The Gold Trade Controversy: GGMTrading GmbH, Trust Gold International (TGI), Aulicio Mining, and Helmut Kaltenegger

Recent developments in the gold trading sector have placed GGMTrading GmbH (GGMT), Aulicio Mining Inc., and Helmut Kaltenegger at the center of scrutiny. Investigations, legal proceedings, and changing supply chains have raised key questions about fraud, gold sourcing, liability, and the future of GGMT’s operations.

Fleeing Austria pursued by over 20.000 customers‘ claims

Following growing legal pressure in Austria, GGMT allegedly rebranded as Trust Gold International (TGI) and relocated its operations to Liechtenstein. Both companies seem to have the same ultimate beneficiary owners, according to the companies’ own information. This move seemingly came in response to ongoing investigations and legal actions involving over 20,000 customers who claimed financial losses through GGMT’s gold purchasing scheme.

TGI communication on Instagram dated 15.November 2024 identifying the (same) main shareholders.

By creating a new legal entity – despite having the same owners – the group around Kaltenegger distanced itself from mounting claims in Austria while continuing to operate under a new corporate identity. The domain “my.ggmt.at” now redirects to “my.tgi.li”, where the same computer system as before ( with new logos and some new design ) for customers to manage their “gold purchases” can now be found. Liechtenstein, known for its financial secrecy laws and lenient corporate regulations, provides an ideal environment for shielding assets and limiting liability, making it more difficult for Austrian authorities and defrauded customers to take legal action against the company.

The my.ggmt.at domain shows the signs of being renamed to and redirected into my.tgi.li on Google search records.

The GGMT / TGI Model

The current working theory according to our reasearch and input from various sources is as follows:

The model appears to function by funneling customer funds into limited liability companies (LLCs) ( “The Gold Mines” ) in extremely high-risk countries with little to no effective judicial oversight. These LLCs, so far resembling shell companies with minimal assets, no or very few employees and no or minimal business activity and are operated by local partners who might share in the profits. If and when these high-risk LLCs collapse or declare bankruptcy, customer claims could vanish along with them, leaving no recourse for customers.

The only requirement for plausible deniability would be for GGMT / TGI to establish a gold mining LLC in an unstable jurisdiction with a gold mining license—a setup that would allow them to shift responsibility onto the foreign entity while continuing to collect funds from unsuspecting customers.

To support the model, GGMT partnered with Aulicio Mining Inc., a Guyana-based mining firm. However, reports indicated difficulties in verifying Aulicio’s operational capacity.

GGMT’s Relationship with Gold Crest Refinery, Ghana

The company now claims to have established a partnership with Gold Crest Refinery Limited (GCRL) in Ghana.

Gold Crest Refinery, founded in 2019, is a Ghanaian gold refining company with supposed international branches in Austria, the UK, Amsterdam, Mauritius, and Dubai. It aspires to obtain London Bullion Market Association (LBMA) certification and markets itself as a supplier of sustainable, “green” gold.

However, independent verification of this partnership remains lacking. Some experts question GCRL’s credibility and TGI’s business model, especially since TGI was also linked to Mountain Wolf, a payment service provider that lacks proper licensing (Die Goldgräber: GGMT und TGI).

The Rise of GGMT

Founded in 2018 by Helmut and Katarina Kaltenegger, GGMTrading GmbH (GGMT) introduced an innovative yet controversial approach to gold trading. Customers were promised significant discounts on gold purchases, but with an extended delivery period (4–36 months). The company claimed that advance payments were used to finance gold mining operations, enabling them to offer lower prices.

Before venturing into the gold trade, Helmut Kaltenegger built his career in aggressive direct sales, starting as a vacuum cleaner salesman. His background in multi-level marketing (MLM) and high-pressure sales tactics laid the foundation for his later business ventures. Over the years, he became involved in various financial schemes and direct-selling operations, often targeting retail investors with promises of high returns and exclusive deals.

This experience in persuasive sales techniques is evident in the way GGMT and later Trust Gold International (TGI) structured their gold purchasing model, emphasizing discounts, exclusivity, and long-term payout promises—all hallmarks of usual high-risk financial schemes.

Legal Battles and Acquittal

The Austrian authorities investigated GGMT’s business practices, leading to charges of serious fraud against Helmut and Katarina Kaltenegger. Prosecutors questioned whether GGMT had misled customers about its ability to deliver gold.

However, a mining expert, Roman Lurf (University of Leoben), confirmed that Aulicio Mining Inc. was indeed operating in Guyana, although gold production was disrupted by COVID-19 and severe flooding. These findings played a crucial role in the Vienna Regional Court for Criminal Matters’ decision to acquit all defendants on March 12, 2025. Prosecutors did not appeal, effectively ending the case (Landesgericht Wien: Freispruch für ehemaligen Sponsor des DSV Leoben – Leoben).

Analysis of GGMT’s Terms & Conditions (AGB)

According to lawyer Jens Reime, in https://www.anwalt.de/rechtstipps/die-goldgraeber-ggmt-und-tgi-229957.html the AGB (Allgemeine Geschäftsbedingungen) of GGMT Revolution Vertriebs GmbH provide a deeper insight into the contractual risks customers face when purchasing gold through their financial model. The key findings include:

1. Risky Pre-Payment Model

• Customers pay in advance for gold that will be sourced from a goldmine selected by GGMT.
• Discounts depend on long delivery times (up to 36 months).
• The customer bears all financial and transaction risks if the mine fails to deliver.

2. No Guarantee of Delivery & Limited Rights for Customers

• Customers waive their right to a refund once funds are transferred to the mine.
• GGMT does not take responsibility for the goldmine’s failure to deliver.
• If the mine becomes insolvent, customers can only claim any remaining GGMT commission, which is far less than their total purchase price.

3. High Sales Commissions for GGMT

• GGMT receives a commission of at least 35% on customer discounts.
• Even if the transaction fails due to customer-related reasons, GGMT still earns its commission.

4. GGMT’s Right to Withdraw – But Not the Customer’s

• GGMT can cancel the contract if it doubts the goldmine’s ability to deliver.
• Customers must wait at least 2 months after a delayed delivery before canceling.

5. GGMT’s Lack of Responsibility for Gold Suppliers

• GGMT does not guarantee the financial stability of its chosen goldmines.
• The selected mines are located in “exotic” countries with high economic and legal risks.

6. Alternative Gold Delivery Methods – With Extra Costs

• Customers may receive their gold from European dealers instead of the goldmine, but GGMT does not cover transport insurance.
• If GGMT itself delivers the gold, a 5% extra commission is charged.

Who is Liable for Gold Deliveries?

GGMT (or TGI) remain legally responsible for fulfilling outstanding gold orders under its customer contracts. However, the ever-changing AGB seem to absolve GGMT of responsibility if the mine fails to deliver, meaning customers may face significant risks.

Potential liabilities include:

• Breach of contract if gold is not delivered.
• Regulatory penalties if deceptive practices are proven.
• Civil lawsuits from customers seeking refunds or compensation.

Future of the Kalteneggers and GGMT

Despite the controversies, Helmut Kaltenegger remains active in the business world. His new company, TGI Gold, has engaged in sports sponsorships, including funding DSV Leoben, an Austrian football club. While a previous sponsorship ended in December 2024 due to financial disagreements, negotiations for renewed support are ongoing (Leoben-Hauptsponsor kontert : Helmut Kaltenegger zu den Vorwürfen in „Datum“: „Es gibt keine Geschädigten!“).

Conclusion: High Risks for Customers

The GGMT/TGI business model presents significant risks to customers, including:
✔ No real guarantee of delivery – GGMT shifts responsibility to goldmines.
✔ Legal loopholes that allow GGMT to withdraw from contracts while limiting customer rights.
✔ High commissions for GGMT, even if gold is never delivered.
✔ Lack of transparency in their partnerships, especially with Gold Crest Refinery.

Potential customers should exercise extreme caution before engaging with GGMT/TGI Gold. A thorough due diligence process is essential to avoid potential financial losses in a high-risk, opaque scheme.