More customers of beleaguered gold buyback company The Gold Guarantee (TGG) have lodged police reports after its founder and CEO Lee Song Teck remains uncontactable, reports the 26th January 2013 edition of The Straits Times (Customers lodge police report after CEO goes missing).
It was reported that about 2 dozen customers made their way to the Commercial Affairs Department (CAD) on the 25th January. An officer briefed investors that the police are investigating but no details were given.
One TGG customer shared that he saw a couple from China buying 30kg of gold. This would work out to be nearly S$3 million. He also said that others have sold their property to invest with TGG.
The article highlighted that TGG’s employees were “forced to sign ‘release and resignation’ letters” on 18th January terminating their employment on the very day.
Senior management had removed computers hastily a few ......