people never learn their lessons since the minibonds saga.
this is what you get if you keep pursuing wealth.
more worries and sleepless nights.
this is what you get if you keep pursuing wealth.
more worries and sleepless nights.
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
There is always ignorant people who will fall for scams. In the past , we had min-bonds, high notes, Sunshine empire and now gold gurantee , etc. Once they got cheated, they say government did not act to stop it. They blame everyone but they did not blame themselves."fools rushes in where Angels fear to tread" "there is a sucker born, every minute"...
All money is gone!!!. I thought they are holding on to the gold bars?
Shake head. Face palm. Disbelief. Fools aplenty. Nobody likes fixed deposits anymore ?
"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."
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.
if plain greedy still forgivable.............these goondus were Greedy and Gong!///
Litus Tan, you asked for it.
yr family was GREEDY...thats their consequences.
no need KPKB!!
///
xxx
Two categories of people:
a. those who hold on to the gold bars - problem is they bought at an inflated price with promised buyback prices giving about 40% annual return
b. those who agreed not to hold the gold bars in return for additional return!
Buy physical gold and store it in Certis Cisco Safe Box.
Here i kena by HSBC.....useless shit banks allIs safe box really safe?
I ask because I remember DBS safe boxes in HK were dumped off with valuables still inside.
Compensations were like shit.