ED Magedson – Founder
Allowa Corporation, Ltd (UNITED KINGDOM) & Transtech Engineering Corp (CHINA)5 Percy Street, Office 4 Internet United States of America
FRAUD ALERT (July 2010) * WARNING GOLD & DIAMOND BUYERS*
RE: DERRICK OWENS. President ALLOWA CORPORATION LTD (ALLOWA) - England
And, TRANSTECH ENGINERRING CORPORATION (TRANSTECH) - China
Derrick Owens misrepresents that ALLOWA has Gold Dust, Dore Bar & Bullion (AU) for sale.
Derrick Owens has proven to be very deceptive, underhanded & dishonest in his business dealings.
ALLOWA CORPORATION LTD HAS PROVEN TO BE NON-PERFORMER!
DERRICK OWENS PROVEN TO BE A CON-MAN, SCAMMER & FRAUD!
For over the past six months our company (GULF Atlantic Group, Inc) (GULF) has had the misfortune of working with Derrick Owens / ALLOWA Corporation Ltd. Owens has been working every angle you can imagine to get into our bank account. If you care to hear the details of Derrick Owens scheme to deceive & defraud GULF, you will enjoy this read.
Heres the outline of Owens program to rip-off your money
(A) Owens represents that ALLOWA has Gold Dust, Dore Bar & Hallmark Bullion for sale.
(B) Owens requires buyer to provide an SBLC (MT-760) and/or other various up-front fees to be paid in advance of SKR/POP & delivery (minimum of $150K USD).
(C) Owens signs agreements, then changes the terms, procedures and conditions to delay performance. Owens constantly asks for additional money before he will delivery.
(D) Owens / ALLOWA have never provided any SKR/POP or any other documentation to verify the origin, ownership or authenticity of any product.
(E) Owens / ALLOWA have never delivered any product or performed what so ever!
In December 2009, GULF was introduced to Derrick Owens / ALLOWA and on January 5th 2010 GULF entered into agreements with ALLOWA to purchase 3,000 MT of gold dust monthly for 36 months.
GULF is a real buyer with real assets which qualifies us as principals in purchasing gold dust & Dore bars. Historically, GULF has owned several gold mines (and a small refinery) in central CA (USA), which was sold off in 2007. GULF has purchased and sold gold dust & Dore bars since 2005.
Initially, GULF provided ALLOWA with a $1.5M (USD) SBLC MT-760 (Swifted to a Turkish bank) and subsequently paid-out an additional $50,000 (USD) to ALLOWAS supposed shipping company in China (Transtech Engineering Corporation), who has never delivered and will NOT refund the money which was wired into TRANSTECHs Bank of China bank account.
Because of TRANSTECHs solid reputation as up=standing Chinese (government owned) company and the assurance from Owens Mandate, we went ahead and wired the additional $50K. We now believe that this $50K was applied to ALLOWAS Transtech account to pay for mining equipment.
After over 6 months of Owens making excuse after excuse and coming up with many unfounded "stories" as to why he couldn't ship the product and why we needed to pay additional fees before shipping, To this day, Owens has never performed or even proven that he has product to sell.
Because of Derrick Owens / ALLOWAs NON-PERFORMANCE and VIOLATION OF OUR WRITTEN AGREEMENTS, on April 2, 2010 GULF terminated this agreement with ALLOWA to purchase gold dust and requested ALLOWA to immediately refund the $50,000 USD as had been assured. The following week, on April 7, 2010, a second / FINAL written termination letter was emailed to Owens.
Owens has NOT honored our written contracts ALLOWA is in direct violation of our agreements. Owens is a story teller and has continued to put off shipment of the gold dust many, many, many times. Overall, Owens has conducted himself in a very poor business manner and completely demonstrated his consistent non-performance in complying with our written agreements.
Although Owens agreed to provide the SKR/POP and other customary documentation, which were repeatedly asked for, nothing has ever been provided. Therefore, it is self-evident that Owens does NOT have any product to ship and is NOT a "real" AU seller.
In the past, every other "real" AU seller has provided GULF with (1) Certificate of Origin, (2) SKR/POP, (3) Certificate of Ownership, (4) VAT register, (5) Export License, (6) Movement Certificate(s) - Previous shipments to USA, (7) Copy of Seller's Passport, (8) Customs Documents, (9) Airway Bill, etc.
Owens never would give us any of this info. In fact, although Owens claims to have a USA Passport, Owens refused to provide us this document. Therefore, Owens inability to deliver the product or perform on any level, proves that ALLOWA is obviously NOT a "real" AU seller.
According to the written SPA (Sales Purchase Agreement), it was agreed that GULF would provide ALLOWA a $1,500,000 SBLC as collateral for this transaction, which was to be shipped to our USA refinery. However, time after time, Owens has continued to ask for more money before he will ship the product.
Although this gold dust was originally agreed to be delivered CIF to our refinery, with the SBLC as sole collateral for payment, as a concession to ALLOWA, GULF agreed to wire $50,000 to Transtech Eng Corporation (TRANSTECH) on February 16, 2010, based upon Owens assurance that TRANSTECH would act as ALLOWAs shipping company and make the initial shipment. When originally investigated, TRANSTECH checked-out as a top Chinese company.
Owens assured us that once this payment was made to TRANSTECH he would immediately provide the SKR/POP and ship the product, which has never happened. Since that time, Owens has continued to make excuse after excuse in order to put off making this shipment and keeps asking for additional money to be paid in order to complete this transaction.
After being confronted as to ALLOWAs non-performance, Owens assured us that ALLOWA would immediately refund the $50,000 to us without any delay. Of course, when GULF made a formal request for the refund the $50,000 USD, Owens refused to refund the money.
TRANSTECH ENGINERRING CORPORATION APPEARS TO BE IN COLLABORATION WITH ALLOWA TO PERPITRATE THIS FRAUD!
Owens has repeatedly made untrue statements and has involved TRANSTECH in his scheme to defraud GULF. Initially, it was thought that Owens lies and deception were seriously jeopardizing the fine reputation of TRANSTECH, however, not it appears the TRANSTECH has been playing right along with Owens to defraud GULF.
From the very beginning, as part of a Owens con-game to defraud GULF, he advised us that Transtech Eng Corporation (TRANSTECH) was his official shipping company for the delivery of the AU product. Of course, we now know that this is a complete and total lie.
Our attorneys have advised us that Owens fraudulent misrepresentations and lies about TRANSTECHs involvement in this transaction (and his instructions to have the $50,000 wired into TRANSTECHs bank account for shipping are legally know as Fraud in the Inducement.
This is a very serious matter which causes a negative effect on Transtech Engineering Corp.
As part of Owens fraudulent scheme, Owens had TRANSTECH apply this $50,000 toward ALLOWAs TRANSTECH account to pay for mining equipment or other services TRANSTECH provided to ALLOWA. From the beginning, GULF wrote & told TRANSTECH that this was never the intent of this $50K that was wired into their account. TRANSTECH knew all along that this $50K was intended for payment to ship 200 kgs of gold dust, per the purchase contract with ALLOWA Corporation.
As part of our later investigation into Transtech Engineering Corporation, we verified that TRANSTECH has nothing to do with the gold buying & selling business and does not act as a shipping company for the shipment of gold to the USA.
Although we also confirmed that the $50,000 which GULF wired to TRANSTECH, which was personally acknowledged by TRANSTECHs CFO (Mr. Liu Qiang) on February 17, 2010, still remained in TRANSTECHs Bank of China bank account and had NOT been transferred or otherwise turned over to Owens or ALLOWA, it now appears as though TRANSTECH may have credited ALLOWAs account. In any case, TRANSTECH has ignored GULFs three written requests to return the $50K.
It is indeed puzzling and very concerning why TRASNSTECH never responded to GULFs three (3) written requests to return the $50K. Letters were emailed to Mr. Liu Qiang at TRANSTECH. These emails were sent on (first) April 2, 2010, (second) April 7, 2010, and (third/FINAL) May 17, 2010.
TRANMSTECH knew that GULF had terminated doing business with ALLOWA, however TRANSTECH refused to honor GULFs request to refund this $50K. TRANSTECH was told that under NO circumstances were they authorized by GULF to deliver or otherwise provide any portion of these funds to Owens or ALLOWA.
At that time, we also strongly advised TRANSTECH to immediately refund the $50,000 in order to avoid being implicated with Owens and his scandalous & fraudulent business practices.
Why do you suppose that TRANSTECH choose to ignore GULFs request to return the $50,000?
Since Transtech knew the truth about this situation, for them to ignore our emails and letters concerning these fraudulent activities and to retain GULFs $50,000 caused me to question TRANSTECHs inappropriate behavior and to especially question TRANTECHs honorability.
Therefore, it can be assumed that TRANSTECH is in league with Owens / ALLOWA and a major co-conspirator with OWNES / ALLOWA cooperating with this scheme and keeping GULFs $50K.
Even today, Derrick Owens still continues to request more money from us to complete this transaction, yet he has never provided any documentation to verify the origin or his ownership of the AU.
Owens always claims he is "real seller" but he will never provide any documentation to validate his capacity to perform. Once Owens gets you into the transaction, he just keeps changing the terms, conditions and procedures which have been previously agreed to with the SPA. After that, Owens asks for more and more money to complete the transaction.
Once it was determined that TRANSTECH was not delivering the gold, Owens came up with story after story to stall the refund of the $50K. On April 2nd, Owens promised to have the $50K returned on April 26th (which put it off for three more weeks in order to wait for ALLOWAs Executive Director returned from holiday, but instead, Owens then said that the $50K was given to another unknown shipping company and is not refundable.
Furthermore, Owens says his new shipping company now wants an additional $46K to pay for at various reasons, such as shipping fees, VAT, and now Demurrage charges. At every turn, Owens comes back with another story & reason why he needs more money paid with no intention of ever providing anything to anyone. Owens will work to string-you-out if you allow him to!
Derrick Owens claims to be working in London England, but his office is simply a "front" - he is never actually at this address. On ALLOWAs contracts, Owens has provided the address shown below
Address Shipping Office: Vijzelstraat 1066 EW, Netherlands
Branch Offices; United Kingdom, Mali, Burkina Faso
Tel+ 44-7035-933-320 Fax: +44-7006-008-098
Registered in England N 06837931 - Registered at Companies House on 05/03/2009
Owens claims to have a USA Passport No. 017396907 Issued: 29 OCT, 2004, but it has never been provided to anyone; not even Owenss Seller Mandate. Although Owens promised to provide full documentation with SKR/POP, even after all agreements were executed and SBLC was received by Owens bank, NO documentation or information was ever provided by Owens / ALLOWA.
On ALLOWAs contracts, Owens has provided the address shown below
Turkish Bank = KILER GIDA MAD.IHR.TIC.VE TAAH.A.S = ALLOWA Corporation Limited
On behalf of DOGRUOZ Giyim Tekstil Sanayi Ve Tic. A.S (Partners),
SENOL GNES CAD. NO: 2, City Center / Trabzon, Turkey
Although I have never met of seen Derrick Owens personally, he has a heavy African accent and his English can often be hard to understand.
Owens has Skyped (via ALLOWA CORPORATION LTD) and emailed many messages during the past six months from ALLOWAcorpltd@googlemail.com. Owens is a rather poor writer & speller in his correspondence. Normally, when Owens IMs with Skype, it is in poor English with ALL CAPITAL letters.
BEWARE of DERRICK OWNES / ALLOWA Corporation or any other person who represents this behavior!
This report was posted on Ripoff Report on 07/08/2010 12:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/Allowa-Corporation-Ltd-UNITED-KINGDOM-Transtech-Engineering-Corp-CHINA/internet/Allowa-Corporation-Ltd-UNITED-KINGDOM-Transtech-Engineering-Corp-CHINA-Derrick-Owen-621526. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
Advertisers above have met our
strict standards for business conduct.