Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Ahda who wrote (49392)	2/21/2000 5:33:00 AM
From: Alex	Respond to of 116767

Many fear 'gold coin' losses By Celeste Fong and Maizatul Nazlina PETALING JAYA: Many of the investors in a "gold coin" scheme are shocked that the lucrative venture has been declared illegal by the Government. Many of them called The Star yesterday to express fears that they may not be able to get back their investment if the operator of the Hong Kong-based scheme here is forced to close shop. Administration manager Stevenson Charles, 38, who claimed he earned US$800 (RM3,040) in three weeks after investing only US$340 (RM1,292), described the scheme as a good one to earn extra income. He said it was an e-commerce business that recruited its customers through word-of-mouth and gave commissions for each recruitment. "Gold coins are government minted and they are accepted worldwide and I can redeem them in goldsmith's shops," he said, explaining why he was attracted to the scheme. Stevenson said he was introduced to the scheme by a friend who earned some US$2,000 (RM7,600) a month. However, Ding See Tee from Ayer Tawar, Perak, said in a letter that he decided not to join it after finding out that it was "a classic case of a pyramid sales scheme". "People joined the scheme after being blinded by promises of easy money," he said. A visit to Goldquest International Limited's website at goldquest-ltd.com showed that the company, led by chairman Aulis Juhana Makitalo, was formed in 1998 and incorporated in the British Virgin Island. It claims that its customers are spread over 28 countries, and it has offices in Hong Kong, the Philippines, Malaysia and Singapore. Attempts to reach the headquarters in Hong Kong were futile because the telephone went unanswered. On Friday, the Domestic Trade and Consumer Affairs Ministry and the Registrar of Companies raided the scheme's branch office in Jalan Persiaran Barat here. Ministry enforcement division director Zainal Abidin Mohd Noordin said the firm was operating a direct-selling scheme illegally. In Johor Baru, an investor said the company claimed that Singapore legal firms had certified it as legal. "But until today, the company has failed to convince members that they are licensed to operate the scheme," he said. -------------------------------------------------------------------------------- Copyright ¸ 1995-2000. Star Publications (Malaysia) Bhd. (Co No. 10894-D) All rights reserved. thestar.com.my