Complaint Review: Gold Hedge Royalty Corporation, Ltd
Gold Hedge Royalty Corporation, Ltd Hedge Securities and Investments Pty Limited Shares in gold investment company scam Sydney, Internet
In the summer of 2006, through a brokerage and consulting firm in Cyprus, I bought placement shares in Gold Hedge Royalty (Sponsoring Broker: Hedge Secuirities and Investments Pty Limited), a company that proposed to invest in gold and other metal mining companies in Australia. The list of shareholders in my possession shows 73 corporate and individual investors whose total investment comes to $42,175,330 (US), a little over one tenth of the planned capital. However, there may be more investors than these.
Since then the company appears to have done nothing to develop its business or to further the interests of shareholders, or even to keep the shareholdes informed of its activities by direct and specific reports. On 8-2-2011 the Australian Securities and Investments Commission announced that it had closed the websites www.hedgesec.com and www.Goldhedge royalty.com. 'which include an array of false claims' (ASIC's words). Since 2008, Mr John Varoujan, the head of the management team, has apparently been uncontactable, except, it seems, by the firm in Cyprus.
I am aware that other shareholders have been actively seeking a meeting with Mr Varoujan to find out more about his management (or mismanagement) of the company. I would now like to associate myself with those efforts, because I fear that what I took to be a combination of misfortune and negligence may in fact be a case of deliberate, large-scale fraud.
This report was posted on Ripoff Report on 01/15/2012 09:27 AM and is a permanent record located here: http://www.ripoffreport.com/reports/gold-hedge-royalty-corporation-ltd/internet/gold-hedge-royalty-corporation-ltd-hedge-securities-and-investments-pty-limited-shares-i-823061. 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. READ: Foreign websites steal our content
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