pull-out/withdrawn all contracts since last year .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 fellow CON-sultants, 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…………………..

Interesting to see Ministers and Senators getting into the act, I wonder these Ministers and Senators understand how the scheme works or are simply shooting for brownie points. Look at them 'investors' running to every corner pleading their case. 

http://www.nanyang.com/node/483597?tid=908
Will BNM be forced to release Genneva? If so, what's next? Genneva is considered a legal scheme? 

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Added on October 11, 2012, 9:43 pmSince 4 companies were raided, why only Genneva's CONsultants make noise? Where are the rest?

A set of Hobbit coins will soon go into circulation in New Zealand. And, no, this isn’t collectible movie memorabilia. The coins, which will feature characters from the new Peter Jackson movie, will be real legal tender.

According to RT, New Zealand will mint $1 Hobbit coins and $10 Hobbit coins.

The value of the coins, however, is expected to skyrocket upon their release.

The $10 coins are made from 28.3 grams of pure gold and are expected to sell for about $3,700.  The $1 coins are expected to sell for about $30.

The $10 coins will feature Gandalf, Thorin Oakenshield, and Bilbo Baggins.

The coins will go on sale on November 1. The new Hobbit movie premieres on November 28.

New Zealand has been trying to capitalize on the Hobbit craze since the first Lord of the Rings movie debuted in 2001. According to the Telegraph, New Zealand saw a huge tourism boom after the first trilogy.

The country, which is also releasing Hobbit stamps, is currently trying to brand itself “100% Middle Earth” to coincide with the premiere of The Hobbit.

New Zealand has even renamed its capitol Wellington to The Middle of Middle-Earth.

QUOTE(KentPhan @ Oct 11 2012, 06:15 PM)Pat Lu is desperate lar.....Since she is one of the top CON-sultants, I believe she lose more than others.I know one CON-sultant who proudly says she has about 5kg of gold with her and when I ask how she got so much money to buy them, she teach me a method called LEVERAGING....Her 1st capital is RM200k...which bought her 1 kg...then she go pawnshop and pawn it to get cash...She can get about RM150k cash...then top up with RM50k capital....and buy another 1kg....This goes on for 5 round....and her total capital is RM200+4(50) = 400k.On hand, she will have 1 kg of gold and 4kg at the pawnshop.With 5kg, she gets about RM20k hibah per month....pays the pawnshop about 6k interest (1% x 150 x4)...balance 14k.So, with a capital of 400k, she gets about 14k per month....that is 3.5% per month!If all the CON-sultan practise this, they will run to Mongolia

This is very possible. However i dont think they can get RM 150K for the RM 200K gold coz they paid a 25% premium. And the pawnshopbwill lend probably at 50% so maybe they get 75K pawning their RM 200K gold. These are only theorectical figures as i never used a pawnshop before. Anyone care to share ?

Genneva is not the only gold trading firm raided by BNM.

Why do we focus on Genneva only?

What about Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd?

They don't have enough "victims" or the amounts scammed are too insignificant to bother?

I think i hate Pat Lu's gut after i heard his sissy voice from the BFM podcast

To PAT LU:
Get a REAL job like the rest of us....U r no Robert Kiyosaki or Warren Buffett

Erm, that's because Pat Lu is female?
Well, Robert Kiyosaki just got declared bankrupt recently so that might have a lot more in common than you think.

Erm, that's because Pat Lu is female?
Well, Robert Kiyosaki just got declared bankrupt recently so that might have a lot more in common than you think.

To PAT LU:
Get a REAL job like the rest of us....U r no Robert Kiyosaki or Warren Buffett

and are you the sisssy shemale Pat Lu supporter?

lol, just kidding....

QUOTE(KentPhan @ Oct 11 2012, 06:15 PM)Pat Lu is desperate lar.....Since she is one of the top CON-sultants, I believe she lose more than others.I know one CON-sultant who proudly says she has about 5kg of gold with her and when I ask how she got so much money to buy them, she teach me a method called LEVERAGING....Her 1st capital is RM200k...which bought her 1 kg...then she go pawnshop and pawn it to get cash...She can get about RM150k cash...then top up with RM50k capital....and buy another 1kg....This goes on for 5 round....and her total capital is RM200+4(50) = 400k.On hand, she will have 1 kg of gold and 4kg at the pawnshop.With 5kg, she gets about RM20k hibah per month....pays the pawnshop about 6k interest (1% x 150 x4)...balance 14k.So, with a capital of 400k, she gets about 14k per month....that is 3.5% per month!If all the CON-sultan practise this, they will run to Mongolia

This is very possible. However i dont think they can get RM 150K for the RM 200K gold coz they paid a 25% premium. And the pawnshopbwill lend probably at 50% so maybe they get 75K pawning their RM 200K gold. These are only theorectical figures as i never used a pawnshop before. Anyone care to share ?

Who? Me? Of course I am. She's the most entertaining of the bunch. Without her around, there's no good drama. All hail Pat Lu!
Wahliao, that one just leveraged herself into one big financial hole. I wonder how she's going to keep up the interest payments to the pawn shop without the hibah.

I was laughing when watching this malay consultant's presentation.

He argued that why BNM allows banks pay intetest to depositors and disallows Genneva pays hibah, as his view of hibah is the same as bank interest. He does not realize that this is the main point of Genneva is raided by BNM....ai yo yo.... this poor guy!

Genneva is licensed to trade gold but not for investment activities.