lioninvestor
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Profitable Group - is it credible?
- Thread starter gameysf
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Have you been Scammed?Follow this advisory from National Crime Prevention Council (NCPC) or call ScamShield Helpline 1799. More info
Commander Keen
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Its all the investors fault apparently :
http://www.todayonline.com/Singapore/EDC100529-0000082/Profitable-Group-slams-irate-investors
Profitable Group slams irate investors
Investment firm calls them 'thuggish', 'criminal'
SINGAPORE - The Profitable Group has blasted a group of investors who turned up at its office in Shenton Way on Monday, describing their behaviour as "thuggish" and "criminal".
In that incident, it was reported that a dozen people had demanded payments apparently owed to them - and the police had to be called in to defuse the situation. In a letter to the investors on Thursday, which was also forwarded to MediaCorp, Mr John Nordmann, group operations director of the Singapore-based investment firm, said he was "hugely disappointed that Singaporeans would act in such a manner".
He added that he would "not hesitate to call the police authorities and press whatever charges they deem appropriate" if there is to be a repeat incident.
Referring to a document he was given on Monday, in which he said the group described themselves as members of an "investment recovery task force", Mr Nordmann said: "It's easy for one to interpret this as some sort of militant vigilante group."
The group of investors had been told they would get a reply by Thursday about their investments and held out some hope for their investments with the firm, which is currently on the Monetary Authority of Singapore (MAS)'s Investor Alert List. The list comprises persons "possibly conducting activities regulated by MAS without authorisation". [continued]
The response at the bottom of the article is what should be being reported
As a Singapore Quality Certified company Profitable Group should be responding to investors concerns in a timely and responsive manner. None of the Profitable Group UK land plots sites have obtained planning approval to date. Their Colchester Cherry Tree Grove site very recently failed in the final possible round of planning appeal with many UK commentators saying it had no chance in the first place. Profitable Group sales people talk about large contracts for Boron but are reluctant to confirm any precise details in writing. All plans now seems to rest on a mystery land deal in the Philippines which has apparently been delayed. Mr Nordmann and his team should have empathy with investors and be transparent about what is going on. Investors would not be coming to the offices in large groups if they were being treated properly as individuals and customers.
http://www.todayonline.com/Singapore/EDC100529-0000082/Profitable-Group-slams-irate-investors
Profitable Group slams irate investors
Investment firm calls them 'thuggish', 'criminal'
SINGAPORE - The Profitable Group has blasted a group of investors who turned up at its office in Shenton Way on Monday, describing their behaviour as "thuggish" and "criminal".
In that incident, it was reported that a dozen people had demanded payments apparently owed to them - and the police had to be called in to defuse the situation. In a letter to the investors on Thursday, which was also forwarded to MediaCorp, Mr John Nordmann, group operations director of the Singapore-based investment firm, said he was "hugely disappointed that Singaporeans would act in such a manner".
He added that he would "not hesitate to call the police authorities and press whatever charges they deem appropriate" if there is to be a repeat incident.
Referring to a document he was given on Monday, in which he said the group described themselves as members of an "investment recovery task force", Mr Nordmann said: "It's easy for one to interpret this as some sort of militant vigilante group."
The group of investors had been told they would get a reply by Thursday about their investments and held out some hope for their investments with the firm, which is currently on the Monetary Authority of Singapore (MAS)'s Investor Alert List. The list comprises persons "possibly conducting activities regulated by MAS without authorisation". [continued]
The response at the bottom of the article is what should be being reported
As a Singapore Quality Certified company Profitable Group should be responding to investors concerns in a timely and responsive manner. None of the Profitable Group UK land plots sites have obtained planning approval to date. Their Colchester Cherry Tree Grove site very recently failed in the final possible round of planning appeal with many UK commentators saying it had no chance in the first place. Profitable Group sales people talk about large contracts for Boron but are reluctant to confirm any precise details in writing. All plans now seems to rest on a mystery land deal in the Philippines which has apparently been delayed. Mr Nordmann and his team should have empathy with investors and be transparent about what is going on. Investors would not be coming to the offices in large groups if they were being treated properly as individuals and customers.
Commander Keen
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Cherry Tree Grove Refused Planning Approval after Final Appeal
UK news article on the Profitable Group Cherry Tree Grove site here
Green gateway hotel plan turned down in Colchester
http://www.gazette-news.co.uk/news/local/colchester/8189096.Green_gateway_hotel_plan_turned_down/
CELEBRATIONS are under way after an independent inspector turned down plans to build a hotel on a green gateway into Colchester. Inspector Julia Gregory ruled a three-star hotel, with 87 beds, could not be built off Cymbeline Way, near a route used daily by tens of thousands of people. Landowner, the Strategic Land Planning Trust, part of the Profitable Group, appealed after Colchester Council twice refused bids to build on the fields, following opposition from residents, conservationists and councillors.
During a four-day hearing, the trust argued Colchester needed the hotel, and insisted it would not look out of place. But, in her decision, Mrs Gregory dismissed both claims, saying there were other sites in Colchester where a similar hotel could be built, and saying it would be a “significant intrusion”. She wrote: “This land forms part of a green and pleasant landscaped approach to Colchester along Cymbeline Way.
“The scale of the building would be far in excess of any others in the general area, where buildings are small and dispersed. continued here
The actual rejection can be seen (PDF so will take a while) here
These are comments logged against the UK article
ANDY
"No mention of the notorious history of the "Profitable Group". They specialise in buying up green belt land and selling slices to investors on the promise of huge profits when development takes place. Everyone is happy, the original landowner does well, Profitable group make a good markup and the investor dreams of the riches to come one day....".
PETER
This application makes a mockery of the English planning system. This is a typical land banking company strategy. Buy cheap protected or green-belt land. Sell it to Asian investors making tens of millions in profit. Then submit a few applications, appeals and reports over several years to convince Asian investors that things things are really progressing and get them all excited about investing more money. This site like the other site in Colchester (Spring Grove) never had any chance of success and I hope Colchester council will say so loudly and clearly to stop this farce continuing.
UK news article on the Profitable Group Cherry Tree Grove site here
Green gateway hotel plan turned down in Colchester
http://www.gazette-news.co.uk/news/local/colchester/8189096.Green_gateway_hotel_plan_turned_down/
CELEBRATIONS are under way after an independent inspector turned down plans to build a hotel on a green gateway into Colchester. Inspector Julia Gregory ruled a three-star hotel, with 87 beds, could not be built off Cymbeline Way, near a route used daily by tens of thousands of people. Landowner, the Strategic Land Planning Trust, part of the Profitable Group, appealed after Colchester Council twice refused bids to build on the fields, following opposition from residents, conservationists and councillors.
During a four-day hearing, the trust argued Colchester needed the hotel, and insisted it would not look out of place. But, in her decision, Mrs Gregory dismissed both claims, saying there were other sites in Colchester where a similar hotel could be built, and saying it would be a “significant intrusion”. She wrote: “This land forms part of a green and pleasant landscaped approach to Colchester along Cymbeline Way.
“The scale of the building would be far in excess of any others in the general area, where buildings are small and dispersed. continued here
The actual rejection can be seen (PDF so will take a while) here
These are comments logged against the UK article
ANDY
"No mention of the notorious history of the "Profitable Group". They specialise in buying up green belt land and selling slices to investors on the promise of huge profits when development takes place. Everyone is happy, the original landowner does well, Profitable group make a good markup and the investor dreams of the riches to come one day....".
PETER
This application makes a mockery of the English planning system. This is a typical land banking company strategy. Buy cheap protected or green-belt land. Sell it to Asian investors making tens of millions in profit. Then submit a few applications, appeals and reports over several years to convince Asian investors that things things are really progressing and get them all excited about investing more money. This site like the other site in Colchester (Spring Grove) never had any chance of success and I hope Colchester council will say so loudly and clearly to stop this farce continuing.
concerned_guy
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Just like playing cs. We the counter terrorist should storm the front 
Just saw post below on reply from profitable group (today online). Its like implying we asians are thugs and blaming us,just pure arrogance on their part. We should support the people who went to the office and maybe turn up in the 100's.
I havent been to UK, maybe we all should form a profitable group investors tour to our plots in the UK. Can plant our country flags on our plot. might be even be able to change the name of the area to mini singapore or mini malaysia.
Any way to demand that these so called directors dont leave singapore? wait like the romanian diplomat case.
Just saw post below on reply from profitable group (today online). Its like implying we asians are thugs and blaming us,just pure arrogance on their part. We should support the people who went to the office and maybe turn up in the 100's.
I havent been to UK, maybe we all should form a profitable group investors tour to our plots in the UK. Can plant our country flags on our plot. might be even be able to change the name of the area to mini singapore or mini malaysia.
Any way to demand that these so called directors dont leave singapore? wait like the romanian diplomat case.
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They take your money, and uses the best lawyer and auditor to stop you from taking it back and call you 'criminal' for them not keeping their promises. So unbeliveable, the criminal who are rich and powerful calling the innocent man criminal.
What ever promises made were all empty promises when they want your money, con you to sign a bias contract which doesn't allow you to take action against them, and after your give your money to them, you will have to beg for their mercy to return you the money they promise. They will then call you stupid idiot for believeing in them and they will not be as stupid in believing you that you are out of job, very sick, hospitalize or family staving even if it is true.
I have been stupid enough to believe them, who to blame but myself. Just for your info, my investment is more than 12 months overdue, so in all, I have waited for 24 months without any news from them and their CSO keep resigning one after another within months, have to chase for months before you will be assigned another CSO who will not response to you at all.
What ever promises made were all empty promises when they want your money, con you to sign a bias contract which doesn't allow you to take action against them, and after your give your money to them, you will have to beg for their mercy to return you the money they promise. They will then call you stupid idiot for believeing in them and they will not be as stupid in believing you that you are out of job, very sick, hospitalize or family staving even if it is true.
I have been stupid enough to believe them, who to blame but myself. Just for your info, my investment is more than 12 months overdue, so in all, I have waited for 24 months without any news from them and their CSO keep resigning one after another within months, have to chase for months before you will be assigned another CSO who will not response to you at all.
Profitable Plots investor sues to get her $31,500 back
Profitable Plots investor sues to get her $31,500 back
By Ng Jing Yng Today
http://www.todayonline.com/Singapore/EDC100601-0000043/Profitable-Plots-investor-sues-to-get-her-$31,500-back
SINGAPORE - A writ of summons has been issued against Singapore-based investment firm Profitable Plots - a division of the Profitable Group - by an investor who failed to get her money back, a sum amounting to US$22,500 ($31,500).
The investor, who only wanted to be known as Ms Tan, told MediaCorp that the lawsuit was filed against the company in April after it delayed payment several times. The 39-year-old finance manager had invested in a fuel product called Boron in March last year. The company promised to return the capital with 12.5 per cent profit after six months.
In August, one month before the maturity date, Ms Tan decided to withdraw her investment but was told that she could only get her money back in October.
Another investor, Mr Bobby Tan - who had invested $3,000 in the same product - told MediaCorp that payment has been due to him for more than six months. Mr Tan said he filed a police report earlier this year.
More here
Profitable Plots investor sues to get her $31,500 back
By Ng Jing Yng Today
http://www.todayonline.com/Singapore/EDC100601-0000043/Profitable-Plots-investor-sues-to-get-her-$31,500-back
SINGAPORE - A writ of summons has been issued against Singapore-based investment firm Profitable Plots - a division of the Profitable Group - by an investor who failed to get her money back, a sum amounting to US$22,500 ($31,500).
The investor, who only wanted to be known as Ms Tan, told MediaCorp that the lawsuit was filed against the company in April after it delayed payment several times. The 39-year-old finance manager had invested in a fuel product called Boron in March last year. The company promised to return the capital with 12.5 per cent profit after six months.
In August, one month before the maturity date, Ms Tan decided to withdraw her investment but was told that she could only get her money back in October.
Another investor, Mr Bobby Tan - who had invested $3,000 in the same product - told MediaCorp that payment has been due to him for more than six months. Mr Tan said he filed a police report earlier this year.
More here
The_Lontong
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Finally someone take action against them. I hope this action will push other investors to take action.
Find the today Article here :
http://www.flickr.com/photos/the_lontong/4659006562/
Find the today Article here :
http://www.flickr.com/photos/the_lontong/4659006562/
MagnumWalls
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Those that sue will get back their money, at least until the bank accounts of PG depletes to Zero.
After that, even if you enforce a writ of seizure, it is pointless as there is nothing left to seize. So you guys better act fast if you want your money back.
After that, even if you enforce a writ of seizure, it is pointless as there is nothing left to seize. So you guys better act fast if you want your money back.
Profitable Group purchase - 'total rubbish'.
It was a publicity stunt. They did it twice. In 2008 they denied buying Newcastle as many times as they could. In 2009 they leaked stories on buying Newcastle again (all bids were supposed to be confidential) You cant say they arent clever. The Newcastle Fans hated the owners at the time and were looking for any magic solution to get rid of them. Initially the Newcastle owners also wanted to have a long list of interested bidders to encourage the price up. But even Newcastle felt it necessary to say the Profitable Group bid was total rubbish
It cost Profitable Group nothing but a bit of PR spend for two months publicity linking them to a £100M purchase. They were only taken seriously initially because they had Steve McMahon on their board and they got a lot of UK press. That helped to push the negative land banking blog entries down google as well. When they got found out they claimed to have withdrawn their offer.
UK Daily Mail Last updated at 12:15 PM on 10th June 2009
http://www.dailymail.co.uk/sport/fo...h-claim-Newcastle-Ashley-eyes-quick-sale.html
McMahon takeover is 'total rubbish', claim Newcastle
Newcastle have brushed off a possible takeover spearheaded by Steve McMahon as 'total rubbish'. The former Liverpool midfielder is the commercial director at Singapore-based consortium Profitable Group, who are reported to be attempting to buy troubled Toon. Newcastle managing director Derek Llambias has dismissed the deal, insisting McMahon's team are not in the running to buy-out owner Mike Ashley. 'We know who this Profitable group are because we had some dealings with them last summer regarding some possible business in the Far East,' said Llambias. 'But we have had absolutely no contact with them since then.
'There hasn't been a bid and there hasn't been an enquiry. They have claimed they have met Mike and myself to discuss things and they haven't. It's total rubbish.
There are three or four interested parties who we are talking to but these aren't one of them.'
Read more:
http://www.dailymail.co.uk/sport/fo...h-claim-Newcastle-Ashley-eyes-quick-sale.html
-----------------------------
Sky Sports - Last updated: 28th July 2009
Profitable Group have withdrawn their interest in buying Newcastle United.
http://www.skysports.com/story/0,19528,11678_5456939,00.html
The Singapore-based group had been one of the leading candidates to take over at St James' Park.But Sky Sports News understands that the group were unable to provide proof of funding of £100million needed to purchase the club. The group, whose commercial director is former England international Steve McMahon, had stated their intention to bid for the club and to appoint Alan Shearer as manager
---------------------------
The UK Newcastle fans caught on pretty quickly At first they thought this "rich" company from the Far East was going to save them but then they got the real story
BBC blog here Jun 10, 2009
http://www.bbc.co.uk/dna/606/A52942881
"I maintain this is a publicity stunt aimed at getting credible internet references for future Profitable Group selling and marketing activities rather than any real intent to buy Newcastle FC. Looking today there are some 800 mentions in Google news for Profitable Group so it has worked in that regard."
-----------------------------
It was a publicity stunt. They did it twice. In 2008 they denied buying Newcastle as many times as they could. In 2009 they leaked stories on buying Newcastle again (all bids were supposed to be confidential) You cant say they arent clever. The Newcastle Fans hated the owners at the time and were looking for any magic solution to get rid of them. Initially the Newcastle owners also wanted to have a long list of interested bidders to encourage the price up. But even Newcastle felt it necessary to say the Profitable Group bid was total rubbish
It cost Profitable Group nothing but a bit of PR spend for two months publicity linking them to a £100M purchase. They were only taken seriously initially because they had Steve McMahon on their board and they got a lot of UK press. That helped to push the negative land banking blog entries down google as well. When they got found out they claimed to have withdrawn their offer.
UK Daily Mail Last updated at 12:15 PM on 10th June 2009
http://www.dailymail.co.uk/sport/fo...h-claim-Newcastle-Ashley-eyes-quick-sale.html
McMahon takeover is 'total rubbish', claim Newcastle
Newcastle have brushed off a possible takeover spearheaded by Steve McMahon as 'total rubbish'. The former Liverpool midfielder is the commercial director at Singapore-based consortium Profitable Group, who are reported to be attempting to buy troubled Toon. Newcastle managing director Derek Llambias has dismissed the deal, insisting McMahon's team are not in the running to buy-out owner Mike Ashley. 'We know who this Profitable group are because we had some dealings with them last summer regarding some possible business in the Far East,' said Llambias. 'But we have had absolutely no contact with them since then.
'There hasn't been a bid and there hasn't been an enquiry. They have claimed they have met Mike and myself to discuss things and they haven't. It's total rubbish.
There are three or four interested parties who we are talking to but these aren't one of them.'
Read more:
http://www.dailymail.co.uk/sport/fo...h-claim-Newcastle-Ashley-eyes-quick-sale.html
-----------------------------
Sky Sports - Last updated: 28th July 2009
Profitable Group have withdrawn their interest in buying Newcastle United.
http://www.skysports.com/story/0,19528,11678_5456939,00.html
The Singapore-based group had been one of the leading candidates to take over at St James' Park.But Sky Sports News understands that the group were unable to provide proof of funding of £100million needed to purchase the club. The group, whose commercial director is former England international Steve McMahon, had stated their intention to bid for the club and to appoint Alan Shearer as manager
---------------------------
The UK Newcastle fans caught on pretty quickly At first they thought this "rich" company from the Far East was going to save them but then they got the real story
BBC blog here Jun 10, 2009
http://www.bbc.co.uk/dna/606/A52942881
"I maintain this is a publicity stunt aimed at getting credible internet references for future Profitable Group selling and marketing activities rather than any real intent to buy Newcastle FC. Looking today there are some 800 mentions in Google news for Profitable Group so it has worked in that regard."
-----------------------------
Commander Keen
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Profitable Group - What happens now ?
I agree. This issue seems to be escalating pretty fast. If it follows the pattern of Land Banking company failures in the UK all assets will be moved offshore - probably to Dubai. I would suggest that everyone review what happens to their investment should the company fail or re-locate to another country. Below is an example of what happened to a Land Banking company in the UK.
http://www.guardian.co.uk/money/2008/aug/02/property.scamsandfraud
UKLI founder selling more fields of unlikely dreams Aug 2008
The founder of a landbanking company that Guardian Money first featured three years ago, and which has left a £70m trail of debt, has reopened for business in Dubai, selling plots of land in Kent it calls Canary City to unsuspecting investors.
UKLI was forced into administration by the Financial Services Authority in April, owing investors £70m. He made loans worth £9.4m from the company to other "legal entities" in the UK and overseas that he controlled or owned. Administrator Deloitte says the "funds appear to have been lent on non-commercial terms with no clear benefit to UKLI".
Deloitte is now trying to find the money - some of it went to companies which are now themselves bust.
Investors who have typically lost £20,000 each bought small plots of farmland from UKLI which, they were told, would soon obtain planning permission for housing and soar in value.
I agree. This issue seems to be escalating pretty fast. If it follows the pattern of Land Banking company failures in the UK all assets will be moved offshore - probably to Dubai. I would suggest that everyone review what happens to their investment should the company fail or re-locate to another country. Below is an example of what happened to a Land Banking company in the UK.
http://www.guardian.co.uk/money/2008/aug/02/property.scamsandfraud
UKLI founder selling more fields of unlikely dreams Aug 2008
The founder of a landbanking company that Guardian Money first featured three years ago, and which has left a £70m trail of debt, has reopened for business in Dubai, selling plots of land in Kent it calls Canary City to unsuspecting investors.
UKLI was forced into administration by the Financial Services Authority in April, owing investors £70m. He made loans worth £9.4m from the company to other "legal entities" in the UK and overseas that he controlled or owned. Administrator Deloitte says the "funds appear to have been lent on non-commercial terms with no clear benefit to UKLI".
Deloitte is now trying to find the money - some of it went to companies which are now themselves bust.
Investors who have typically lost £20,000 each bought small plots of farmland from UKLI which, they were told, would soon obtain planning permission for housing and soar in value.
Unfortunately, I do not think everyone who is a victim will have the ability or knowledge to sue. I have created this blog for everyone to consolidate their cases together.
http://profitable-group-victims.blogspot.com/
Togetherness is strength.
http://profitable-group-victims.blogspot.com/
Togetherness is strength.
undised
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probono, wow I didn't know they did it more than once...
thanks for the heads up, it's definitely cemented my view of them as a scum organization.
PG Investors Gathering
PG Investors Gathering, at Speakers Corner, Hong Lim Park, on 12th June 2010, 10.30 AM. Be there:-
(1) To meet other PG investors,
(2) To find out what has happened with your investments (Colchester (Spring Grove), Concorde Village, AAA or Boron) and
(3) To register yourself in a petition to our authorities to take actions to regulate such companies.
Please register your interest in the event by 8th June 2010 5.00 PM by replying to email address: petition_on_landbanking@yahoo.com
Thank you.
PG Investors Gathering, at Speakers Corner, Hong Lim Park, on 12th June 2010, 10.30 AM. Be there:-
(1) To meet other PG investors,
(2) To find out what has happened with your investments (Colchester (Spring Grove), Concorde Village, AAA or Boron) and
(3) To register yourself in a petition to our authorities to take actions to regulate such companies.
Please register your interest in the event by 8th June 2010 5.00 PM by replying to email address: petition_on_landbanking@yahoo.com
Thank you.
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Great Move !!
WOW !! Finally someone has got this well organised. I guess whoever has been following this thread and have friends or family who have invested in PG should attend this gathering. I would definitely be there with my friends to show our support. Besides I want to know what is happening to my hard earned money !!!
WOW !! Finally someone has got this well organised. I guess whoever has been following this thread and have friends or family who have invested in PG should attend this gathering. I would definitely be there with my friends to show our support. Besides I want to know what is happening to my hard earned money !!!
I refer to the TODAY report on
Profitable Group slams irate investors
Investment firm calls them 'thuggish', 'criminal'
Mr John Nordmann, group operations director of PG, said he was "hugely disappointed that Singaporeans would act in such a manner".He also said that the outstanding amount from his company was £8,125 ($16,600) and not the $700,000 the group had claimed.
So, who is speaking the TRUE ? Who is “Criminal”?
PGvictim has created a blog to collect info about No. of “PG Victim” who have invested their money and still having problem to get their money back. As at 3 Jun 2010, 7 of them responded and the total sum is S$321407.00 (estimated amount based on this morning’s exchange rate)as follows:
1. Tiong C K---S$75,000.00
2. Andy Tay ---S$86280.00
3. Sugianto ---S$4211.00
4. Syed A ---S$17000.00
5. Chan B T ---S$14047.00
6. Mey ---S$9825.00
7. Uma Fraser--S$115054.00
Total ---S$321407.00
If 12 of them went to PG office (as reported by TODAY newspaper) to demand for payment amounting to 700K. I believe them now.
I also note that Mr BBchan is organizing a PG investor gathering on 12 Jun 2010 at Hong Lim Park, Speaker corner at 10.00.am. If you are one of the investors, you should be there. If you are not the PG investor, you are encouraged to be there to give them your support.
Keep up the good work PGvictim and BBchan. I will be there .
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