GINS DISBURSEMENT, MINUS..... a hefty % somewhat!!!!
:cheer:No more a rumor... its about to become reality .... the waiting in Limbo is over!!! :beer:
Singapore Police Dept with Anti Corruption Act on Business Tradings & Commercial Companies, better known as CAD, has recently announced to ALL involved, that substantial percentage of their investment once placed in GINS, is about to be distributed after a long process of redefining what, by whom and with WHOM and through which channel and just HOW much was involved, would qualify being refunded from a disbursement schedule soon to be announced.
This is certainly "Welcome" news and all have been notified by mail. From what I gather, as was informed, it came about to USD$200 to every $1000 invested.
Hence, it appears, somewhat plenty has been SLICED off but the horrendous gulp stays with the Authorities however, if one is not satisfied, Legal appeal is permitted and one is reminded, the presence and flight to the island of Singapore (perhaps a great opportunity to combine with a sunny "high season" holiday???) is a wise consideration to be in court pending decision on the rightful amount one deserves to receive as opposed to what has been decided.
The option is YOURS to make. Otherwise, transfer payment by default will soon be arranged with the given details already known with the Authorities.
I was informed, it was , if it ever was heard of again, it would be a Godsend news and BONUS.... but don't count your luck on bargaining an extra dollar to be haggled with... take your chips and say ...Sayonara, TQ Singapore...hahaaaa!!!
I will be back with more when I gather more news... am currently away on week holiday in UK.
I include a statement received, scroll down further please.
YB.
Quote:
From: SPF GINSYSTEM INVESTIGATIONS
Subject: SPF Ginsystem Investigations
Received: Tuesday, 9 March, 2010.
Dear Sir,
I refer to the CAD investigation into the affairs of Ginsystem Inc ("Ginsystem").
We previously informed you that Dr. Tan Poh Choon, the director of Ginsystem, was prosecuted and eventually sentenced to imprisonment sometime in July 2008.
We have been working on a detailed verification of all investment records with Ginsystem with a view to distributing the monies we had seized from Ginsystem in the course of the investigation. It was a lengthy process due to the large number of claimants. We appreciate the patience you have displayed during the process.
We will be seeking a Court order for the distribution of the seized monies to the claimants. To this end, we will be facilitating the filing of claims by all investors who have come forward.
We have also informed you that the amount that you will be refunded is subject to the approval of the Court and it may be less than what you have indicated in the case proforma. Based on the records of the funds you invested and the returns you received (if any), it appears that you will be receiving a sum of US$15,440.00 out of the monies seized from Ginsystem. To facilitate the next step in the distribution process, please let us know by 22 March 2010 that you accept the said amount or wish to dispute this figure.
If you dispute, we would appreciate it if you could forward us the original documents or certified true copy (by the authority) to justify your claim. Otherwise your disagreement would be brought to the Court of law in Singapore. In the process you may be required to travel to Singapore at your own expenses to provide your testimony on your claimed amount.
In addition, we would also appreciate it if you can provide us with your preferred email address, latest residential address and handphone(cell) number for direct communication.
Thank you.
Regards,
Ismail Othman
Commercial Affairs Department
Singapore Police Force