Gold Fever in Taiwan: The Tale of a Singaporean and a Malaysian
In a plot that sounds ripped straight from an action‑thriller, a 45‑year‑old Singaporean businessman, Victor Soh Kwang Liang, and his Malaysian girlfriend, Lo Lee‑chee (often called Syengnel Loh), are being hauled into the Taiwanese legal system. According to Plaid Taipei prosecutors, the pair ran an investment scam that raked in more than NT$37.2 million (about US$1.83 million) by promising sky‑high returns from gold and precious‑metal ventures.
Who’s Under Investigation?
- Victor Soh – Director of GTIC Holdings.
- Lo Lee‑chee / Syengnel Loh – Listed as General Manager on GTIC’s website.
- Eight additional GTIC staff members.
Both men are alleged to have taken advantage of Taiwanese residency rules to gain citizenship, then exploited their status by selling shares in two unlisted GTIC companies on over‑the‑counter markets. The victims? Primarily Chinese‑speaking folks in mainland China and Southeast Asia.
The Legal Angle
On Dec 20, Taipei’s courts pressed charges against Victor under Taiwan’s Securities and Exchange Act and the Banking Act. The accusations claim that the duo orchestrated illegal schemes that lured investors with the promise of “high returns” from gold and precious‑metal trades.
Behind the Curtain
GTIC Holdings has been registered in Taiwan since 2004, previously known as RST Alliance with a Boon Lay address. Its main enterprise? Oil trading and wholesale trades in precious metals. Notably, a sister company, GTIC Gold Refinery, markets gold bullion—so bank a little cooler, but not so much cooler that it hides the shady operations.
While the company touts a supposed five‑year stint as vice‑president at a concrete firm in Dubai, the court documents reveal that Victor’s past includes a directorship at RST starting in 2010, a name change to GTIC in 2014, and even a brief role as a geomancy consultant in 2013–2014. All this while his official address was listed as an HDB flat in Woodlands.
What’s Next?
All roads seem to lead to legal proceedings and potential restitution. With over NT$70 million of alleged profits tied to the investors, the Taiwanese courts are keen to crack down on any further fraudulent activity. Meanwhile, the world watches—especially those in China and Southeast Asia—see if the scam ends here or merely shifts to another platform.
— Original coverage: The Straits Times (copyrighted content; reproduction requires permission).
