Forgot your password?

Back to login

OFWs in Kuwait defends Emgoldex, not a pyramiding scam
March 28, 2015, 2:55 pm

A group of Filipino Overseas Workers in Kuwait finally broke their silence and faced the media in defense of Emgoldex, an investment group company that boasts profit either in cash or gold in exchange of small investment. The Philippine Security Exchange Commission and the Philippine Embassy in Kuwait have both rallied in social media and news prints providing warning and advisory to Filipinos that such investment is a massive pyramiding scam.

However OFWs who continuously benefit from Emgoldex’s benefits accused the Philippine Charges D’ Affaires in Kuwait Atty. Raul Dado for being bias with his successive commentaries and posts on social media thereby damaging Emgoldex’s repute and missed opportunity for OFWs to earn good income.

In a series of interviews with OFWs who have invested and received benefits as promised by Emgoldex stated and presented proofs of receipts, income statements and gold leafs delivered and received by investors and buyers. “I already have earned 1.3 M Pesos (KD 10,000) from these investments and will continue to invest. I studied the scheme and patterns of Emgoldex and was convinced that it is profitable, I not only benefitted from it but those who I have recruited in my eight times investments,” commented Janice, an employee in a local company.

Faiza, a Filipina married to a Kuwaiti was encouraged to join and invest after she witnessed her friends received the returns of their investments. “I was hesitant to join but I was convinced having spoken to some members and would be members of Emgoldex. I have just received my fist KD KD 1,100 profit from my investment and plans to invest again” added Faiza

Amidst successive news that the company poses scam, Emgoldex continuously earns popularity and investors among Filipinos and foreign nationals in the country. Such in the case of Deo Arnauz, an American national married to a Filipina who managed to receive the return of his investment in 24 days. “I believe it is the fear of not knowing what you are investing on and lack of knowledge is the dilemma one faces”, commented Arnauz.

In a brief interview with CDA Atty. Dado, he said that he received an advisory from the Philippine Security Exchange Commission (SEC) that prompted him to send out in social media an advisory that Emgoldex is scam as it is not duly registered and licensed in the Philippine SEC and that his advisory stated that he was merely providing warning among Filipinos to be careful with their hard earned money.

He also cited several incidences in the past such as the “Ponzi” scam. Atty. Dado also said that such investments are based on recruits and should there be failure to recruit will eventually result to a “collapse”. However, he also admitted that there have been no complainants in Kuwait and should there be, will have to go through legal process. When asked about the word “collapse” among those interviewed, Sara and Dina said that any investment poses risk and that regrets are expected but one needs to undertake the risk or will regret missing the chance to earn.

Meager salaries earned by thousands of OFWs in Kuwait, tough working hours, uncompensated hours of work in addition to endless verbal and physical abuses OFWs battle in places of works on daily basis could have prompted these investors to take the risk in exchange of small amount in brief period of time.

OFWs interviewed urged the Philippine government and embassy to be careful with their advisories and present unbiased reports in news and social media. Scam or not scam, The Philippine government and the Embassy in Kuwait will find it easier said than done to convince OFWs that Emgoldex is a scam after all; these so called investors have continuously received the returns of their investment.

EMGOLDEX specializes in the buying and selling of investment gold bars of different value. Its investment gold is procured and provided only by the top producers internationally. The company not only sells investment gold bars, but also provides a guarantee of buyback of gold from its customers with the most profitable prices.

The customers of the company can use the service of certified depositories for gold and diamonds. By working out the strategy of marketing program Goldex, the company took the best decisions checked up by time and has united them in the marketing program. The program provides the clients of the Internet - shop to receive an unlimited income in the long-term period for advertising of selling production.

Ricky Laxa
Staff Writer

Share your views

"It is hard to fail, but it is worse never to have tried to succeed."

"Envy comes from wanting something that isn't yours. But grief comes from losing something you've already had."

Photo Gallery