| Q |
Who is investigating the case against Ginsystem Inc? |
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| A |
The Commercial Affairs Department (CAD) of the Singapore Police Force is investigating the case.
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| Q |
What are the offences that CAD is investigating against Ginsystem Inc? |
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The investigation concerns the allegations of cheating under the Penal Code and the allegation that Ginsystem Inc had held itself out to be carrying on the business in fund management without a capital markets service licence.
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| Q |
What is the status of the investigation? |
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| A |
Police has prosecuted a director of Ginsystem Inc in the Subordinate Courts in Singapore for offences of cheating and an offence of consenting to Ginsystem Inc holding itself out to be carrying on business in fund management without a capital markets service licence.
On 28 September 2005, the accused pleaded guilty to the charge on consenting to Ginsystem Inc holding itself out to be carrying on business in fund management without the requisite licence. He was fined S$50,000 (in default 5 months’ imprisonment) on 13 December 2005 . Accused paid the fine.
The case on 10 of the cheating charges was heard in the Subordinate Courts in Singapore from 28 September 2005 to 14 October 2005 and from 4 November 2005 to 7 November 2005.
The Subordinate Courts in Singapore had convicted the accused on 10 counts of cheating and sentenced him to a total of 18 months’ imprisonment on 15 December 2005. He appealed against conviction and was released on bail pending his appeal. There were still 59 counts of cheating charges outstanding against him.
On 3 March 2006, a pre-trial conference was held at the Subordinate Courts in Singapore for the accused to answer to the outstanding 59 cheating charges. However, the accused failed to appear in Court and a Warrant has been issued for his arrest.
On 2 May 2006, the appeal on the conviction for the 10 counts of cheating charges against the accused was heard in the High Court in Singapore. The appeal was dismissed.
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| Q |
Has any money been recovered by Police and what happens to it? |
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Police has seized some money in the course of the investigation and the money will be subjected to the direction of the Court in regard to its distribution.
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| Q |
I am an investor. Do I need to make a report? |
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There is no requirement to lodge a police report if you have not done so. During investigations, CAD had obtained the list of investors from Ginsystem Inc. We will be sending an email to all investors shortly, for them to verify the amounts invested.
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| Q |
I am an investor with Ginsystem Inc. How much refund on my investment will I get? |
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The amount of refund that each investor or claimant will get is a matter that the Court will decide after hearing full information on the claims. At this point, it is difficult to tell the amount of refund that each investor or claimant may get.
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| Q |
How do I make a claim for the refund on my investment? |
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CAD will be notifying known investors via email shortly. Investors will be required to fill up the form (click here) with supporting documents to be submitted to CAD at 391 New Bridge Road #06-701, Police Cantonment Complex Block D, Singapore 088762 or via email to SPF_ginsystem_investigations@spf.gov.sg.
If you have invested with Ginsystem Inc and did not receive our email for verification of your investment by 31 August 2006, please download the form and send it to CAD with the required information.
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| Q |
Is there any time frame for investors to make claim? |
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Investors will be given up to 31 October 2006 to submit their claims. Any claims received after 31 October 2006 may not be considered. Investors who wish to lay a claim on the monies recovered by CAD are therefore advised to submit their claims early.
We seek your understanding on the matter as there are over 1000 investors located in several countries. Please note that it is unlikely you would be able to fully recover your entire investment as the amount recovered by CAD is less that the total amount of investment collected by Ginsystem Inc.
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| Q |
How long after 31 October 2006, will it take for me to receive payment? |
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Police will seek the Court’s direction on the distribution of the money recovered. Claimants would be informed when the Court gives this order.
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How would I receive my payment? |
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All claimants will be requested to provide details of their bank accounts which can be used to receive payment. At this point, it is envisaged that monies to be paid to the claimants would be transferred, after deduction of administrative costs and bank charges, to their designated bank accounts. For foreign claimants, it is likely that the payments will be made by telegraphic transfer to their bank accounts.
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How do I contact the CAD if I have queries on the matter? |
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Investors may contact our officers via email at SPF_ginsystem_investigations@spf.gov.sg.
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