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

Published on Mar 6, 2013 4:00 PM
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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

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.

 
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