The Straits Times reported on the 22nd January 2013 (Gold trading firm’s founder ‘uncontactable’) no one has been able to contact the The Gold Guarantee (TGG) founder Lee Song Teck since 8th January after he sent out an e-letter detailing the plans for the company’s future.
According to the report, the letter concerns the merger of TGG and Asia Pacific Bullion, another metals trading company owned by Lee Song Teck.
The Straits Times reported that some agents had managed to track down Lee Song Teck in Malaysia on 12th January and he has asked for time to settle things.
A customer was reported to have invested $189,000 in a 2 kg gold last month and does not have possession of the gold. Based on a currency conversion rate of SGD1.22 to US$1 and a spot gold price of US$1,680/ounce, the purchase price is almost 31% higher than spot price. …