Thread: Your GINS money returning soon.

Originally Posted by twins0203

No response from Mohd yet :|

Anyone have anything to report?

Take care,

Not me. I have emailed this guy about 4 times in the past year.I keep on receiving the same reply that they are doing everythig they can to return our money. I think all the members should sent this guy emails to worry him.He might just get pushed and do something for us.I will just send another mail now just for the hell of it.

According to the charge sheet total amount invested in gins is about $3.25 million, so if the bank account balance is $2.25 million plus the payment processors balance of $0.75 million = $3.0 million, if the figures are correct, if all investors submit the claims, all investors shd get back 90% of our money.
But the problem is CAD Singapore did not take any effort to recover the monies in payment processors.
In one hand CAD said they will take all the effort to recover the money and refund to us but in the hand they are they do nothing to recover the monies in the payment processor.
Also, the CAD expenses will end up eating all our money if the case prolong. Reliable source, the expenses now is abt $800,000 as at 30th April 2008.

Thanks for the replies guys.

I've just emailed him again. I'm doubtful of a reply from him at this point.

readymoney, thanks for the figures. Their expenses eating away from our refunds is what I was afraid of. Every day they wait we all lose a little bit more of what they say they are trying to give back to us.

A little bit of communication on their part would be nice.

Just got a reply from Mohd:

Dear Sir/Madam,

We understand your anxiety in getting your refunds.

2 We have received your case proforma and noted the amount you
have
invested with Ginsystem.

3 We assure you that action is being taken to expedite the return
of
the seized monies. However, the matter has been delayed due to the
arrest
of Tan Poh Choon ("Tan"), the main person behind Ginsystem Inc, in
October
2007. Tan had earlier been convicted by the Court in December 2005 and
absconded from bail. Tan is currently serving a 18 months imprisonment
term, and will soon be on trial for another 59 charges of cheating
offences
.

4 Upon the conclusion of the trial and verifying the claims from
investors, we will seek an order from the Court on the distributions of
the
seized monies.

5 We would like to inform 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.

6 We will inform you on the outcome of the case and also provide an
update on the refund in due course.

7 In the meantime, please inform us of any changes in your contact
details, bank account number or corresponding address by fax to 65 6223
3171 or via email to [email protected].

Regards,

Sadly, in all these cases the investigation is extended as long as possible so as to justify authorities, receivers, investigators and all the leaches can drain as much as possible from whatever amount was siezed. A case I was researching ended up in negative and the judge refused receivers last payment, which was so grossly inflated that it was a joke. Even the judge was embarrassed over how much money was taken from siezed accounts by receiver who was assigned by court to watch over these assets and money.

This is like putting the fox in charge of guarding the chicken coop. Since most of these regulators follow the same blood sucking leach like system as in U.S., if not worse, I would not expect to see anyone get back more than .10 of the dollar. I have researched dozens of cases in U.S. and this is a consistant factor, the lawyers are the only ones who make out like the bandits they are. lol

Good luck to all, Mike

Hi all,

any news?

cheers
Timbonanza

Been a while, but I just emailed them for an update for the heck of it a few days ago.

The reply:

"Please be informed that the Commercial Affairs Department (CAD) is
currently in the process of engaging an auditing firm to process the claims
and to handle the disbursement of the funds to the various claimants in the
above case. A Court order will also be required before the funds can be
disbursed. After the necessary Court order has been obtained, we will
inform you once your money has been released and is ready for collection."

GINS DISBURSEMENT, MINUS..... a hefty % somewhat!!!!

No more a rumor... its about to become reality .... the waiting in Limbo is over!!!

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.

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

Hi YB,

Did you mean we'd only be receiving 20% refunds or 20% is being slashed off and we'd receive 80%? Sorry i'm a bit confused. I would take it as only 20% remains to be refunded but for the word 'substantial' that you used earlier ... 'that substantial percentage of their investment once placed in GINS, is about to be distributed' ... Thanks for your reply.

Unfortunately, however way we would prefer and choose to decide, we can only speculate the best of our related gut and intuitions which may rely on other cases or the likes....but the last say & decision still lies with the "Paymaster" who in this case, now are the Singapore Authorities handling the GINS Refunding/Disbursement schedules.

Yes, substantial can also be best interpreted as something like a bird in the hands is worth two in the bush, with wishful thinking and not seeing anything at all for the likes of some who are raped thoroughly of all their funds... and not a penny to dream of getting back.

What is $20K-odd being refunded as to the original seed investment??? Not much but still worth something to cheer as money falling off the sky as oppose to hopeless dreaming some truly are enduring and that is neither comforting at all....