Around 2013/14, a business was set up with Directors from Malaysia, Singapore and Hong Kong. Several distinguished Datoks were involved, some of whom are now arrested in Malaysia pending court cases. The business in Oil Bunkering is legitimate. Estimated collected funds total $20 mill. from investors from Malaysia, Singapore, Indonesia, Australia. The process wasn't. For a few months after funds poured in to the business, investors received their ROI. None of us investors knew this at the time but the business didn't even take off! We'd even been assured of insurance cover. Insurance companies' practice usually issues a copy of the insurance cover as approved-in-principle that investors can view and feel assured, for a period of 90 days. However, we didn't know it then. Later, as it turned out, no premiums were paid after the 90 days were up. The Hong Kong Director (Mr Martin Wong), together with his 2 other Singaporean Directors, one or all 3 of them didn't do their due diligence to pay the premiums or was even this all part of an elaborate cover-up?!!
For a time, betw the time the ROI stopped and letters and emails from the trio to return our funds, they had surreptitiously issued post-dated cheques to a few investors. These bounced, but in the time the rest waited for our turns to be issued cheques, we thought the Directors were really paying us back our money. Even after a few of us had gone on to tell our story to a newspaper in Sg,(4th May 2017, Business section of the Straits Times, 'Investors Cry Foul Over Firm's Oil Bunkering Scheme') the trio had disclaimed any wrongdoing via email. Dubious reasons that the economy wasn't doing well and their promise to return our money in emails in 'due time' were given. More like statements of desperate last minute hesitations and not decisive motivations to return our money as promised! We have copies of letters and emails as evidence going as far back as May 2015!
Many of the investors have been left high and dry; many had invested their retirement funds, others as a means to add to their children's education fund, many saw the added protection from the insurance. We are weary of waiting. The offices in Hong Kong have shuttered. The office in Sg closed around mid 2015. Mr Martin Wong is not anywhere to be found. The 2 other Sg Directors have blocked our calls and won't answer texts. When some of us visited their home (the 2 local directors are a husband/wife team) a few times, we even have recorded conversations that promised us the return of our money! Because of the Harassment Law in Sg, the Sg Dir had even threatened to report us if we went to their homes again!
The police are reviewing the investigations pending the outcome of the Malaysian investigations into Royal Gold Sdn Bhd., that links the Sgporean and H K directors to the other companies that they set up.
We are seeking funds now to go the legal route. Many investors are still in shell-shock in the group of us who have come together, despite a great deal of mistrust in the beginning of the formation of the group because we didn't even know if the trio were speaking to some and ignoring others; or using our group platform to 'spy' for them for further delays! The trio have damaged many friendships and relationships! We have many recordings, videos, of evidence of the promises of the business, and later of promises to get the insurance in place, and promises to return us our money! We just now don't have the money to bring them to court!
All of the directors have been trying to push the responsibility to the other, all pointing the finger at the other for breaching their duties and perhaps waiting for all this to blow over with time! Perhaps they didn't think many of the investors would come together and in time, realize we need to trust one another as a group to make them ALL own up to the convoluted situation they have created!
I, Hannah Chiang, am one of the investors seeking funds to help myself and all other investors with the same burden of bringing justice to evil perpetrated by a few and also to cause them to return our hard earned money!
The only thing necessary for evil to triumph is for good men to do nothing. - Edmund Burke