Dubai gold fraud investigation.

[silversearcher]

An interesting article.

http://www.arabianbusiness.com/dubai-gold-retailer-speaks-out-over-fraud-investigation-616411.html

If true, goes to show that unallocated holdings can disappear in a blink of a eye. Then you receive a nasty letter. Sounds all too familiar like Banksia. All too often such companies are not regularly independently audited. Could this happen in Australia ? :/

 

[Porcello]

http://www.zerohedge.com/news/2016-...breaks-silence-and-fascinating-detail-emerges

Gold trade Iran-Turkey for oil, apparently. Anyway, the Middle East is more like the Wild West... It cannot be compared to Australia.

 

[silversearcher]

http://www.zerohedge.com/news/2016-...breaks-silence-and-fascinating-detail-emerges

Gold trade Iran-Turkey for oil, apparently. Anyway, the Middle East is more like the Wild West... It cannot be compared to Australia.

I wouldn't consider United Arab Emirates the wild west. A oil rich nation, and a tad wealthier than Oz. As for Iran and Turkey that's another matter. As for financial regulation, Australia's track record has not been that great. Look at the southern states - Bank of South Australia, Bank of Victoria, Pyramid, and of late Banksia, all bust. Yep, sure banking institutions are different than a bullion depository, but how well are they really regulated ? If State banks can collapse during regulation and internal Government auditing , then a Australian Bullion Depository can also be suspect. Not saying that this will happen, but never say never. When it's not their money at play and it's yours, it only takes a few sneaky little scumbags to make life become very sour.

 

[Roswell Crash Survivor]

Gold trade Iran-Turkey for oil, apparently. Anyway, the Middle East is more like the Wild West... It cannot be compared to Australia.

You're equally likely to be duped in the US, Switzerland or Australia if you don't trust the wrong counter-party.

I know I sound like a broken record when I repeat this...but Banking Act 1959- Part IV GOLD. "Don't steal...the government hates competition."

 

[Porcello]

At least in US or AU you might have a chance if you go to the court. Not so in Middle East. You are all on your own over there when it comes to "legal rights", that's why it's a Wild West. But, yes, frauds happen everywhere, obviously.

 

[James]

At least in US or AU you might have a chance if you go to the court. Not so in Middle East. You are all on your own over there when it comes to "legal rights", that's why it's a Wild West. But, yes, frauds happen everywhere, obviously.

It has already been tested. Thinking back to the 80's ; think of financial fraud; think of Skase. Victims had no hope of getting back what was owed when the fraudster found a new nationality (ie, no extradition treaty with Dominica).

 

[bron suchecki]

It has happened in Australia in the past, Perth Bullion Exchange in Martin Place in Sydney, read the court case here http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/cth/FCA/1999/147.html very interesting re different types of storage but they all lost any claim to specific metal left in the business and became general creditors and got about 50c in the dollar.

 

[randomname]

At least in US or AU you might have a chance if you go to the court. Not so in Middle East. You are all on your own over there when it comes to "legal rights", that's why it's a Wild West. But, yes, frauds happen everywhere, obviously.

are you kidding me?

please visit www.kangaroocourtofaustralia.com and browse through some known examples of judicial corruption.

you'll also see great examples of media corruption, which would explain why you have the mistaken notion that you have a better chance in AU than the middle east (because your MSM told you middle east = bad, corrupt, and terrorism while US and AU = moral and just). we easily believe that (insert non-western foreign nationality here) are brainwashed (because our TV and politicians told us so) but few can see that we have been brainwashed, likely to a much greater extent.

 

[Porcello]

At least in US or AU you might have a chance if you go to the court. Not so in Middle East. You are all on your own over there when it comes to "legal rights", that's why it's a Wild West. But, yes, frauds happen everywhere, obviously.

are you kidding me?

please visit www.kangaroocourtofaustralia.com and browse through some known examples of judicial corruption.

you'll also see great examples of media corruption, which would explain why you have the mistaken notion that you have a better chance in AU than the middle east (because your MSM told you middle east = bad, corrupt, and terrorism while US and AU = moral and just). we easily believe that (insert non-western foreign nationality here) are brainwashed (because our TV and politicians told us so) but few can see that we have been brainwashed, likely to a much greater extent.

I lived in Middle East for 12 years and nobody told me anything, I've seen things happening.

Bron, I would be very happy to get back at least 50c to the dollar in case of fraud in Middle East. Instead, as a victim, you are lucky if you don't get deported or don't go straight to jail (depends mostly on nationality). Best case scenario you spend a fortune in court fees and get nothing out of it.