SINGAPORE (The Straits Times/Asia News Network): A Singaporean man and his Malaysian girlfriend are making headlines in Taiwan for allegedly running an investment scheme there that generated more than $37.2 million in profits Taiwanese (S$1.83 million).
Victor Soh Kwang Liang, 45, director of GTIC Holdings, was indicted in Taipei on Monday (December 20th) for violations of Taiwan’s Securities and Exchange Act and Banking Act.
Prosecutors said he allegedly operated illegal schemes that promised high returns to invest in gold and precious metals, the Taipei Times newspaper reported.
Eight other people have been charged with Soh for similar offences, including his girlfriend Lo Lee-chee who goes by the name Syengnel Loh, according to the GTIC website, which lists her as chief executive.
The others are GTIC staff.
Soh and Lo are said to have obtained Taiwanese citizenship through long-term residency and made profits of more than NT$70 million in Taiwan by offering shares of two unlisted GTIC companies on the over-the-counter markets.
They reportedly targeted Chinese-speaking people in China and Southeast Asia.
Checks by The Straits Times revealed that GTIC Holdings had been registered here since 2004. It was previously known as RST Alliance, with a registered address in Boon Lay.
Its main activities are listed as oil trading and wholesale trading of precious metals.
According to the GTIC Gold Refinery website in Taiwan, these are gold bars, bearing an image of the merlion on its packaging.
The site claims that Soh served as vice president of a concrete company in Dubai for five years.
Checks by ST revealed that he had been on RST’s list of directors since 2010 and changed the company’s name to GTIC in 2014.
He lives in an HDB flat in Woodlands and was previously a director of a geomancy consultancy in 2013 and 2014.
He also held directorships and owned several companies related to investment, materials and marine services, but was either disbarred or his appointment was rescinded when the company dissolved.
The only other live business he is named a director of here is construction and interior design company Simpex Singapore.
ST has contacted Taiwanese authorities for comment.