Perth Bullion Liquidation

Discussion in 'General Precious Metals Discussion' started by nighttrader, Jul 9, 2019.

  1. alor

    alor Well-Known Member Silver Stacker

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    must be Russian hacker again :)
     
  2. SilverDJ

    SilverDJ Well-Known Member

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    To me this whole thing highlights the importance of using the Perth Mint deposit program, it's government guaranteed. No need to worry about a private company going broke etc.

    "But if the government has my gold they can just take it!" I hear people saying.
    Yeah, sure, minuscule chance compared to a private company going broke or corrupt or whatever.
    And if they can take your gold they can also lock down your private SDB too, no company will fight a court or government order to do that.
    And you'd be able to see such an event coming with plenty of time to get your metal out.
     
  3. Gigrantor

    Gigrantor Member

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    I have records from many of my transactions on my bank statement including the most recent purchase on July 2nd that was transferred to the old account of Perth Bullion.

    I also have screenshots as proof!

    What more do I need to prove in order to get what is legally mine???
     
  4. SilverDJ

    SilverDJ Well-Known Member

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    If it's your life savings in there I'd go over there and knock on the door personally.
    But I wouldn't be hugely worried, the contents of the SDB are yours legally, you'll get it eventually, liquidation takes time and they probably have thousands of inquiries. And if it turns out the contents are missing then someones going to jail.
     
  5. SilverDJ

    SilverDJ Well-Known Member

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    This part should be simple for the liquidators, let people turn up with their keys and if it opens the box numbered on it, then the contents is yours, sign here as taken Sir.
     
  6. SilverDJ

    SilverDJ Well-Known Member

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  7. SilverDJ

    SilverDJ Well-Known Member

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    "such communication should be ignored"
    Umm, they should report that to the police!, not ignore it. Someone is trying scam them. I believe the federal police handle such matters?
    upload_2019-7-23_17-2-1.png
     
  8. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    In this case ... The government HAS taken your gold. Only it is hidden via PB as scape goat. When you go back and look at the actual claim against them, and how spurious it was, it is ridiculous.

    When challenged on the claim, the ATO dropped 75% of the claim and had another go.

    If even the ATO admit that 75% of their claim is BOGUS, how much can you rely on the other 25%. You can't...

    The ATO sent a good business to the wall, with no consideration for the damage they are doing to everyday citizens.
     
    Pendragon and bloomst like this.
  9. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    The original assessment was 4 times that much.
     
  10. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    Absolutely... Although the police have little resources to tackle such opportune scamming.
     
  11. Bullionme

    Bullionme New Member

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    Please check your inbox guys, I have sent through link to the telegram group to those I reckon got impacted. We can discuss how to go forward from there.
     
  12. SilverDJ

    SilverDJ Well-Known Member

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    Perhaps there is a system that tracks stock and ownership etc and the liquidators have just not found it. The owner(s) might have "rage quit" after the $2M tax bill and the loss of the business and refused to cooperate with the liquidators maybe?
    Does seem implausible that you could run such a system without any form of at least rudimentary database.
    Did the un/allocated storage programs have any sort of online login that let you see your status? If so then a database and system has to exist. IIRC there was an account login where you see your previous orders etc, surely there is something for the storage programs?
     
  13. Itsme

    Itsme New Member

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    Hi all, please let us know who is affected by this and in what way to see how many people we have for a group and what kind of interests... Thanks
     
  14. SilverDJ

    SilverDJ Well-Known Member

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    Not if it's in a SDB, the government cannot touch it.
    Nor can they touch allocated metal depending upon how it was legally set up.
     
  15. silverlining333

    silverlining333 Member Silver Stacker

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    Don't assume the email is PB? Really? I know what your saying is possible, but it's much much more likely Ben or another PB staff member has switched bank accounts because they could easily. Ben just lost everything from a shit gst ruling and is likely feeling really hard done by so is taking whatever he can.

    I definitely will be finding out who's account I paid into.

    I don't think sdb holders will lose anything, but anything PB were holding like unallactoed or or guys waiting for delivery will lose everything. To easy For Ben to say they just never had it.

    But saying that I do find the lack of communication from RSM pretty worrying.

    And how does RSM make money out of all this?

    No records of this bar of gold, well then isn't that convenient
     
    Last edited: Jul 23, 2019
  16. President Trump

    President Trump Member Silver Stacker

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    Oddjob: KJC storage looks different. KJC store with G4S. So the owner of the gold isn't simply putting putting it in a SDB with KJC. There will be all sorts of term and conditions in documentation allowing KJC to store the PM with G4S, some of these terms could trigger PPSA.
     
  17. dross

    dross Active Member

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    PBC have been good to deal with, honest and trustworthy from day one & now some feel they would turn on a dime in an instant to become crooks whilst under the ATO microscope, seriously who would be so stupid, it makes no logical sense once the emotion is removed along with the mud flinging stick (divide to conquer). Did any SDB owners here ever have any issues in the past with PBC record keeping or find them lacking when checking their boxes? More likely the owner and staff were locked out and banned from entering premises than them record tampering. I am not involved but reading what records and evidence already SDB holders have supplied v's the stance the liquidators are taking along with the lack of communications other than what is the legal requirement I'd say they are the issue weather or not under the watchful eye of their handlers. Their are legal time lines they will need to meet at certain stages of this whole process which should have been laid out to those who registered as affected parties (find out what those time lines are so you can do whatever before it becomes a mute point and get together as one very clear and loud voice guys ASAP for your own sake please). These are my own observations only not legal advise etc. just a concern fellow stacker.
     
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  18. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    As someone who hasn't been impacted by this but is keeping an interested eye on it all, all my concerns up until this point are around the Liquidator

    I dealt with PB quite a lot, and as far as I could recall I could easily see all of my purchase history online once logged in, and had nothing but great experiences with them. Now I understand that a positive experience with them doesn't clear them of any wrong doing, nobody would be that naive, but RSM's claims of no/poor records, receipts or whatever just seems too fishy to me, not to mention they seem to be very amateurish with how they have dealt with/communicated so far

    As others have mentioned, liquidators don't do what they do just out of the goodness of their heart - they need to be gaining in order to do this, and I just hope that the truth about all of this comes out, and most importantly that everyone who has been impacted doesn't get burnt and receives their SDB contents, and soon - not through some painful and stressful time consuming process

    This truly is an absolute debacle. I hope the truth comes out soon
     
    leo25 likes this.
  19. Itsme

    Itsme New Member

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    Does anybody know what entity above the Liquidators can we raise our concerns with?
     
  20. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Since it's backed by the western australian government, if I don't need to take delivery, does this mean there's actually no difference between allocated, pool and unallocated? Unallocated is attractive since it has no storage fee!
     

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