Genneva Pte Ltd, a gold trading firm listed on the Monetary Authority of Singapore’s (MAS) Investor Alert List, have been sued by her customers, reports the 25th September 2012 edition of The Business Times (Gold trading firm taken to court by customer).

One customer, who is claiming about S$190,000, has won an interlocutory judgement against Genneva in the Subordinate Court, pending assessment of damages. Genneva have not responded to the write of summons or contested the case. The Subordinate Court has also received another writ of summons for a claim of about S$86,000.

Others, including a group with roughly S$10 million in gold purchases, are seeking legal advice. A group called Genneva Singapore Complain Group have been active on the local Hardwarezone forum reaching out to other Genneva customers. Readers can access the forum here.

According the the report, UOB is only willing to buy back the gold ...