Questions Emerge Over Underground Precious Metals Vault in Brisbane

Ah Brisbane, the east coast Australian city where my brother studied abroad in 2001.  Looks like if it is a precious metal and it’s not in your hands well…it’s not really yours!

Key Quotes:
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 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.

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”.

Full article here

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