The Gold Guarantee in the News

The Gold Guarantee, a company that had a gold buy-back with discount scheme similar to companies like Genneva Gold and The Gold Label, made its way onto the front page article of the Business Times recently.

Of course, all of us know what happened to The Gold Label.

Anyway, since The Gold Guarantee started in July last year, it has managed to sell almost 2 tonnes of gold.

the-gold-guarantee

You can read the entire article about The Gold Guarantee here:

New gold player emerges with ’buyback offer’ (Business Times)

Comments

  1. Almost Scammed by GM2 says

    Gents and ladies,

    Pls pardon me as I am hijacking this thread to discuss abt The Gold Guarantee (GG) and its founder Lee Song Teck (LST).

    Once I reached home after GG’s seminar on Thursday night , I googled GG and LST to know more abt their business.

    At Hardware Zone forum under thread “Must read : Time Share Scam Awareness! Don’t be the next victim! ” there were complaints abt LST.

    The relates to timeshare which is another type of scam.

    Many people got scammed by this company selling timeshare packages called iDiscover / DiscoveryGroup. They bought the packages after attending sales seminars which offered freebies like IPads and travel vouchers just to attend a 2 hours sales talk. But they never got to use to their satisfaction any of the tour packages/hotel stay/cheap flights etc promised in the timeshare package.

    Many people sort refunds but to their horror the owner of the iDiscover / DiscoveryGroup has taken all their money and sold the company to Lee Song Teck .

    LST himself then was looking to recover his cost paid to the previous owner by getting those who wanted refunds to pay up the remaining unpaid membership fees owed or alternatively, change their so-called travel service into some kind of “consolidated investment” with unbelievable compounded returns of 23% over 15 years ($73,000 returns for $26,000 investment).

    What is this consolidated investment? Buying Gold from GG !!

    When asked what backs up such a ridiculous claim or “promise” of 23% returns, they were shown a sample of the 3 “gold warrant” certificates signed for by a certain unheard of “Gold Guarantee Pte Ltd” (which itself is not being monitored by MAS), probably some commodity derivative of gold (which is sky-high at the moment), provided the gold does exists and the warrant or underwriting company are real and does not “default”.

    What they asked why would LST want to buy such a scam company like iDiscover, which already has so many complains and has very poor after-sales/mediocre product-line. The answer very much surprised them – aside from Mr Lee being very rich (net-worth 20 million and can spent millions easily), the new owner want to change the direction of the company, such that the existing 5000 members can take their minds off travel (meaning no longer interested in providing this service) and instead wait every 5 years for the pay-out return of $23,000 each time.

    The smarter ones then went back to do backgound checks on GG. The so called “trustee” company is call The Gold Guarantee, it is ALSO owned by the new boss of The Discovery Group Mr Lee Song Teck.

    How can the same owner be both the issuer of the so called “warrant”, that guarantees the payout, and at the same time be the trustee?

    It’s like saying give me cash to buy gold from me, I will keep the gold in trust for you and guarantee return it to you in 15 years time plus interest.

    LST now owns all the shares of iDiscover, with the “old” boss Jerry Tan still listed a director.

    I hope you can understand so far the story of LST’s involvement in timeshare and GG.

    Many things like this goes behind the curtains of Goldcos, with one intention in mind – to suck more and more people into their scam !

    • Almost scammed by GM2 says

      Dear ladies and gents,

      The discovery Group Pte Ltd is on consumer alert list of Case (Consumers Association of Singapore). This is the extract of CASE consumer alerts published recently on 7 June 2012:

      ======================================

      Consumer Alerts

      7 June 2012 NEW

      Consumer Alerts –
      June 2012: CASE advisory on The Discovery Group Pte Ltd

      From February 2012 till date, CASE received cases from at least 11 consumers with regards to the contracts they signed with The Discovery Group Pte Ltd. The said 11 consumers have asked CASE to help them cancel their contracts with The Discovery Group Pte Ltd. Considering that the Discovery Group Pte Ltd was incorporated in Singapore only in February 2012, this is an alarming trend that CASE would like to highlight to consumers.

      According to what CASE understand from the affected consumers, they have existing timeshare contracts with another company and were told about one or more of the following*:

      a. There is “corporate restructuring”
      b. The Discovery Group Pte Ltd is now the parent company of the company whom they purchased the existing timeshare contract from
      c. The Discovery Group Pte Ltd is taking over the existing contract / company whom they purchased the existing timeshare contract from
      d. The Discovery Group Pte Ltd can help to waive off balance payment under the existing contract
      e. The Discovery Group Pte Ltd can help to terminate the existing contract and recover monies / The Discovery Group Pte Ltd can recover monies under the previous contract
      f. AND
      A new contract has to be signed and fees have to be paid to The Discovery Group Pte Ltd.
      *Note: The list is not exhaustive.
      Fees paid range from $200 to $7000.

      CASE would like to remind consumers to exercise prudence especially when they are dealing with companies that claim to handle their existing timeshare contracts for them for a fee.

      In addition, we urge consumers to take time to evaluate any company or business which initiated contact and offer attractive solutions to their problems. In particular, consumers should check how long the company or business has been in existence and their track record in settling consumers’ problems in the ways offered or described.

      So far, CASE has not heard of any successful termination by timeshare-related companies. When in doubt, consumers should not sign any contract or agreement or make any payment. It would be best not to visit the company’s or business’ premises alone.

      Should consumers require our assistance with their timeshare or timeshare-related membership(s), they can speak to one of our Consumer Relations Officers by either calling our hotline at 6100 0315
      between 9 am and 5 pm from Mondays to Fridays and between 9 am and 12 noon on Saturdays
      or visiting us at our Ghim Moh office between 9 am and 4 pm from Mondays to Saturdays, excluding Public Holidays.

      Look out for our latest advisories, warnings and alerts here!

      If you have an issue you want to tell us about, e-mail us: sayit@case.org.sg

      ======================================

      Lee Soon Teck is the present director of both The Discovery Group as well as The Gold Guarantee.

      He tried to entice people stuck with useless timeshare packages at Discovery Group to cross over to his other company GG and invest in Gold instead.

      Would you still want to buy Gold from GG or any other goldcos like GM2?

  2. Almost scammed by GM2 says

    On June 26, in Singapore “The Straits Times”, The Gold Guarantee posted a big advertisement on pg A15.

    For those in Malaysia, I will type the wordings of the ad here:

    ==============================================

    The Straits Times, 26 June 2012:

    Free Seminar (Free – First 37 only worth $197)

    How did he create a S$30 million empire at just age 33? (The picture of Lee Song Teck, CEO, The Gold Guarantee Pte Ltd)

    GOLD for it! Why Now is the “Golden’ time?

    As featured in the Sunday Times, Song Teck is a born investor and a gift to his fellow investors. The founder of a property investment firm specializing in Singapore, Malaysia and China, he amassed a portfolio of $10 million worth of Singapore property & $15 million worth of Malaysia property in just under 6 years. Partly using the properties as budget hotels, he has generated 300% average annual return for his investors. he has accumulated a gold portfolio of more than $30 million.

    With his strong leadership and vision, The Gold Guarantee is born and it pocketed $80 million sales within three months of business, making it an industry leader almost overnight.

    Register Now and You’ll Discover In This 2 Hour FREE Seminar:

    – Tap into the Mind of A Multi-million Dollar Successful Serial Entrepreneur
    – How to Make Money No Matter Where the Gold Market Goes
    – How savers Are Losers – You’re Losing Money Every Single Day
    – Quick and Easy Secrets to Maximise Your Money Income from Gold – Anyone Can Do This. No Experience Required.
    – Learn Powerful, Easy To Understand Methods On How to Make Gold Work for You
    – Why The Rich REALLY Get Richer
    – Gold Myths Demystified
    – The Pros and Cons Of Gold

    First 37 Callers receive “Goodie Bag’ Value $547.

    Date – 28th June 2012
    Time – 7.30 pm – 9.30 pm
    Place – Royal Plaza on Scotts
    Register online – TheGoldGuarantee.com.sg/itstime

    ============================================================

  3. Almost scammed by GM2 says

    I went to the seminar on Thursday night as mentioned in my earlier posts.

    There were abt 60 in the audience, but how many of these were ‘planted’ by LST to act as interested buyers I can’t tell for sure.

    Including LST there were abt 20 in the sales team. They are all very very young. Guys looked like “ah bengs” and seemed like they had just completed National Service and GG is their first employer.

    Ladies looked like “ah lians”, and even younger looking than the guys. Must admit they are very pretty….drooling……….

    When I arrived at the registration desk, there were no mention of seminar fees to be paid, everyone walked in freely without any payment. We were given a name tag, a plastic pen and a few pieces of writing paper.

    There were no goodie bags handed out to anyone, not that I went there for the goodies. (these 2 points regarding seminar fees and goodie bags are of utmost importance to the Troll – with lots of salt).

    There was a small refreshment area with coffee and tea but no food. Not that I went there for free food or drinks, but this point is again of utmost importance to the Troll.

    It was basically a MLM recruitment drive by LST , enticing people to join GG as a /sales agent/sales leader/sales manager to sell gold for GG at 30% above spot rate to anyone to earn super high commissions which are compounded !! (not mentioned exactly how much during the seminar, will be told only to those who signed up), but one needs to pay a FEE to be a member of his team.

    His model is similar to GM Sg, except that the marked up is higher at 30%. He claims the 30% is used for “hedging”. But there is a buy back guarantee in black and white. Contract period is 30 days and buyers get the physical gold.

    He cited his impressive track records, press interviews, his charity work (made money donations to sponsor 10 kids, wow, for his wealth I thought at least 100), his so so sad childhood and teenage years and he showed photos of himself rubbing shoulders with prominent investment gurus and tycoons (but looks like “photoshopped” pictures badly done).

    After all the cock and bull talk, the key point was revealed – The membership fees — S$2230.

    No takers.

    Then a discount was offered. Price dropped instantly to S$750. 5 persons went to sign up (not sure if these five were “actors”).

    Very poor response, so a further S$250 was offered as a discount, provided if at least 1 kg of gold was sold within first 4 months.

    How the S$2230 came abt?

    1) Name cards – S$50
    2) Access card (those you hang around the neck, with photo, smart chip) – $200
    3) 1 yr esteemed email address eg Troll@thegoldguarantee.com.sg — S$30
    4) Competency test — S$250
    5) 4 x training modules (to be a con-sultan) — S$800
    6) INSTANT promotion to SALES MANAGER — S$900 (thus earning instant commissions from his existing sales agents numbering around 800)

    Many people went off by then, including me.

    I guess people are put off by the high price of gold, and hence to entice people, LST dangled a carrot, ie, be an agent first. The seminar was devised as a recruitment drive, instead of buying/selling gold. LST’s idea is to sell as much gold as possible, and it makes no difference to him whether they are sold by his agents, or directly sold to public.

    It is a classic MLM scheme, another Sunshine Empire in the making.

    Looking the response, the seminar was a failed mission by GG. Thank God !

  4. Nur says

    I was recently approached by someone from TGG Malaysia. I just want to know how genuine is this gold biz operator? Do they have any other scam like business in the background ?

    • Almost scammed by GM2 says

      Dear Nur,

      TGG Malaysia and TGG Singapore both have the same director – Lee Song Teck (LST). I have written abt him, pls read above.

      In Singapore, LST is involved in selling gold using GM2′s model as well as running MLM. He is involved in Timeshare biz and I was told also involved in gold mining (unverified).

      There were rumours of him being involved in money lending biz (ah long).

  5. Nathan Kadair says

    Dear Nur,

    I believe you have asked this at the Genneva’s section. As what I said there, they have some undisclosed businesses which someone said ah long business is one of it. I have heard from this fellow Richard. A very senior leader in TGG and very close to the directors.

    • Derek says

      Hi everyone,

      Is Genneva having cashflow problem now? Do you guys have any idea? Friend of mine returned the gold bar via agent and no check has not been issued for 2 weeks already. somehow i got mine. Both of us under different agent.

      • Arthur Goh says

        Yes, Genneva is having a heavy Sell Back and I was a customer. On 23rd Aug I was there to check with their staff. For Sell Back, the waiting time is till Feb ’13. During this period , you have no discount !
        The company take advantage of those who are Selling Back by not honouring what they promise on the
        website.

        The Sel Back is limited to 5 kg per day which is insufficient. The company sells hundreds of Kilos per
        day and allow 5 kg Sell Back ?

        For Gold Guarantee, the daily Sales is limited to 20 kg. All Sell Back are honoured. There is a control
        on the sales. In the event of Sell Back, they can meet the cash flow requirements.

  6. Marianne says

    Has anyone in this thread bought any gold from The Gold guarantee or just blabbering nonsense and comment without basis. No venture no gain. It’s only fair to make public comment or condemn if your are the victim otherwise it’s not fair to publicly make unfair remarks ie is akin to slandering.

    • Dari Sekinchan says

      I think these are fellas from Genneva, they claim they tried to provoke Genneva Malaysia by slipping brochures onto the consultants’ car windscreen in front of GV Msia office. And the latest act they hung up buntings in front of Pageantry Gold’s office. Are they trying to prove that they are Tai Kor? In ethical business practice and gentlemen businessmen don’t do such “Paria” act. And somemore they are Singaporean, supposedly more upmarket status people than us Malaysian.

      • Danni says

        I think they donno the meaning of CLASS, if they have class they won’t slip brochures on cars and hang buntings in front of competitors. If they claim they so rich then put up a full page ad in The Star, then I say they have FIRST CLASS, putting cars and buntings are ah-long style

    • Lee Mei May says

      Dear Marianne,
      What you posted doesn’t make sense. Do you mean to say that one has to be run over by a car before commenting that the roads are dangerous or one has to get food poisoning before commenting that the restaurant is filty?
      1. Have you any idea regarding the Business Model the goldco is using to do business. Is the Business Model sustainable?
      2. Is there any precedents of goldcos using the same/similar business models failing and leaving their customers in the lurch?
      3. If you are sure that all those “blabbering Nonsense” are posted by busybodies, then please go ahead and put in all that you have and get the fantastic returns. No body is stopping you as unlike suicides, nobody is going to stop you from jumping in. Good luck and all the best to you in your fantastic investment.. BTW, in case you have more money than what TGG can take up, there are many more such goldcos with fantastic returns.

  7. Gold Guarantee client says

    I am a client of both Genneva and Gold Guarantee. I started buying gold from genneva in 2010 for 2 years. My agent recommended me to diversify to Gold Guarantee because Genneva seems to be having cash flow issues. Now, most of my money is in Gold Guarantee.

    To me, gold is better than paper assets like stocks because the stock price can become zero but gold and property will always hold their value. In fact, my parents buy gold or rolex whenever they have extra money.

    I do not know about the timeshare companies but the gold model has worked well for me for 2 years and 5 months. I made 24% per year for 2 years @ genneva and still making now.

    The gold guarantee pays lesser money but at least the gold price is lower.

    I compared the prices to other goldsmith shops and they are indeed SLIGHTLY higher. However, gold from goldsmith shop does not give me any income every month. so it is a risk you have to take. Do you believe the company can last 2-3 months for you to cover the difference?

    Both companies did. And at the end of the day, I have the gold bar which is internationally hallmarked pamp swiss gold, that i can sell anywhere in the world. I have checked with the pawnshop. It is genuine 999.9 pure gold.

    So if the company do close down without warning, i am mentally prepared to accept that I am buying this gold anyway for diversification. Of course, I do my homework and also talk to other agents and clients about the company strength. If I feel uncomfortable, I can withdraw all my money with all my profits and refund the gold bar without losing anything and keeping the 24% per year returns. I have done withdrawals before and both companies honour the refunds very well.

    Just sharing my experience.

    • Lee Mei May says

      Dear Gold Guarantee Client,

      Fasten your seat belt, enjoy the ride with the beautiful stewardess serving unending rounds of food and drinks and freebees. All the best .

    • Danni says

      Mr TGG client,

      I think u didn’t know that the authority have a record of their transactions done in Malaysia that bears a Singapore contract. The rest you figure out yourself.

  8. Ben Lee says

    Wah that day my friend took me to Pageantry Gold office, I saw their posters all over the poles, I ask my friend why they put posters here ah? My friend answered, they no money to put ad in newspaper. Lol

  9. Dari Sekinchan says

    Pageantry Gold has ad appear on Utusan Malaysia. Not a major daily but at least they paid five figure sum for it, buntings one piece not even RM10 per piece, approval from Majlis Pembandaran is about RM25 per pc, I think all together there got about 20pcs,which works out about RM45 in total, 20pcs x RM45 is RM900 to place buntings to create awareness to competitor’s agents, very budget conscious.

  10. Nur says

    Why dont they put up buntings in front of Royal Gold or another cheap strategy of putting flyers on cars?

    • Dari Sekinchan says

      They claimed they are very rich, if based on their marketing strategy I dont think so, why save costs on newspaper ads? Just put up a full page or half page ad on newspaper, magazine don’t count because it’s cheap.

  11. Nur says

    I think this thead here will soon be the next hot thing after Genneva is done. LMM ,PC Wong and the rest is coming here next.

  12. BBQ says

    Previously there were a list of 77 companies that is not valid under BNM’s scope published by BNM on their website and also in the newspapers. The Star named them ‘blacklisted’ . In Nov later the 2nd part of the list will be published again on their website and newspapers, on the latest list will mention some of the newer goldcos which not mentioned on the first list, TGG is one of them.

  13. Magnum PI says

    The Investigation unit is now in the know of some many previous transactions done in Malaysia by Malaysians investors with TGG of Singapore bearing Singapore contracts. Which means funds remitted to Singapore and gold stocks imported to Malaysia that bears no record with local authority. Should they need to investigate further means surprise visit to the office and put their bank account on hold. Just like what they did to TGL and PGB. BNM also knows that TGG now operating a Malaysian office at mont Kiara.

    • BBQ says

      Not to mention in the innitial stage of their business and maybe now still they received cash transactions for their clients investment of gold, BNM can investigate and take action for AMLA accusation.

    • Nathan Kadair says

      I was told by their beloved group leader that this fellow Micheal Lian was hovering gold from Singapore to Malaysia and cash to Singapore. I guess no declaration of such transits of gold and cash to the local authorities. Is he prepared to face BNM later?

    • BBQ says

      With the recent aggression of BNM, they are now looking into goldcos that bears some violation marks to exercise some action taking just to send vibes into the market. I think TGG is most likely chosen to be intercepted due to the previous records they obtained of illegal cash and gold harbouring activities previously.

      • Nathan Kadair says

        If you read the papers today, the Goldbeam chairman mentioned the task force had been set up to regulate this industry, comprising of Bank Negara, SSM and SC.

        This combined unit already started their round in checking and intercepting faults by any gold trading starting with PGB,the company froze themselves for 2 months for their probe and reopened in June.

        thereafter in Mid June these units went in to Genneva, found some unscrupulous acts on the Syariah compliance and whistled to the Fatwa committee. Somehow Genneva didn’t choose the option to freeze themselves. Now the units realised how filthy the inside operations of Genneva are and they decided to warn the public.

        Next could be you know who once they are done with Genneva.

  14. Magnum PI says

    There will be a 2nd version of the list of the after the 77 companies will be published in the coming month or two, will mention more companies, TGG will be in there.

  15. BBQ says

    The investigation unit for money laundry of MAS has issued warning letter to TGG. This was told to me by the Malaysian counterpart, someone in BNM. I hope this is not true or we will see another GM2 scenario.

  16. Nur says

    I believe it’s true, there’s nothing so simple about these guys who runs TGG I suppose. They preached that they are not affected if the gold price crashes, they said they have some ways or money to cover which were not disclosed.

    • Marian says

      Remember: No venture no gain. It’s ok to take the risk and be prepared. For me, I am a risk taker. I have for burnt before buying into sticks and share and blue chips too. So far I have made some and lose some, so its no big deal anymore just remember don’t put all eggs in one basket; you’ll be fine. Cheers to all who are reading.

    • Marian says

      Remember: No venture no gain. It’s ok to take the risk and be prepared. For me, I am a risk taker. I have been burnt before buying into stocks, shares, commodities and blue chips too. So far I have made some and lose some, so its no big deal anymore just remember don’t put all eggs in one basket; you’ll be fine. Cheers to all who are reading.

  17. Christ Yee says

    The latest in the Gold scheme is The Royal Gold Sdn Bhd like GVM, their operation is exactly the same, even the form and their so call Syariah compliant. Once look at their web site and sales kit you know very well this just another fly by night gold scheme company.
    They just copy and paste all GVM form and web site, and the scary part is that they didn’t even bother to make it more professional.
    The people no doubt very nice people then GVM but all the so call marketing managers have 0 experience on how the industry work and when ask further they can’t give you a straight answer.
    They being claiming that the scheme back by insurance (Lloyd of London) but so far it just a claim and people still waiting. Hmmmmm …
    I never was in GVM and won’t touch them since they having issue with payment in SIngapore. But when I look at Royal Gold I am safe to say that they are the worse of them all and their price is extreme high as well.
    It being 4 months now since their started their business, yet no improvement have being made on the support site. I want to join them but after hearing honest feedback from the agents that join, it a major turn off.
    Just avoid it like a plague, even if you want to make a quick buck.
    Cheers.

  18. Royal Gold Agent says

    Christ Yee, do not give bad comments so early on Royal Gold Sdn Bhd. This company will catch EVERYONE by surprise. I guaranteed that… And those agents and clients from all existing Gold Companies will 100% sure switch to Royal Gold “AFTER” they know of what type of Insurance they are getting in “THEIR OWN NAME”. Just wait for a few more months and you will understand..

  19. Nur says

    I was told by a friend whom is a TGG agent that his company (TGG) is paying comms this month, can I have any confirmation from anyone? I am seriously curious.

  20. Sean says

    Someone I knew from Genneva whom also agent for TGG said the same thing but I can’t confirm that as its just hear say unless more reveal on this thread.

  21. Darisekinchan@gmail.com says

    I’m not sure about TGG not paying out comms this month but I do realise something doesn’t feel right lately as some of their consultants I know are starting to bad mouth the company.

  22. says

    Both the Gold Guarantee and Asia Pacific Bullion are in MAS Alert list now.
    ===========
    Asia Pacific Bullion Private Limited

    300 Beach Road
    #33-04/05/06 The Concourse
    Singapore 199555
    Tel: 6298 8881
    Fax: 6298 8886
    371 Beach Road
    #06-00 Keypoint
    Singapore 199597
    Tel: 6692 7777
    Fax: 6692 7778

    The Gold Guarantee Pte LtdSingapore (HQ)

    42A Boat Quay
    Singapore 049831
    Phone: 6535 4052
    Fax: 6535 4076
    E-mail: info@thegoldguarantee.com.sg

    Malaysia Office
    One Mont Kiara
    No 1 Jalan Kiara #18-5
    50480 Kuala Lumpur
    Phone: 603 6206 3328
    Fax: 603 6206 3313
    Mobile: 601 1123 80249
    E-mail: michaellian@thegoldguarantee.com.sg

  23. says

    GM Sg in evening’s prime-time news !!
    =============================

    HOT! HOT! HOT!

    GM Sg is in prime-time news at Singapore’s TCS 8 this evening 27 Sept 2012 6.30pm. I managed to record it down and I will be downloading the newsclip in Youtube shortly.

    There were victims’ interviews. The Gold Guarantee was also mentioned. Recordings of phone interview with TGG’s consultant revealed.

    Really shit hitting through the fan now.

  24. says

    IDiscover or Discovery VIII or Discovery Group are all the same. It is /was fully owned by Jerry Tan who was one of the Director or EMPEROR RESORTS INTERNATIONAL.

  25. Nathankadair@gmail.com says

    I am sure LST doesn’t come clean. MAS is digging out his crap on his other undisclosed businesses relating to his gold business.

  26. Bullion-man inc says

    I was told that LST had bribed the people in Bank Negara Malaysia. Can MAS be bribed?

  27. BBQ says

    TGG in Malaysia is registered with ROC under the name SGFM Trading Sdn Bhd. (SG Fine MetalsTrading). It’s updated in the BNM’s list recently.

    • Nasi Kandair says

      What is so special about TGG that it is not listed in the BNM consumer alert list?
      Some big shots already settled under the table?

  28. Nasi Kandair says

    If they don’t mention the word “guarantee”, then you will say they don’t even dare to guarantee.
    Therefore how to trust them.
    Very susah indeed. Like this cannot, like that also cannot.

  29. Magnum PI says

    Recent raid on Genneva & Pageantry Gold is due to late delivery,This is subjected under the Domestic Trade Beureu. Then from here by the way BNM suspects them under AMLA/BAFIA

    Now raids on goldcos are involving multi agencies for multi type of offence.

    I am having a great hunch that the next raid would involved KASTAM. When TGG first started. Micheal Lian has been transporting gold bars and cash in and out of Malaysia/Singapore with no declaration with KASTAM.

    Maybe I am expecting the coming raid on TGG is collaboration of KASTAM & BNM

    RG is still being figure out what would be he likely cause.

  30. Sheikh says

    When you pass through “KASTAM” just make sure you get ready the “hibah” to give them and anything can pass through.

    Note: “hibah” here is discretionary. i.e, you give means everything is OK but if you do not give means everything is sangkut.

    • Nathan Kadair says

      The problem is the HIBAH is pocketed by individually by the officers, leaving no records, no paperworks on the gold transitions which is vital when any probe and raids is concerned.

  31. Sheikh says

    That is the difference between the north and south.
    In the northm, as long as you are in charge, the law is in your own hands. Therefore the HIBAH automatically goes to your own pocket and after that all clear ………. jalannnnn.
    Probe and raid is under another department and they will have their own laws and HIBAH collection (if given under discretionary by the individuals)….if got HIBAH same thing……..jalannnn.

  32. Johnny K says

    Can I confirm with anyone here if The Gold Guarantee is licensed by Bank Negara? An agent has spoken to me and she said they are not in the alert list by Bank Negara because they are approved institution.

  33. Nur says

    In the recent development of BNM on the gold trading industry. BNM seems to be doing bankers the favour of sweeping out the goldcos so that banking industry gain back its momentum. Not too long ago we saw LST getting very aggressive with the gold business and that’s going to put the bankers’ eyes on the him.

    The more aggressive and glamourous he can be, the more dangerous seems for him.

  34. says

    ………………….I received sms from GG : Learn Powerful, Easy To Understand Methods On How To Make Gold Work for YOU (2 sessions on 27&29 Sept.2012 respectively) Free Goodie Bags worth $430/-

    I gave it amiss as All that Glitter (in physical or Advert) is Not Gold?
    My intuition tells me “Scammers at Work” …….sorry mate, go bury you gold and $430/- goodie bags elsewhere!

    • Obrien says

      When I was presented on their biz model, it seems a bit perculiar. You buy gold, when you receives your gold you can actually pawn it straight away to their company’s own pawn shop. Isn’t that becomes a camo park in scheme? BNM knows about this?

  35. Obrien says

    I have another one. A friend of mine showed me a presentation on The Gold Guarantee investment. Saying the company are “legitimate” with the authorities. Showing me the BNM website list and say they are not listed. Even told me that the boss had the resources to put down Genneva. I wonder is that real or BS?

    • KLbull says

      ‘The Gold Guarantee’ as a company name is not registrable in Malaysia because the word ‘Guarantee’ is not allowed. Instead, this outfit is reported to use the name SGFM Trading Sdn Bhd in its Malaysian operations and this gold company was put on BNM’s alert list on 27.09.2012.

  36. Dari Sekinchan says

    Seems now BNM and Malaysian Insurance Institute (MII) are going after their unit trust and insurance agents for lack of profesionalism and misconduct for joining companies with Ponzi schemes and promoting it at large.

    • nur says

      Not to mentioned that these TGG agents has been going around advocating that their company is in association with the legalised institution and they use the BNM alert list to prove it. Does BNM aware of this?

  37. BBQ says

    TGG Singapore is on surveillance by authorities of Singapore. This statement is by people inside BNM. The last time when the Singaporean authorities pounced Genneva Singapore, on the same day BNM pounced on Genneva Malaysia. So I wonder if at anytime TGG pounced by Singapore authorities, will it happen in Malaysia too?

  38. Nur says

    On 1st Oct 2012 morning Singapore authorities raided and frozen Genneva Singapore, then on the same day 2 hours later when BNM received news from Singaporean authoraties and they acted. At about 2pm of the same day BNM raided and frozen Genneva Malaysia.

    Now The Gold Guarantee Sigapore is on the MAS alert list, the last time Genneva on their alert list was raided, so will this time affecting The Gold Guarantee?

    Then again, if The Gold Guarantee Singapore would get raided, I think very likely BNM will act promptly like on Oct 1

  39. Malaysian Gold Investor says

    Yes i do believe as and when Singapore gets raided and next will be Malaysia perhaps on the same day as well.

    • Nur says

      People who puts their money in their Rescue Plan is actually jumping from one boiling pot into another. We just wait and see when Singaporean authoraties starts their fiasco.

  40. Nathan Kadair says

    TGG has a scheme that works like this, only known to their regular investors.

    1. Buy gold and get your rebates.

    2. When you recieves your gold then go next door and pawn that gold to their associated pawn shop owned by Lee Siong Teck.

    3. Get extra money then buy again and get extra rebate.

    Is there any diffrence than the GSS of The gold Label that was raided by BNM in 2010?

    Still the bottom line you dont have any gold in your hands for the extra profit.

    Of course BNM will wait for any company to reach 1 year period for them to move in. Now they are 8 – 9 months old, in just few month to qualify in the raid list. Or maybe MAS will move in on Singapore first?

    Now you know why BBQ said MAS is looking from afar with binoculars?

    • Batu Malai says

      The owner of The Gold Guarantee Singapore & Malaysia Lee Siong Teck is not as decent as he looks. Beware of his con tactics in his gold business and he is as cunning as the guys who runs Genneva. Don’t say you have not been warned.

    • Sean says

      Lee Siong Teck is playing a danderous game in the gold trade by incorporating pawn in for extra profit. Very close to deposit schemes which touched on BAFIA and maybe also AMLA.

  41. BBQ says

    Khairuddin whom screwed up with the directors of Genneva are now starting to show his true colour with his new joint venture. TGG kept very discreet to protect the business.

  42. nur says

    I have been receiving news from some TGG agents I know that the company maybe facing cashflow constrain. I think they are in the same situation as other goldcos whom delayed gold but I think they can’t risk delaying as they will face risk of raid if they do so.

  43. Magnum PI says

    Everyone, it’s time to exit while you can. There have been some signs and the authorities seems to notice it. Malaysia and Singapore. Your con-sultans may tell BS stories that they are OK. That was what the con-sultans of GMSB advocated before they were raided.

    Their PAWN and ROLLOVER schemes may have got ugly. It’s up to you to learn the truth.

    • Batu Malai says

      None of the gold companies actually lasts long in Singapore, you can trace the history from The Gold Label to Gold Insignia to Genneva Singapore. All will have an expiry period including this very egoistic company.

      • Lee Mei May says

        Dear Mr. Batu Malai,
        You do not have to go far to find the answer. They are all using the same/similar business model and most important, their intention is basically to scam their customers by playing on their greed using Con-Sultans to do the con.

    • Jack says

      It seems now they wanna open out of Malaysia, overseas branches and all, the way I see it, it’s the similar Genneva’s strategy to create overseas pipeline to siphon money out of the country. Well in the end BNM still managed to intercept Genneva and now BNM have been kept on hammering on the money transacted to their overseas operations. Am I seeing LST using the same strategy?

  44. Magnum PI says

    By March will see 2 of the 4 goldcos release from BNM investigations. Those released will be able to resume business with acknowledgement from authority that they are found no guilt of any AMLA and BAFIA offence and fit to opreate business as usual. An acknowledgement to public by press from BNM will also be facilitated for the companies resume business.

    Guidelines on gold trading will be published, mainly scrutinise on mark ups and trading practice.

  45. Nur says

    There has been SMS sent out by some Genneva consultants telling their clients TGG got raided. Is it Singapore or Malaysia ?

    • Sean says

      TGG is on the Singapore’s Central Bank’s alert list. If TGG gets raided in Singapore, Malaysia will follow suit, just like what happened to Genneva Singapore and Malaysia.

  46. says

    Both TGG & GMSB are using the same business model with some variations but TGG is more pernicious and will have a more devatrating effect if it falls or got raided. The fact that there are still people who have “high risk appetite” shows up the greed of a section of our people. Or, is it that there are many people with money that they need to wash clean.
    GMSB lies :
    1. BNM advised RHB not to sell gold to the goldco resulting in late delivery to customers.
    From June 2012, there are more buyback than sales by the goldco but their delivery gets longer and longer. Reason : cash flow;
    2. The customer’s payment goes into a “Trust Account” and will only be taken by the goldco when they deliver the gold.
    Where is the trust account and the money for all those who had paid but who had not received their gold?
    3. Last goldco standing by June 2012.
    Hey, now they have to try and bribe the PM to get them out because BNM will not play by their rules.
    4. The company has not violated any law.
    If so, why don’t they go to court and get get an injunction to stop the authorities from suspending their business activities and sequestering their fund?
    5. If the goldco has violated any law why are they not charged?
    After the grandfather goldco’s episode, BNM wants to build a tight case and hence their are having International accounting firms do forensic audit and carry out their investigations before taking action and the updates BNM had given indicate massive fund movements which resulted in their late delivery of gold.
    All these and many more, and this is the reason, they want a political solution from the PM as otherwise their fate rest with BNM and the courts.
    They also want a solution before GE13 as the next government may not want to interfere with BNM actions.

  47. Nathan Kadair says

    So it seems that TGG now applying to be a Berhad, my guess is they are trying to acquire for the SSM Deposit Taking rights.
    Why would TGG wants to acquire for legalised deposit taking?

    If i can recall the past history of Pageantry Gold Bhd,

    Pageantry Gold succesfully acquired the Berhad status wit SSM, then the next thing you know they acquiring with SSM for legalised deposit taking rights,
    Not long after they announced that they have acquired with SSM deposit taking rights aka INTREST SCHEMES. In April the were frozen for 2 months.

    Reliable sources said it wasnt SSM that froze them but they froze themselves volunteerly could due to cash flow issue, after 2 months when they resumed business, All the delays started.
    Gold delayed, comms delayed, rebates delayed.
    Until OCT 5th, BNM finally interveined.

    Now the bottom line, why do they follow the footsteps of Pageantry Gold?

    Is it TGG getting some kind of constrain they are not telling?

    • Dari Sekinchan says

      My thoughts exactly. For those who are in the gold trade long enough can tell all the tell tales signs and the writings on the wall.

      Lee May Mei, what’s your opinion on this ?

    • Forceum says

      Singaporean con artists are far more dangerous than Malaysian. They are masters of deception. Malaysians simply not smart enough to deceive, simply they just don’t have this talent, our Malaysian government is the living example.

  48. says

    TGG in its eagerness to whet the appetite of those with “high risk appetite is trying to sapu the market with the help of a lot of the con-sultans from GMSB. They are using the same/similar business model which had failed and history will repeat itself, only that with TGG and the neighbouring pawnshop, the customer can go many rounds. The goldco wants to grow big fast to have the momentum to grow and keep the ponzi wheel turning. Well, history will repeat itself. If the authorities do not raid, they will ultimately fail.

  49. says

    There are already 5 deaths related to GMSB and since many of the TGG customers does not hold gold after many rounds to the pawnshop, the picture look grim and the human toll will be high.

  50. Nathan Kadair says

    Since now TGG is sinking, I am very sure some very unscrupulous leaders and con-sultans will migrate to the other company. Please be cautious on 2 of the very unscrupulous con-sultans Richard and his accomplice Daniel, these 2 will bring over their rubbish in to whatever new company they may go.

    • Dari Sekinchan says

      Richard I know him! Typical arrogant pr*ck. When he in his height in TGG condemmed Genneva,Pageantry and Royal. Now he gets a taste of his own medicine.

    • Sean says

      Nathan, are u referring to ex CSG Richard? He was trying to pull me over to TGG while I m with RG. He told me to leave RG and join him there, he told me the bosses of RG are bogus and with bogus insurance plans. I wonder whose company’s boss is bogus now?

  51. Nur says

    According to the news in Malaysian Insider, they still in business as usual. Who the heck whom knows this news will still invest in this company? Which con-sultans still dare to sell?

  52. Uncle Gold says

    The con-sultans of TGG M,sia still full of air, they said they are indipendent and have nothing to to with Lee Song Teck. Still can’t accept the fact that they are finished!

  53. says

    Con-sultans and Ponzi operators are there to get your money and if there are no greedy “ivestors with high risk appetite”, then such schemes will not even take off. History keep repeating itself with Bestino, GM1, GM2, Genneva Sg,Caesers Gold, Amazing yield,TigNet,and all those Sunshine Holidays scheme that had fallen by the road side. Look critically at the business model and important to find out where the money is coming from to pay you. If it is just your own money, why bother taking the risk.

  54. freeman says

    Yes, TGG is a scam. And I am a victim now. I am not going to cry over the spilled milk but I will like to spread the words to others to ensure no one will be con by the same scam again.

    TGG can close down in Singapore and Malaysia. But it will reopen in other countries using other names. And the owner is still Lee Song Teck.
    He is a devil who will not be satisfied with billions dollars. His apetite is growing and he will continue to suck people’s money using other company names until he is caught.

    I manage to get hold of his photos and try to attach here so that people can be aware of this conman when he appears. He will need to eat, entertain and continue his activities. So he will apear somedays….

    How do I attach photos in this forum? Can anyone advise me?

  55. Nathan Kadair says

    Be advised in TGG Malaysia has another Con men team , Micheal, Richard and Daniel whom sucked victims into multi roll over in gold pawning causing victims to lose investments with no gold in hand. These 3 have very close relation with LST on a personal basis and very likely they even know LST’s plan and helped him masterminded it.

  56. Uncle Gold says

    TGG Malaysia claims that Malaysia’s operation is not connected to Lee Song Teck and it runs independently from Singapore, if that’s the case for any mishaps,short change or even loses incurred to clients and investors will put Micheal Lian to bear all responsibilities.

    Also to take note as per Nathan’s advice, this scammer by the name of “Richard” has been scamming people into paper gold or has been advising his investors on maximising returns with park-in schemes even from the days of Gold Label until TGG today.

  57. Shelock Holmes says

    Adding on to Uncle Gold & Nathan, TGG Singapore also have a scammer “Peter Yau” from land banking background. Heard from TGG staffs talking in a coffee shop recently this scammer “Peter Yau” loosed millions of dollars in trading for TGG LST. Smart Alecky. Why do you think they pack up and run. Goodness gracious, wonder why LST had so much confidence in these scammers?
    Anyone who wants to buy gold, best to go to reliable avenue, like UOB bank.

  58. BBQ says

    Any news on LST up to date? I do get romours that some big gangster investors are putting big time bounty for him.

    • Nathan Kadair says

      The man LST is gone but his team of mastermind is still around. The accomplice in the hit & run scam is Micheal,Joshua,Richard & Daniel. If you can’t find LST, go after them. Of corse they will deny. Who will admit they are terrorists members?

  59. Hisham K says

    I don’t care if LST is found or not, I m a Malaysian investor. Now my TGG consultant not answering my calls. Whatever happens I will hold Micheal Lian responsible. As for the other 2 jokers Richard And Daniel. I donno who the hell they are but I m sure they are TGG Malaysia. I hope they don’t get bullet to their head like Phillip Lim supposedly to get.

  60. TGG S'pore Victim says

    Hi Hisham, there may be a chance to get Michael Lian in Singapore. This company Precious Metals Exchange Pte Ltd (PMEX) is born ! The office is at 105 Cecil Street The Octagon building # 03-03 main line 62227941. I was told that Michael is the CEO of this company. Business model is exactly the same as TGG and any other Gold bullion ponzi schemes.

    Does anyone knows the surname of Daniel ? If he is Daniel Teo, he is also with PMEX. Contact number is 62227126 (98342173 hp).

    I have no news on Richard. As for Joshua, I was told that he has fled to Australia but some said he is in Thailand. Where ever they are, Singapore CAD will surely get them.

  61. BBQ says

    The Daniel that is mentioned here is Daniel Chan.
    (Daniel, Derreck, Micheal and LST are empat sekawan)
    Richard is also uncontactable now it seems.
    I m pretty sure LST and Richard are in this hit and run trick together.

  62. says

    The sad part of this episode is that there is plenty of warning and most of those who went in knows that it will not last and yet they still went in. Happy New Year and hope for the best but prepare for the worst.

  63. Hisham K says

    To all victims of TGG,

    I appeal to you all to go after Micheal Lian and hold him responsible since LST just run off with our money. Should he start a similar company in Singapore, also bounty him there.
    Do not leave a chance for anyone of TGG management either Singapore or Malaysia to get away with this. For Malaysia go after Richard and Daniel.

  64. Shelock Holmes says

    Uncle Gold, I was told this group of people are professional “con”-sultants, have not met any of them personally except for attending their presentations only.

    LST, Michael Lian, Joshua, Daniel, Derrick, Peter Yau , Alvin Wang and the list go on and on. I will post their names here once I get hold of it.

    Latest digging found. those who want to know why TGG collapsed, one of the reason is here. I was told they put a Mr Peter Yau in charge of the Investment teams-plural, because Mr Peter Yau claimed he had a Sifu, an Investment Master who had just taught him how to trade and invest cockily. That he can beat the market and make millions for LST. “Our Mr Peter Yau” the girls there had confirmed he loosed millions of TGG customers money!
    Hisham K, this is one of the man you should bring to justice too, heard he’s staying in Yishun Ring Road. Go look him up, Nathan Kadair is right, can still get them.
    Victims of TGG can go to MAS and SGX including CAD to complain against him and have the Authorities arrest him as he’s putting himself out as an investment expert without proper licences! Hey MAS & SGX, are you guys sleeping?

    Reliable source also said/seen LST is still in Malaysia.

    Some of the others are with Michael Lian new company now. TGG trainer called Alvin Wang is in SG Gold now. I was showed photographs of him and also an email he had just sent out as “Rescue Plan” under the cover of property investment to recover the losses. Why the property authority isn’t stepping in? Don’t be conned again everyone. Go check it out.
    Go and get back what is yours when they cheated you by telling and putting up a nice show about Rescue Plan, remember the Asia Gold Summit Seminar on bringing insider’s information, reputable lawyer will be there to teach you how to sue those other companies before TGG and all the hypes?

    • Wang Yu says

      Hi All,

      I was told that the ex-Caesar Gold leader Richard operates under his group Midas Associates together with Daniel Chan was also the brainchild behind the rescue plan and facilitated LST’s run off when things gets sour. I believe LST could be in hiding somewhere in Malaysia and facilitated by the two. You find the two and maybe will find LST.

  65. Shelock Holmes says

    Hi Wang Yu
    Malaysia and Indonesia sources said, Ex Caesar Gold owners are Garry and Thomson, both formerly from The Gold Label Malaysia. Heard Peter Yau was also from The Gold Label. Check out TGG website talking about how charitable they were. Ex-Staffs said they were told to do charity every weekend. Hiding behind charity to escape every lies and scams.

    Be careful everyone, Precious Metals headed by Michael Lian has a team of traders all of whom cant trade for a living but portraying as investment traders gurus. They are managing CUSTOMERS MONIES NOW! Never learn I supposed. Again another scam is in the making. Underground sources leaked that Michael’s boyz, some never had no trading background ever before, no sh@$s, just poos. Another Peter Yau’s case, cocky traders cum Gurus are going to blow up millions of customers monies. Never ends, never stops. Countdown to another scam in the vicious circles of the twilight zone!

  66. BBQ says

    Mr. Martin Lee,

    Any news on Lee Song Teck up to date? What’s the status of TGG Singapore now?

  67. TGG S'pore Victim says

    Dear Mr Martin Lee & Hi All,

    Please assist to spread the news.

    Do come to Hong Lim Park (Speakers’ Corner) on 6th March at 10am if you had been conned by LEE SONG TECK through any of his ponzi schemes. Medias (both local and international press) are invited. This event is organised by TGG Agents (cum victims) and approval has been obtained from the authority. The intention is to urge the relevant higher authority (though action has been initiated by CAD) to step up in the investigation. We all know that many such cases (gold buy-back and timeshare) are still pending. Till date, none of the scammers and their accomplices have been brought to justice. Worse still, many of their accomplices are still involving in similiar activities today. Unbelievable !!! We reckon it is because no timeframe has been set by the higher authority. Just look at Dan Tan’s case. He was arrested almost immmediately after the higher authority responded to Europol’s call for justice to be brought upon that humble-looking football match-fixing king of asia.

    All signatures collected on the 6th March will be handed to PM office personally. Seems like Malaysia has already taken a step ahead – court hearing is ongoing for Genneva’s case but what about Genneva Singapore and The Gold Label ? All victims (in particular TGG & APB)hit by any of the scams are highly encouraged to join us in raising our voices louder. WE WANT SINGAPORE TO BE A CLEAN AND SAFE COUNTRY TO LIVE IN (not until 2016).

    Thank you for your support !

      • TGG S'pore Victim says

        You are right but I am not sure about that as I am not the organiser. I believe the delegated team members working hard on seeking for redress want to escalate the matter in anyway they possibly could not just for themselves but all mankind. I honestly hope the main objective can be achieved on coming 6th. Will be great to see you and all others reading your blog/s there too.

  68. xyz says

    With the high-yield gold scammers running road, this blog become ghost town liao. Used to have tens of thousands postings in the gold threads. Wonder what’s the next wonder investment?

    Can write an addendum to “Devil Take The Hindmost” or “Madness Of Crowds” based on all the threads here … land banking, time share, boron, wine, gold….

  69. Cheah Ming Choo says

    Dear xyz,
    It took less than 2 months from 21/07/2009 BNM raid of Genneva Sdn Bhd for Samudra GV to take over the business. But then Samudra GV had been launched in June 2009 amid pomp and funfare. Genneva Sdn Bhd had raked in MYR141 million (as per BNM figures given in court) in PARK-IN “INVESTMENT” but in their accounts only have MYR20 million plus 5 Kg gold as reported in the Star.
    Genneva Malaysia Sdn Bhd, according to BNM, still owe customers either in gold fully paid for or for refund of money for gold returned at the end of tenure for the equivalent of 6 tons of gold. Assuming there is some double counting, that the actual is 50%, then it is still 3 tons at the sale value of MYR600 million. The goldco had been delaying the delivery of gold due to cash flow problems but had been telling their customers that they are not able to buy gold due to BNM instructing RHB not to sell to them which is nonsensical since for the months from June 2012 till the raid, their buyback exceeded their sales. The goldco knows that they cannot get BNM off their back and so they are trying the political bribery and cable pulling. Will they succeed and go into Genneva 3? Well those con artists/con-sultans are doing their level best to con their customers that it is BNM’s fault for raiding the goldco and are getting their customers to pay the legal fees to engage an anonymous lawyer to seek a court judicial review. Maybe they are so hard up that they are now negotiating with the lawyer for a referral fee!

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