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Showing posts from February, 2015

Investors in gold scheme alarmed by firm's silence

More than 20 investors who put around $7 million into a gold buyback scheme run by local firm Suisse International are now worried that they cannot get their money back.

Not only is its owner uncontactable, they said, but the company's office at Keypoint in Beach Road has also been closed.

The last message the investors received was from the firm's vice-president Belinda Hah in the first week of January. That was when she informed them via SMS that their money was stuck in a transfer to the firm's Hong Kong branch - Suisse HK.

"After we joined, we also brought our friends in because (Suisse) promised to give us better returns and sell us gold at a cheaper rate if we recommended others," said operations manager Louis Tan, 36, who put in $40,000 last June.
It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors…

More than 100 investors lodge police reports on alleged gold scam

The group says they are representing more than 260 victims. It is believed that there are more than 8,000 victims from all around the world who have taken part in this scheme, with total losses of more than S$80 million. SINGAPORE: More than 100 people who had invested in a gold buyback scheme gathered on Monday (Feb 2) at the Commercial Affairs Division in Police Cantonment Complex to lodge a report against investment company Suisse International. They said they represented about 260 investors in total, adding that 8,000 people around the world are believed to have been scammed, with losses of more than S$80 million.

The company allegedly told investors that it bought and sold gold to turn into novelty coins, which were then sold at a profit overseas.

To participate, investors had to purchase at least 1kg worth of gold bars costing between S$10,000 and S$20,000. In return, they were told they would receive S$5,400 in monthly payouts. Investors would also receive a ref…

Singapore bank lending falls in January

According to latest data from the Monetary Authority of Singapore, total loans and advances fell to S$607.47 billion last month, compared to S$607.91 billion in December 2014.  SINGAPORE: Bank lending in the Republic continued to fall in January from December last year, in yet another sign that economic activity may be slowing down.

According to the latest data from the Monetary Authority of Singapore, total loans and advances fell to S$607.47 billion last month, compared to S$607.91 billion in December 2014. However, bank lending grew 4.3 per cent in January from S$582.24 billion a year earlier.

A slowdown in business activity could account for the decline in total loans to businesses, which fell 0.3 per cent on-month to S$370.28 billion. Contributing to the decline is bank lending to the building and construction sector, which fell 0.16 per cent to S$103.54 billion.

In the consumer segment, credit card loans fell 1.9 per cent to S$10.22 billion at end-January compared …