Insolvency administrator expects years of procedure

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Crew car in front of the PIM headquarters

Officials searched the headquarters of PIM Gold in Heusenstamm near Frankfurt earlier this month.

(Photo: Jakob Blume)

Heusenstamm / Offenbach In the insolvency case of the alleged fraudulent gold trader PIM the provisional administrator expects a year-long procedure. The ordinary insolvency proceedings are expected to open in early December, said the lawyer appointed by the district court Offenbach Renald Metoja in a statement. Only then could the creditors file their claims.

The legal status of PIM Gold GmbH and its distribution company, Premium Gold Deutschland (PGD), is currently being examined, said the administrator. At the same time an attempt is made to secure existing assets for the bankrupt estate. On the opening of insolvency proceedings, the District Court of Offenbach decides on the basis of an opinion of the administrator.

According to previous estimates, at least 10,000 investors could be affected. Until the payment of a possible quota, Metoja believes that "a few years" pass. Reasons are the high number of creditors and the "necessary measures for mass realization".

Investigators of the PIM Gold are under investigation by the public prosecutor Darmstadt. At the beginning of September, there were searches in business premises, confiscation of gold and an arrest – among other things on account of the charge of commercial fraud. Further details wanted the public prosecutor's office initially not announce. As a result, the companies filed for bankruptcy.

More: Recession concerns have raised gold to new heights this year. But with the new Goldgräberstimmung caution is advised, warns editor Matthias Streit.

(t) Gold (t) PIM Gold (t) Commodity (t) Investor Scandal (t) Bankruptcy (t) Precious Metal (t) Bankruptcy (t) Investment (t) Legal (t) General (t) Economic Crime (t ) PIM

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