Following The Business Times article of Genneva Pte Ltd being sued by customers, Genneva, The Gold Guarantee and Asia Pacific Bullion were featured in a Channel 8 news on the 27th September 2012.
According the the news clip, one gold buyback company with its office in Orchard Towers could be in financial trouble. Some customers have not been able to get back their money and is demanding a solution from the company. One customer shared her experience of investing in such schemes. Initially, she just wanted to earn a quick buck by ‘investing’ for only 3 to 6 months. But slowly, she got sucked into the scheme.
CASE also mentioned that complains against such gold buyback companies have shot up 30% to 40%.
Meanwhile, more than 20 Genneva customers have made a report to the Commercial Affairs Department (CAD). These investors have not received the cash rebate since May this year. Instead of …