The Reserve Vault in Brisbane at centre of allegations of misappropriation and dodgy business practices

An Aussie SilverDoctor sent us this, and stated that the Reserve Vault in Brisbane raised bloody hell when he attempted to withdraw his holdings, not to mention regularly charging him more than the quoted storage fees.
Doc’s Rule No. 1:
If you don’t hold it, you don’t own it.

AN UNDERGROUND vault in the City used by the wealthy to store hundreds of millions of dollars in gold, silver and other valuables is at the centre of allegations of misappropriation and dodgy business practices including making false claims about how secure it is.

The claims appeared in court documents filed in the Supreme Court which describe a hunt for at least $150,000 worth of “missing” silver ingots amid a fight for control of the company running the high security vault, The Reserve Vault.

The man previously in charge of the vault, Peter Rex Sands, was declared bankrupt in December, making it illegal for him to be a director of a corporation.

He was also prevented from having anything to do with the running of the vault last month by a Supreme Court order made in the same proceedings.

But The Courier-Mail last week witnessed him leaving the vault.

 Mr Sands said yesterday he had been talking to people responsible for the perimeter security of the building and not people at the vault.

The vault, marketed as the most secure location in Queensland, is one of only a handful of such facilities in Australia.

One bullion trader told The Courier-Mail it was used by rich individuals, hedge funds, foreigners and others who “don’t trust banks” as well as dealers in precious metals.

Court documents claim that security cameras were not monitored, that the company appeared to be trading while insolvent and did not keep proper business records, and that Mr Sands had been closely involved in its operation.

A shareholder in the company running the vault, Owen Kelly, said in an affidavit filed in court he had “concerns about silver owned and stored by me at the company’s premises”.

The court documents show he aired his concerns to another shareholder, Peter Cunningham, saying at the time: “I want to make sure that my misplaced silver is found and I want the business sold so I can get my money back”.
Read more:

Comments

  1. How do you say  I’ve been MFG’ed’ in Australian?   The Aussies must not listen to Celente.  All jokes aside, this could be a crippling blow to the bullion storage systems worldwide.  There is not a chance in the world that I would place my phyzz in someone elses vault.

  2. Hold it or you don’t own it.  Nuff said.

  3. An Assie DOC? LOL. Missed keystroke I’m sure. What I wouldn’t do to look inside JP’s vaults. This could set a precedence worldwide and maybe the runs on the vaults would begin. At the very least if people were smart they would at least ask for proof their PM’s was in the vault and available. I like things that make JP and Co. sweat. This could be one of them.

  4. lol, thanks for the catch 2oz. Spelling corrected.

  5. AGXIIK asked, “How do you say  I’ve been MFG’ed’ in Australian?”

    I believe it goes something like:

    Tan me hide when I’m dead, Fred
    Tan me hide when I’m dead
    So we tanned his hide when he died, Clyde
    And that’s it hanging on the shed

    PhilAZ

  6. Hi PhilAZ   Very funny.  There is a different type of justice in your country.   You must be front and center to this scandal    Keep us in the loop on current situations in the land down under.   It might spread like a wild fire.

  7. Vault is empty, sorry

  8. AGXIIK, Az actually stands for Arizona.  But don’t worry, we have our own brand of justice here too.  It goes something like “Git a rope!”

    PhilAZ

  9. LESSON #1 DON”T KEEP YOUR STASH IN A BANK. When they crash so will your stash. Keep your physical close and the Bankers a mile away or further.

  10. The Ownership of vault is changed now and it is safe now and in Good hands, This is an old article about the scam they had under old ownership. Looking forward to have some great services from them.
     

Speak Your Mind