ASMC likely a scam

[devion]

There was once a thread about this company, market by Black Mineral & later Rich Delta. Well, am one of their investors and would like to seek advice here.

The company has defaulted for almost 9 mths on payments or contracts that had been matured. Each time they explained that the local banks were holding up their funds & they were unable to pay out. This has been the only consistent reason being provided so far.
The directors of the company did not even want to face the investors despite repeated demands.
They provided a performance bond as proof that they have the funds. The bond was from on overseas bank, with the director's name on it.
They had sent periodic emails about company attempts to make the payments but nothing came out from there.
We know there has been some clients already in midst of legal action with the company, probably very preliminary stage right now.

I have a group of investors awaiting & deciding what would be the best option here. Do we wait or take legal action?
The worry abt legal is that company may fold & we get nothing in the end, & we waste the legal fees.
If we wait till other group legal outcome, would that be better? or it may also be too late.

 

[yusoffb01]

If only you invested in index fund instead of throwing money away

 

[kingboonz]

Need more context... Why did you invest, how savvy are you as an investor and net worth...

 

[devion]

Need more context... Why did you invest, how savvy are you as an investor and net worth...

Friend, I am not here to share my life story behind this investment. What has my assets got to do with the advice that I am seeking from here?

Its greed, blinded by greed.Although I was always unsure & know of the risk in such high returns alternative investments, I made that plunge & so for the many others. Some probably coerced from peer pressure & freebies.

The company is still operating,office still there & customer service still contactable,so they yet to fold,so this is my glimmer of hope.

There are ppl talking abt getting liquidators to investigate into their accounts & that may bring them down.
Whether paying the legal cost to sue the directors is the right step to take.
There should be more legal suits out there against the company.Not sure if lawyer is able to find out.
This is why high risk investments like crowdfunding will be difficult to retrieve the money when it turns awry.An expensive lesson.

 

[yoongf]

Sue the directors? Liquidation?

The investment is on what basis? Shareholder loan?
Contract? Returns guaranteed?
U can only sue based on a breach of contract. Or if u are a shareholder.
If its neither, there is no legal recourse.
Thats why such investments schemes are on MAS watchlist because there is really no basis for any recourse.

 

[lzydata]

Asia Strategic Mining Corporation Pte Ltd (Singapore)
[This entity is related to Black Mineral Pte Ltd ]
1 North Bridge Rd,
High Street Centre,#06-23,
Singapore 179094
Tel: (65) 6338 0029
Website: http://asmc.com.sg/

[Listed: 7 April 2016]

Investor Alert List
http://www.mas.gov.sg/IAL.aspx?sc_p=A

 

[Mecisteus]

Just write off the investment. Take it as an expensive learning lesson.

 

[devion]

Sue the directors? Liquidation?

The investment is on what basis? Shareholder loan?
Contract? Returns guaranteed?
U can only sue based on a breach of contract. Or if u are a shareholder.
If its neither, there is no legal recourse.
Thats why such investments schemes are on MAS watchlist because there is really no basis for any recourse.

Yes it is contractual basis with quarterly dividends & term exits. Yes, we intend to sue the directors since it is breach of contract of no dividends & delays in paying back the principal sum after maturity of contracts.

There are alot of investors with this company, they even appeared in investment fairs. I do not think us investors should simply write off on this, either sue the directors & hold them liable, even if they declare bankrupt.
If there is signs of foul play, then have them jailed.
Glimmer of hope is able to claw back our money, else make them answerable for our losses.
Would hiring debt collectors be an option here? Go after the CEO whom has been elusive & not wanting to meet up with the investors.

 

[kingboonz]

Yes it is contractual basis with quarterly dividends & term exits. Yes, we intend to sue the directors since it is breach of contract of no dividends & delays in paying back the principal sum after maturity of contracts.

There are alot of investors with this company, they even appeared in investment fairs. I do not think us investors should simply write off on this, either sue the directors & hold them liable, even if they declare bankrupt.
If there is signs of foul play, then have them jailed.
Glimmer of hope is able to claw back our money, else make them answerable for our losses.
Would hiring debt collectors be an option here? Go after the CEO whom has been elusive & not wanting to meet up with the investors.

How did you find out about this investment? Important to provide further help.

 

[yoongf]

Contract is with the company, not the directors. Company can take action against the directors but thats a whole new level of events.

Breach of contract is not a major show stopper to a company. Everyday of waiting, the company burns rental n staff salaries. This type of situation, every lawyer will tell u... either dun wait, or cut loss.

 

[Mecisteus]

Investor Alert List
http://www.mas.gov.sg/IAL.aspx?sc_p=A

The Investor Alert List provides a listing of unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or authorised by MAS. The information published on the Investor Alert List is based on what was known to MAS at the time of publication. This list is not exhaustive and will be updated.

One should stay away buying unregulated financial products. This has been said so many times.

 

[JuniorLion]

They are simply buying time to transfer your monies to some Swiss bank accounts.

Write off this investment and treat it as school fees.

They probably plan their exit strategy before they started this. They are steps ahead of you.

 

[yoongf]

They do not even hv to hide $ in swiss bank accounts. They can just pay themselves high salaries the next day legally and drain the company assets down. This is totally legitimate and investors funds disappear overnite.

They are simply buying time to transfer your monies to some Swiss bank accounts.

.

 

[Stolich]

How long have the payments been delayed and what were their commitments/assurances ?

 

[HopefulInvestor]

for me 3 months. But they showed a performance bond and they explained that in the event of default, they are still able to pay us.

 

[HopefulInvestor]

Are u a funder for asmc or black mineral?

 

[nospideysense]

There was once a thread about this company, market by Black Mineral & later Rich Delta. Well, am one of their investors and would like to seek advice here.

The company has defaulted for almost 9 mths on payments or contracts that had been matured. Each time they explained that the local banks were holding up their funds & they were unable to pay out. This has been the only consistent reason being provided so far.
The directors of the company did not even want to face the investors despite repeated demands.
They provided a performance bond as proof that they have the funds. The bond was from on overseas bank, with the director's name on it.
They had sent periodic emails about company attempts to make the payments but nothing came out from there.
We know there has been some clients already in midst of legal action with the company, probably very preliminary stage right now.

I have a group of investors awaiting & deciding what would be the best option here. Do we wait or take legal action?
The worry abt legal is that company may fold & we get nothing in the end, & we waste the legal fees.
If we wait till other group legal outcome, would that be better? or it may also be too late.

Hi devion
I was hoping to PM you to enquire about the progress alas I am not able to since I only just managed to register my membership recently while in a desperate quest for investors of this.

 

[nospideysense]

Hi HopefulInvestor
Have you received anything since?

 

[susanw]

Hi devion
I was hoping to PM you to enquire about the progress alas I am not able to since I only just managed to register my membership recently while in a desperate quest for investors of this.

did you get back any payments? Im also one of the investors

 

[gazar1]

Hi what’s this investing company about?