Client's assets are stored in a freeport warehouse at the Wien Hafen in Vienna, Harbor, Austria. The facility is operated by one of the leading operators in the world with physical surveillance and monitoring systems, this ensures uncompromising security at all times, renowned for its exacting standards and quality control. These world-class facilities are custom designed with the range of physical security features, including state-of-the-art smoke detection and fire suppression systems, motion sensors, 24 X 7 secured access, video camera surveillance and security breach alarms.
Clients' assets are held securely in custody in the name of the client. The holdings are never shown on our balance sheet and remain the legal property of the client with direct recourse on their holdings at all times. Clients can also visit the storage facilities in person to view their holdings. For security reasons, all visits must be accompanied and additional charges are made for this service. All requests need to be authorized in advance and a suitable notice period is required, any fees or charges incurred for viewing remain the sole responsibility of the client.
We operate a system of bailment, which means that all client holdings are administered by the appointed custodian Griffin Logistics GmbH. When the client stores their goods with via the www.griffin.co.at we provide each client with a Certificate of ownership and storage detailing the client as the legal owner together with quality certificate and a certificate of of origin (upon request). The goods are held via a bailment arrangement, a bailment relationship occurs when the client, the bailor, entrusts property temporarily to another entity, the bailee (or custodian), but does not give up title of ownership. This allows the bailee to have possession of the property without being the ownerand creates the obligation by the bailee to return the property to the bailor. Under this structure Griffin Logistics GmbH is the bailee, the client is the bailor, the ownership of the goods stays with the client but Griffin Managers store the clients goods in its bonded facility until such time that the client wishes to take delivery.