Potential customers of three companies promoting big returns on gold investments have been warned by the Panama’s Superintendency of Banks to stay clear.

In a statement issued Thursday May 15, the Superintendency says that companies Emglodex , Emgoldex Panama Gold & Silver Physical and KG Metals are not allowed to raise funds.

” EMGOLDEX , EMGOLDEX PANAMA and GOLD & SILVER PHYSICAL METALS KG are not authorized by the Superintendency to raise in or from the Republic of Panama , directly or indirectly, funds from the public by accepting money on deposit or in any other form ” said the statement.
The regulatory agency warns potential customers to refrain from having economic ties with the firms.
” The Superintendency of Banks of Panama warns the general public of the need to refrain from establishing business relations with individuals and / or companies that do not have a banking license, or other authorization , authorizing them to raise funds directly or indirectly to the public by accepting money on deposit or any other means , “says the letter signed by Gustavo Adoldo Villa, interim superintendent .
A media note said that none of the three companies ” are regulated or supervised by the Superintendency , since they do not have , or have had in the past , a license to practice in the Banking Business in or from the Republic of Panama , and do not have a Trust License ” reports La Prensa