Gold mining investors in S'pore desperate to recoup money
Their investments in VGMC, APGMI are in limbo; many fear the worst, some make police reports
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Anita Gabriel
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Singapore
FOUR years ago, Aloysius, a 28-year old croupier at a casino in Singapore, coughed up S$7,000 to invest via online in Virgin Gold Mining Corp (VGMC), a Panama-headquartered mining investment vehicle that promised hefty returns and a stock offering down the road (it didn't happen).
Security officer Vignesh (not his real name) and his ailing mother were more daring and ploughed S$30,000 into the same scheme where investors were guaranteed regular dividend for investing in VGMC's newly-issued convertible preferred stocks (CPS) with the ultimate incentive of converting them to common stock when an initial public offering happens down the road.
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