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

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.

"Currently there is no government body to regulate such gold trading firms, and I think that is a potential loophole," said 37-year-old programmer, Litus Tan.

"Even as investigations against TGG is ongoing right now, other metals trading companies with similar sales tactics have been approaching ex-investors of TGG," he added.

The CAD is currently investigating the firm.

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