#United States #Scottsdale #Monetary Metals #Gold Lease #AgaBullion

Update on Monetary Metals and AgaBullion Lease Agreement

On January 23, Monetary Metals provided a significant update to its clients concerning its gold lease with AgaBullion Kiymetli Madenler A.Ş., a notable precious metals service provider based in Turkey. The update followed recent legal actions taken against AgaBullion and its associated company, Aleks Metal Refinery, which saw Turkish authorities seizing some of the gold leased to AgaBullion.

Background

The legal troubles for AgaBullion stem from arrests made of key figures at Aga Holding, which is reportedly involved in various regulatory violations pertaining to Turkish import and export laws. As part of this crackdown, several senior personnel at AgaBullion were also taken into custody. Despite this chaotic situation, Monetary Metals reassured its clients about the status of their leased gold. The company confirmed that all other gold resources leased to AgaBullion are safe, properly accounted for, and unaffected by the authorities’ actions. Further, all lease fees are reported as paid through March.

Meeting Outcomes

Daniel Weiner, a representative from Monetary Metals, recently had a constructive meeting in Dubai with AgaBullion's CEO, Sarp Tarhanacı, and Gokhan Yilmaz from another affiliate, AgoOne. They expressed a belief that AgaBullion has been caught in a web of misunderstandings and misrepresentations and are optimistic that the company will be cleared of any wrongdoing. They clarified that AgaBullion is not affiliated with Aga Holding; the term "Aga" is common in the Turkish business landscape and should not be misconstrued to imply a connection.

Legal Measures

In light of the situation, Monetary Metals is actively engaging legal representatives based in Istanbul to ensure that the legal ownership of all leased gold remains with the company and its clients. Additionally, they are working with the U.S. Consulate to navigate through the legalities and facilitate the rightful return of their gold. The firm maintains its commitment to protecting its clients' interests by having supplemental insurance on the leased metals, which will be claimed if necessary.

The entire situation underscores the volatility and risk associated with international leasing, especially within sectors laden with regulatory oversight. This incident emphasizes the need for companies to have strong legal frameworks and partnerships to navigate through issues that may arise in foreign jurisdictions.

As the situation unfolds, Monetary Metals has committed to providing further updates via their official website to keep clients informed and reassured. The firm continues to focus on its mission of unlocking the productivity of gold by providing yield on gold investments and simplifying gold financing options for various businesses.

About Monetary Metals

Founded to innovate in the precious metals sector, Monetary Metals offers unique solutions that allow both individual investors and businesses to earn yield in gold and silver through its Gold Yield Marketplace. Since its inception in 2016, it has been at the forefront of integrating traditional metals into modern investment strategies, revolutionizing how gold can work as a capital asset in today's economy. For inquiries or more information about their offerings, interested parties can visit Monetary Metals’ official website.

This incident serves as a reminder of the complexities involved in business partnerships and the importance of transparent communications, especially for companies engaged in critical resources like precious metals.