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Written By: Tiang Chuan on May 17, 2013 No Comment

The Malaysian Court has acquitted the 3 directors and a former director of 224 charges of money laundering and 5 charges of illegal deposit-taking.

Judge Rozana Ali Yusof made the judgement that Genneva gold buy-back scheme is just a marketing strategy employed by the firm.

Bank Negara Malaysia (BNM) will file [...]

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Written By: Tiang Chuan on April 25, 2013 No Comment

In the continuation of the hearing of the Profitable Plots case, a prosecution witness told the Court yesterday that the Boron scheme was “not viable”, reports the 25th April 2013 edition of The Straits Times (Investment scheme was ’not viable’).

A  specialist in evaluating business sustainability from auditing firm Ernst & [...]

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Written By: Tiang Chuan on April 23, 2013 2 Comments

The trial of the 3 directors of landbanking firm Profitable Plots began yesterday, reported the 23th April 2013 edition of The Straits Times (Sham investment plot motivated by directors’ greed: DPP).

Deputy Public Prosecutor Luke Tan said that Profitable Plots’ directors were motivated by greed in coming up with the [...]

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Written By: Tiang Chuan on April 15, 2013 2 Comments

CAD’s investigation into gold buyback firm The Gold Guarantee has been extended to 6 other affiliated firms.  The 6 companies are:

Asia Pacific Bullion Pte Ltd
Singapore Precious Metals Pte Ltd
The Discovery Group Pte Ltd
Emperor Grand Pte Ltd
SG One Pte Ltd
The Gold Treasury Pte Ltd

 CAD’s FAQ on the investigation into The Gold [...]

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Written By: Tiang Chuan on April 9, 2013 One Comment

Yet another gold buyback firm has collapsed. Channel 8 news reported on the 09th April 2013 that around 400 clients of SG Gold are affected after the firm closed down last month. SG Gold cited the slump in gold prices as the reason for closing down.

SG Gold unsuccessfully tried to find [...]

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Written By: Tiang Chuan on March 7, 2013 No Comment

More than 180 investors of gold buyback firm The Gold Guarantee (TGG) turned up at The Speakers Corner at Hong Lim Park on the 06th March 2013 to sign a petition hoping to spur the authorities to expedite investigations into TGG, reports the 07th March 2013 edition of The Straits Times (180 investors ink [...]

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Written By: Tiang Chuan on March 2, 2013 One Comment

Following months of failure to contact The Gold Guarantee (TGG) founder Lee Song Teck and the slow progress in CAD’s investigation, anxious investors of TGG will be collecting petition signatures for submission to the authorities at Hong Lim Park. Details as follows:

Where: Hong Lim Park

When: Wednesday, 06th of March, [...]

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Written By: Tiang Chuan on February 6, 2013 2 Comments

It has been said that investors who took physical possession of their gold has less to worry about compared to those who left it with The Gold Guarantee (TGG) for higher ‘interest’ as they can still sell it to pawnshops or banks. Now, some investors are facing difficulties trying to sell their gold holdings. The [...]

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Written By: Tiang Chuan on February 2, 2013 4 Comments

The Commercial Affairs Department (CAD) has stepped in to investigate gold buyback firm The Gold Guarantee (TGG) after investors made police reports. TGG founder Lee Song Teck has remained uncontactable since Jan 8. CAD has also listed a FAQ page on the investigation into TGG. Below are the page contents:

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Written By: Tiang Chuan on January 26, 2013 No Comment

More customers of beleaguered gold buyback company The Gold Guarantee (TGG) have lodged police reports after its founder and CEO Lee Song Teck remains uncontactable, reports the 26th January 2013 edition of The Straits Times (Customers lodge police report after CEO goes missing).

It was reported that about 2 dozen [...]

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