More than 180 investors of gold buyback firm The Gold Guarantee (TGG) turned up at The Speakers Corner at Hong Lim Park on the 06th March 2013 to sign a petition hoping to spur the authorities to expedite investigations into TGG, reports the 07th March 2013 edition of The Straits Times (180 investors ink petition, urge action on gold trader).
Attendees also called for regulation on such gold buyback operations as it does not come under MAS’s jurisdiction. Former clients and agents of TGG have also received text messages from another similar gold buyback firm offering similar schemes after news of TGG’s problems broke.
A family member of one of the investors said his family lost close to a million dollars on TGG.
Below is the coverage on Channel News Asia
TGG founder Lee Song Teck have remained uncontactable since January 8 this year.