Gold investors up in arms after another buyback scheme goes wrong

[PStanley]

Gold investors up in arms after another buyback scheme goes wrong
By Lip Kwok Wai / Melissa Chong | Posted: 06 March 2013 2005 hrs

Gold bars are displayed at the Bureau of Engraving and Printing (BEP) in Washington, DC on August 27, 2012. (AFP/File - Paul J. Richards)

SINGAPORE: Some gold investors are up in arms, after another buyback scheme went wrong. This followed a previous incident involving Genneva Pte Ltd in September 2012.

More than a hundred investors gathered at Hong Lim Park after the CEO of The Gold Guarantee went missing in January -- along with their money.

TGG said it had run out of gold and had asked investors to pay a S$2,000 deposit for a kilo of gold. But soon after, CEO Lee Song Teck disappeared.

The petition by the investors has gathered 140 signatures -- which they said will be sent to the Prime Minister's Office. They hope their efforts will expedite investigations.

Litus Tan, a family member of one of the investors, said: "My family lost about close to a million dollars. We want to raise awareness, because (of organisations like) Sunrise Empire, Geneva, and now, TGG.

"We got wind that new spin-off companies are coming up and if the government isn't going to do anything, more people are going to get scammed."

Another investor, Ow Bin Bing, said: "A lot of my friends also buy this gold and now they're suffering and very frustrated. So many are upset because all the money is gone. There are no updates from the CAD at all.

"They said we need time. In a few years, (we would've) all died already. We are investors you know, all our hard earned money, they don't drop from the sky."

-CNA/ac

 

[AhGuan]

Shake head. Face palm. Disbelief. Fools aplenty. Nobody likes fixed deposits anymore ?

 

[jw5]

Shake head. Face palm. Disbelief. Fools aplenty. Nobody likes fixed deposits anymore ?

I do, always looking for interest above 1% one, feel quite foolish also to be honest........................

As for those investors, should research more and be smarter.
As for their shortfall, the person who should make it up for them is _ _ _ _ _.

(start with Z end with O)

 

[mojito]

Singapure, Monacao, Vennice. Never trust a company that cannot even spell right.

 

[makapaaa]

Which goes to show the highly paid civil servants in MAS are

 

[lifeafter41]

Gold investors up in arms after another buyback scheme goes wrong
By Lip Kwok Wai / Melissa Chong | Posted: 06 March 2013 2005 hrs

Gold bars are displayed at the Bureau of Engraving and Printing (BEP) in Washington, DC on August 27, 2012. (AFP/File - Paul J. Richards)

SINGAPORE: Some gold investors are up in arms, after another buyback scheme went wrong. This followed a previous incident involving Genneva Pte Ltd in September 2012.

More than a hundred investors gathered at Hong Lim Park after the CEO of The Gold Guarantee went missing in January -- along with their money.

TGG said it had run out of gold and had asked investors to pay a S$2,000 deposit for a kilo of gold. But soon after, CEO Lee Song Teck disappeared.

The petition by the investors has gathered 140 signatures -- which they said will be sent to the Prime Minister's Office. They hope their efforts will expedite investigations.

Litus Tan, a family member of one of the investors, said: "My family lost about close to a million dollars. We want to raise awareness, because (of organisations like) Sunrise Empire, Geneva, and now, TGG.

"We got wind that new spin-off companies are coming up and if the government isn't going to do anything, more people are going to get scammed."

Another investor, Ow Bin Bing, said: "A lot of my friends also buy this gold and now they're suffering and very frustrated. So many are upset because all the money is gone. There are no updates from the CAD at all.

"They said we need time. In a few years, (we would've) all died already. We are investors you know, all our hard earned money, they don't drop from the sky."

-CNA/ac

All money is gone!!!. I thought they are holding on to the gold bars?

 

[watchman8]

How to expect govt to police everything? MAS already came up with many schemes to regulate investment products. If a particular investment firm is not regulated by MAS, then is orange alert right away. If the returns sounds too good to be true, then red alert and go away.

These sinkies have only themselves to blame for stupidity. I want their contact details, because I got a bridge to somewhere to sell to them.

 

[jw5]

All money is gone!!!. I thought they are holding on to the gold bars?

Could be that they only got a peekture of the gold they were supposed to be buying.

 

[lifeafter41]

Could be that they only got a peekture of the gold they were supposed to be buying.

Ha ha ha ha. FD also paper only what. Maybe you feel safer as got SDIC. Gold peekture one jialat, no SDIC lah.

 

[jw5]

Ha ha ha ha. FD also paper only what. Maybe you feel safer as got SDIC. Gold peekture one jialat, no SDIC lah.

Not SDIC because the amount is more than the limit.
Safer because MAS regulated, and we all know who runs and owns the banks.

 

[shctaw]

Those investors deserve it.

If want to invest in gold just buy from UOB Gold counter at UOB plaza 1 basement.
Buy physical gold and store it in Certis Cisco Safe Box.

Laziness plus greed equal "deserve to be punish".

Will you buy a kilo of gold and safekeeping by a third party? I know I will never allow that to happened.

 

[Cestbon]

How stupid human especially Sinkie to trust $2000 for a kilo of gold.

 

[watchman8]

How stupid human especially Sinkie to trust $2000 for a kilo of gold.

They probably don't even know the conversion between ounce and kilograms.

 

[halsey02]

Gold!, Gold!, Gold!...they gotta have that Gold, they will do anything for GOLD! http://www.youtube.com/watch?v=8EhrzCBElXw

 

[Narong Wongwan]

How a dumbfuck like that got a million dollars lying around to 'invest'?
Must be inheritance.....no pity for greedy fools like these....a fool and his $$$ indeed....

 

[halsey02]

How a dumbfuck like that got a million dollars lying around to 'invest'?
Must be inheritance.....no pity for greedy fools like these....a fool and his $$$ indeed....

"fools rushes in where Angels fear to tread" "there is a sucker born, every minute"...

 

[Equalisation]

I dig my nose, have gold already.

 

[johnny333]

Those investors deserve it.

If want to invest in gold just buy from UOB Gold counter at UOB plaza 1 basement.
Buy physical gold and store it in Certis Cisco Safe Box.

Laziness plus greed equal "deserve to be punish".

Will you buy a kilo of gold and safekeeping by a third party? I know I will never allow that to happened.

Can you really trust cisco to keep anything SAFE
There was the case of missing than reappearing items at CISCO

Safer to let Ho Ching keep your CPF safe under her bed

 

[PStanley]

Ex-investors of Gold Guarantee gather at Hong Lim Park; petition for quicker action

Published on Mar 06, 2013

Onlookers are seen looking at a display of articles relating to The Gold Guarantee scandal at Hong Lim Park on Wednesday, March 6, 2013. A group of ex-investors of the now defunct gold trading company, The Gold Guarantee, turned up at Hong Lim Park on Wednesday afternoon to sign a petition urging authorities to step up their investigations against the errant firm. -- ST PHOTO: DESMOND FOO

By Pearl Lee

A group of ex-investors of the now defunct gold trading company, The Gold Guarantee, turned up at Hong Lim Park Wednesday afternoon to sign a petition urging authorities to step up their investigations against the errant firm.

The Gold Guarantee, which started in July 2011, offered an investment scheme whereby investors buy gold at a premium and receive monthly payouts, depending on how much clients invest. Investors were left stranded when its founder and chief executive, Mr Lee Song Teck, went uncontactable last month.

By lunchtime, a crowd of about 100 people, including onlookers, had gathered at Hong Lim Park. Some 180 signatures were collected as of 2.30pm.

Attendees of the event, mostly ex-agents and ex-investors of the company, said the petition will be submitted to the Prime Ministers Office. They called for the Commercial Affairs Department (CAD) to accelerate investigations, and for a government body to regulate firms with similar operations.

Get the full story from The Straits Times.

 

[Raiders]

The thing is hot in Malaysia also. I believe alot of Malaysians got burnt also.