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Gold scheme's refund delayed

Manama, December 22, 2010

Investors in a collapsed gold scheme in Bahrain will have to wait another three to four months to get the remainder of their dues, it has emerged.

More than 1,000 people invested in a gold scheme introduced by the Star Mark Jewellery, Gold City, Manama.

Our sister newspaper Gulf Daily News (GDN) reported early this month that investors started getting their gold back, following the intervention of the Bahrain Malayalee Business Forum (BMBF).

The BMBF was assigned by the Indian Embassy to ensure the problem was resolved.

Its secretary-general Basheer Ambalayi said that 193 investors had already received some of their gold.

'We wanted to ensure all investors receive their gold back, after the owner agreed to repay 50 per cent immediately,' he said.

'He is now arranging for the rest of the amount, which he agreed to pay within the next three to four months.

'Of 225 registered investors, 193 have already received half of their gold.

'They simply have to provide us with their CPR number and coupons to get back their investment.

'We have already asked the investors who received their gold to pass the message to others, so they can come and collect their share.'

The GDN reported earlier the owners owe the customers an approximate amount of BD100,000.

Customers had feared they would never get their money back after buying coupons in the scheme.

They were supposed to exchange the coupons for gold at a later date, but panicked when the shop closed down in October.

The embassy launched an investigation after more than 500 people stormed the store demanding their money back.

Star Mark Jewellery opened four years ago and offered customers the chance to invest BD20 per month and get their money back in gold.

For each BD20 deposit, customers were given coupons and entered into a monthly raffle for a brand new car and other valuable prizes.-TradeArabia News Service




Tags: Bahrain | investment | finance | Gold Scheme | Star Mark Jewellery |

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