GGMT - TGI - Goldcrest - Scam

[Eratosthenes]

But the key question remains: "why should Goldcrest give away 55% of its profits to TGI?" in exchange for borrowing money from it? And this despite the fact that its parent company, IPMC, makes hundreds of millions of dollars in profit every year.

How much did the investment in the new mine in Guyana actually cost, how much is it currently mining with its 130 employees? At what cost?

But all these questions will be answered in the prospectus shortly before the IPO. In my opinion, anyone who buys share options beforehand on the basis of flowery promises is just as much to blame as the fools who fell for the promises made about GGMT and Aulicio.

We haven't even mentioned the famous gold mine in Sierra Leone, the BAUMIN, whose owner died suddenly, which is why all the money of the fools was, unfortunately, gone. What has actually happened to HAPISource?

[Eratosthenes]

But the key question remains: "why should Goldcrest give away 55% of its profits to TGI?" in exchange for borrowing money from it? And this despite the fact that its parent company, IPMC, makes hundreds of millions of dollars in profit every year.
How much did the investment in the new mine in Guyana actually cost, how much is it currently mining with its 130 employees? At what cost?

But all these questions will be answered in the prospectus shortly before the IPO. In my opinion, anyone who buys share options beforehand on the basis of flowery promises is just as much to blame as the fools who fell for the promises made about GGMT and Aulicio.

We haven't even mentioned the famous gold mine in Sierra Leone, the BAUMIN, whose owner died suddenly, which is why all the money of the fools was, unfortunately, gone. What has actually happened to HAPISource?

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[Eratosthenes]

The efforts of Kaltenegger and the TGI to raise new money seem increasingly desperate. We must not forget that he has to pay over 50% more for the gold that he has to deliver today, after three years, than he took in back then, simply due to the increase in value. And we haven't even mentioned the discounts, interest on loans and commissions that he had to service during this period.

Has Helmut ever mentioned how much money Goldcrest has transferred or how much gold it has delivered since the start of the partnership? Maybe there's something in the 2023 annual financial statements, which have been filed in Liechtenstein since the end of last month?

https://www.northdata.de/?id=4907828930936832

The one-to-one takeover of GGMT Revolution by TGI wasn't all that great.

https://www.northdata.de/GGMT%20Revolution%20Vertriebs%20GmbH,%20Wien/436213sHoppla!

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[Eratosthenes]

Just ask the AI. Dear tax authorities, dear BaFin, take a closer look at the income of the paying sheep of TGI and GGMT.

In Germany, it is not legal to declare capital gains as rebates in order to evade taxes. Capital gains, such as interest, dividends or capital gains, are subject to capital gains tax (usually 25% plus solidarity surcharge and, if applicable, church tax). These must be declared correctly to the tax office.

Discounts, on the other hand, are price reductions granted on a purchase and have a different tax treatment. Re-declaring capital gains as discounts in order to avoid tax liability would be considered tax evasion, which is punishable by law (§ 370 AO). If discovered, there is a risk of heavy fines or even imprisonment, depending on the severity of the offense.

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[Eratosthenes]

Speaking of the IPO, you have to realize that the fairy tale of the gigantic profits that TGI is supposedly making will be exposed at the latest when the business documents for a real IPO are examined.
TGI and the Kalteneggers must therefore be concerned with postponing the real IPO as far back as possible in order to sell off as many shares as possible in the meantime to fools who fall for Helmut's flowery promises.

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[Eratosthenes]

I'm really looking forward to the "prospectus" that Kaltenegger has announced for this week.

GROK on the requirements:

The question of whether the information in the prospectus for a possible IPO of **TGI AG** from Liechtenstein must be independently verified depends on the regulatory requirements of the country in which the IPO is to take place and on the requirements of the respective stock exchange. As TGI AG is based in Liechtenstein and an IPO in the EU, in particular in Germany, could be considered (due to language choice and context), the following explanations primarily refer to the **EU Prospectus Regulation** (Regulation (EU) 2017/1129) and the German **Wertpapierprospektgesetz (WpPG)**, with consideration of Liechtenstein specifics. In addition, I will include specific information on TGI AG based on available sources.

### General requirements for independent audits
As explained in the previous answer, certain information in the prospectus must be independently verified:
- **Financial information** (e.g. financial statements for the last three years) must be audited and certified by an independent **auditor**. This also applies to interim reports or pro forma financial data, if required.
- Non-financial information** (e.g. business description, risk factors) is not subject to a mandatory independent audit, but must be correct, complete and comprehensible, as the issuer is liable for this information.

### Specific situation of TGI AG
TGI AG is a gold trader based in Vaduz, Liechtenstein, which specializes in trading physical gold and offers a unique discount model (monthly discounts of 2-4% for delayed delivery, e.g. after 36 months). According to customer reviews and media reports, TGI AG is apparently planning an IPO in 2025. The following points shed light on what the independent audit requirements for a prospectus of TGI AG could be:

1. **Financial information and independent audit**:
  - For an IPO, TGI AG would have to provide audited financial statements (at least for the last three years) prepared in accordance with international accounting standards (e.g. **IFRS**, as is common in the EU) or Liechtenstein standards. These financial statements must be audited by an independent auditor licensed in Liechtenstein or another recognized country.
  - Liechtenstein is part of the European Economic Area (EEA) and the Liechtenstein Financial Market Authority (**FMA**) monitors compliance with accounting and auditing standards. Therefore, TGI AG would presumably engage auditors who comply with FMA and EU requirements.
  - **Challenge**: Reports such as those by *kapital-markt intern* and *Stiftung Warentest* express skepticism about the plausibility of TGI AG's business model, especially with regard to the high discounts (up to 4% per month) and long-term delivery reliability. An auditor would have to examine the sustainability and feasibility of this model (e.g. through trading margins with the Gold Crest Refinery in Ghana) in order to make the financial data credible. Ambiguities in the value chain could make the audit more difficult.

2 **Non-financial information**:
  - TGI AG would have to provide detailed information in the prospectus about its business model, in particular how the discounts work, the partnership with the Gold Crest Refinery and risks such as delivery delays or market volatility. This information is not subject to independent verification, but the FMA (or the competent supervisory authority, e.g. BaFin in the case of an IPO in Germany) would check whether it is complete, coherent and comprehensible.
  - **Criticism**: Reports indicate potential risks, e.g. dependence on a mining company in Ghana and the difficulty of enforcing claims in Liechtenstein. Such risks would have to be clearly presented in the prospectus and TGI AG would have to prove that its statements are plausible, even without an independent audit.

3 **Liechtenstein special features**:
  - In Liechtenstein, according to the FMA, the sale of physical gold is not subject to any special legal authorization, but only to general due diligence supervision. This means that TGI AG, as a gold trader, does not have to overcome any additional regulatory hurdles for its business activities, which could limit the transparency of its business model.
  - For an IPO, however, TGI AG would have to meet the stricter requirements of the EU Prospectus Regulation if the shares are to be listed on an EU stock exchange (e.g. Frankfurt or Vienna). This includes independent verification of financial data, while non-financial information is checked for plausibility by the supervisory authority.

4 **Specific risks and transparency**:
  - TGI AG has been criticized in the past for its business model, in particular for the high discounts and a possible "pyramid-like career system" in sales. An auditor would have to check whether the financial flows (e.g. how the discounts are financed) are comprehensible when preparing the prospectus.
  - Customer reviews on platforms such as Trustpilot mention that discount payments have been made on time in the past, but also that there have been delivery problems in the past that were later resolved. Such incidents would need to be disclosed as risks in the prospectus and an auditor could review the associated financial obligations (e.g. refunds).

5 **Liability and credibility**:
  - TGI AG and its underwriters (if involved) are liable for the accuracy of all information in the prospectus. An independent audit of the financial data by a reputable auditor would strengthen investor confidence, especially in view of the skepticism in media reports.
  - The fact that TGI AG has moved its registered office to Liechtenstein (formerly GGMT Revolution Vertriebs GmbH in Vienna) could be interpreted as an attempt to avoid stricter regulation, according to reports. This could increase the requirements for transparency and independent audits in the prospectus in order to allay investor concerns.

### Conclusion for TGI AG
For an IPO of TGI AG, the **financial information** (annual financial statements, interim reports, pro forma data) would have to be audited by an independent auditor that meets the standards of the EU and Liechtenstein. **Non-financial information**, such as the description of the discount model or the partnership with the Gold Crest Refinery, is not subject to an independent audit, but must be correct, complete and plausible. In view of the criticism of the business model (e.g. high discounts, risks in delivery) and the relocation of the registered office to Liechtenstein, a particularly careful examination of the financial data and a transparent presentation of the risks in the prospectus would be crucial in order to meet the requirements of the supervisory authorities (e.g. FMA or BaFin) and gain the trust of investors.

[Eratosthenes]

There are rumors that the price of gold could plummet. On the one hand, this is a blessing for the Kalteneggers and TGI, because they will pay less in disbursements if they cannot avoid them, but on the other hand, the income from new customers, with which they have to finance most of these disbursements, will also be lower. In addition, confidence in the stable value of the precious metal is reduced, which could have an impact on the propensity to buy.

[Eratosthenes]

After the coach, the managing director at Austria TGI Klagenfurt must now also go. Kaltenegger is probably also behind this.

Given that Kaltenegger has just stated that TGI / GGMT has a business volume of 130 million, I'm curious to see how long the bubble will last. The PIM Gold bubble, for example, burst at 150 million. Nevertheless, it is always frightening to see how long such Ponzi schemes can run and how many people they plunge into misfortune.

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