Taipei prosecutors said evidence showed that GTIC’s operations contravened Taiwan’s business laws, with illegal profits of more than NT$37.2 million (US$1.34 million) made from Taiwanese investors. A profile of GTIC Gold Refinery Co president Victor Soh is displayed on the company’s Web site yesterday. They were charged with contravening the Securities and Exchange Act (證券交易法) and the Banking Act (銀行法). The illegal schemes were based on the promise of high returns for investing in gold and precious metals. According to the company’s Web site, GTIC is an international conglomerate headquartered in Singapore, with major gold, precious metal and petroleum trading businesses.

Source: Taipei Times December 21, 2021 02:31 UTC