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The Warsaw Voice » Law » May 26, 2014
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Amber Gold clients sue 23 public institutions
May 26, 2014   
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Poland is facing even PLN 600 million worth of compensation claims from former clients of unregulated lender and gold-investment firm Amber Gold as 16 of the clients are preparing class-action against a number of public institutions, the daily Gazeta Wyborcza reported.

Warsaw district court has time until June 5 to decide whether the class action will take place. If the trial takes place, even 16,000 of the lender’s former clients may join.

Among 23 public institutions sued by Amber Gold's clients there are six court heads, four tax offices, three ministers, special service ABW, anti-monopoly watchdog UOKiK, financial market watchdog KNF and General Inspector of Financial Information.

Established in 2009 without falling under KNF’s supervision, Amber Gold had sold deposit contracts through which it invested clients' money in gold and other instruments, offering investors much higher returns than those being given by regulated banks.

The company collapsed in 2012 and said it was unable to return the money of thousands of its customers because its bank accounts had been blocked.

Prosecutors accused the founder of Amber Gold Marcin P. of running a pyramid scheme [in which funds from new customers are used to pay earlier ones] that defrauded the money of thousands of Poles.

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