Transeco Reviews 12

I couldn’t withdraw and felt helpless ℂ𝕝𝕠𝕥𝕥𝕖𝕣~~𝕨𝕒𝕧𝕖𝕤 got me out of these mess

I invested in forward gold through Ethan Sure at gold safe. My repayment is 24 months overdue. I am shocked to find that the Gold safe were taking a 50% commission Also reassuring us that a new investor was about to invest in Transeco. Ethan Sure must have known what the true situation was when selling this scheme. What it seems to be is a Ponzi scheme. So Ethan and Michael you should at least reimburse your 50% commission to your victims.
I have been in touch with action fraud who are collecting evidence may I suggest others do the same

If I could ✍️ my review id tell you

Does anyone know of a creditors contact group to discuss this CVA offer. It is so utterly pathetic that I am inclined to vote no and see the company liquidated and take my chances. I believe we were falsely sold these Forward Purchase agreements by TGS, who were complicit in what was essentially a Ponsi scheme, with early purchasers getting payouts until the inevitable collapse of the inverted pyramid. It was marketed as a 'forward purchase' which has not delivered. This company should not be allowed to go on trading. 17.6p/£ in 5 years time (if you are lucky)... I don't think so!

Message to all TransEco involved creditors.
The flurry of calls from Gold Safe minions, who apparently are “helping “ clients, is evidence that they fear losing The Protection offered by Going into Administration.
Dont believe The Lies.
Võte No and seek legal redress from Directors.
Whatling and Co included.

To fellow Creditors:
Yes, I agree, the CVA is terrible.
Now I know the timeline I am aggrieved at TGS because they kept selling long after Transeco were deep in trouble without telling us.
That said, I'm ready to give Transeco themselves a second chance. There must be some formula by which I can keep my money in the company past the end of the CVA period. I've put that forward as a modification to the CVA and if you want to discuss the option then let me know here.
The aim is to allow each Creditor to pick either Option A: take the 17.12% ; or Option B: convert the debt they hold into a debenture. It would mean waiting 6 or 7 years to get any returns I know.

I don't know all the financial/legal terminology needed to draft something up though. Can anyone help? Thank you very much.

I received an email from Transeco on 9/11/24 with a pdf letter attached that explained what had gone wrong (company no longer trading) and there was now a Company Voluntary Agreement (CVA) in place that offers 17.12 pence for every £1 invested. I recently received an annual review of my investment from The Gold Safe showing all was healthy and returns looked great. There is something very wrong about how this situation has come about that needs investigating.
I understand there is a group of investors looking at how to respond to the CVA - is anyone able to provide contact details for the investor group?

The CVA proposal was announced and it means if 70% of the creditors agree to it, we will receive only 17.12p Yes that is pence, for every £1 invested. For myself it equates to a loss of £12449. 00. What a terrible situation. You take the risk you accept the loss. However I see it that the Broker Gold Safe was selling the Forward Gold Contracts without providing all the information. We did not know about frozen accounts in Holland or the stoppage of production due to Covid. It was never mentioned until the redemption was due. Devastating news and I feel deceived and tricked. If your selling forward gold contracts in order to keep your company afloat and to pay off the contracts on redemption of earlier investors, then it becomes a Ponsi Scheme. If I could see the directors and Brokers in jail I would give up the remaining small amount I might receive from the CVA

CVA is out - read it and weep.
Its insulting and full of lies.
Apparently we were kept updated by regular updates - this is utter BS.
Apparently, commissions of 50% were being paid to TGS, though we are meant to be impressed that this dropped to 27%!!!! On contracts sold for 3 years when they knew they had stopped paying out.
Its called FRAUD !

We had a forward purchase gold contract with Transceo purchased in April 2020, Goldsafe were the middle man for this.

At this present time we have been waiting almost 30 months for our payout which was required at the time. We have been given excuse for nearly 3 years it is because of the lockdown in 2020, we should of been informed of this at the offset. Even more concerning is that it has come to light is that before we even bought our contract the company was in trouble and had had their bank accounts frozen in The Netherlands.

I ask the question where is all the money from the investments, GOLD SAFE got their huge commissions yes, and why were contracts sold when the company was already having issues very similar to what we are now told.

Very concerning considering the sheer amount of money that was trusted and invested in this company by many people and that has left many people in financial difficulty. The truth needs to be told, is this a fraud or is it that they have just been a sinking ship all along plugging the holes.

Two years late in paying contracts - no indication of when. TGS refuse to inform of production rates, even though Transeco promised to do so way back in November 2022. Yet they keep selling to new marks.
No contracts appear to have been redeemed that were issue post June 2020 yet they keep selling. Between October 2022 and May 2023 they claim to have redeemed contracts N41 to N55. 14 contracts in 8 months meanwhile hundreds were sold.

Police suspect a Fraud - and are awaiting additional evidence to be able to have sufficient to submit to CPS. Join me and other creditors as we pursue our money. See other review with contact details.

Report them to Action Fraud.

Provide your evidence, emails, text messages any recorded calls and your statement to the police.
More witnesses = more weight of evidence. It's no longer he said, she said but he said and 100 they said.