Profitable Group - is it credible?

[sunzoner]

Upz for an important thread.

 

[Liquigas]

It's officially over.

PP/PG has dismissed all staffs in Singapore and around the region.
There's just no way they gonna pull it off.

Your CSO or Compliance Officers are all unemployed and will not be able to answer our queries anymore.

Sigh...........let's move on.

 

[lioninvestor]

Hi Liquidgas,

Where did you get that news from?

 

[GeorgeBoron]

Well, maybe they anticipate fraud will be found and they surrender. At least with the Fraud proven we can get a fraction of our money back...

Hi Liquidgas,

Where did you get that news from?

 

[anatolian]

Hi Liquidgas,

Where did you get that news from?

I believe from his/her CSO. Last Friday all of them went back to office just for one day.

 

[Commander Keen]

Profitable Group failing -Things to do.

The end is certainly near but i'm sure they will have an office in Dubai or somewhere to count their pile of cash.

From a previous post I believe Profitable Group had a pretty decent paid up capital to be allowed to operate in Singapore. That money should still be here. See if you can get some of it.

I dont know the law in this area but from experience I know when companies close down if you dont get your money quickly you don't get your money at all. Lawyers and the authorities are only interested if there is money to chase, otherwise its just a lot of pointless and expensive paperwork if the directors are overseas and refuse to return (check the UKLI story or Land International - no refunds).

If you chase it now maybe you can get a chair or two from the Stanley Street office before it is re-let.

The Strategic Land Planning Trust will probably disappear. If you are a Profitable Group plot owner then find a way to contact all other plot owners. Insist on the register of owners being made public before it disappears or is sold. You may be able to get a few hundred dollars for your plot if you can sell as part of a larger sale. Trying to sell a single plot on its own will be almost impossible.

If the land plot remains unused and unmaintained, and you cant be contacted the UK 12-year land rule may apply. This means you can lose ownerhip by default if someone else claims it and you dont contest. Is the plot registered at your address or Profitable Group? Keep your land registry records up to date.

Beware of friendly strangers contacting you offering to help for a fee. When land banking companies fail they sell their contact lists. This "suckers list" is used by lowlife vultures and parasites who want to pick over your remaining trust and wealth by offering you recovery services for a fee. These are worthless services.

Do not assume the authorities are going to be contacting you on this - you need to contact them if you need help.

If you are an ex-employee do your moral duty and tell your story. Knowledge empowers and informs people. Stop this from happening again and again

Dont give up. Make these people feel some legal and financial pain for messing with you.

 

[Liquigas]

If investigation confirms tt PP has done wrong, just wonder what would they do?

1. Seize whatever cash balance they have and distribute?
2. Of course, the salaries of their staffs must be paid first. All staffs have been laid off without being paid at all!
3. Get Court to freeze their overseas assets (They have 3 houses in Leisure Farm).
4. Distribute the residue to all investors.
5. Then JAIL THOSE LYING SCUMS!!!!!!!!

 

[kelvintyy]

I hope that these ex employees of Profitable Group can start afresh again, find a decent job or set up a decent business elsewhere. Work for a company with management of high integrity and honesty and a product with high transparency. Life goes on for you as well.


I also hope more investors could stand up and fight for their rights. I have been telling this PP investor friend of mine to go to report her case to CAD, however she is afraid that PP will sue her whatsoever so she let her CSO manage her money. I believe there are many investors who are quiet throughout this PG frenzy, still believing that PG has strong financial backing that they will pay back their money someday. The reality is not like that. And we have to accept that.


If you want to fight back for whatever is rightfully yours, you need to do 2 things:

1) Report to CAD at the police HQ with evidences of your payout delay from Profitable Group.

2) Find a good lawyer who is willing to help you.


If you do nothing, that's it. Nothing will happen. You'll be most likely identified as the easiest prey for the many unregulated investment companies still operating in Singapore whose main priority is to squeeze as much money from you as possible, knowing that you will not fight back for your money should any problem arises.

 

[Vindi Kate]

Understand that the Malaysian office moved from a nice location in the CBD to a dingy old bungalow shared with another company. Then the staff were terminated yesterday.

Am thinking that maybe these directors are actually prepared to be jailed for 6-7 years and let the company fold, then when released will be greeted with millions siphoned to some Swiss bank account or person holding these monies in trust for them.

Best that fraud be discovered by CAD than for CAD to pronounce that it was a mere business failure from mismanagement. At least the directors will be asked to disgorge the monies they have used to fatten their pockets and buy the huge Malaysian mansions.

 

[probono]

Profitable Group Rumours

This post appeared on the Victims of Profitable Group blog.

"Profitable Group's account has been freezed since the company is under investigation by Singapore officers, so no sign to get money back. Additionally, Profitable Group senior management team has been confiscated their passports and they not allowed to go aboard."

Anyone know if its true ? It appears to be from a poster in the UK and I cant see how anyone there would know what the CAD is doing with a Singapore company.

All of the executive team has been removed from the Profitable Group website - link just goes to the board now. Presumably they were all fired as well. DLP in the UK will seem to be a key contact when all other contacts disappear although i am sure they will claim they wewre only innocent parties ! Neil oSborn from DLP is on the Profitable Group board.

 

[lioninvestor]

Boron case thrown out.

http://imcms2.mediacorp.sg/CMSFileserver/documents/006/PDF/20100915/1509HNP010.pdf

 

[wentai80]

does this mean we cannot win on Boron case in Singapore anymore?

 

[probono]

It means if you have been holding back from contacting the CAD you need to do so now. Your contract was sold to you by a Singapore company but the small print said you had a contract with a Dubai sub office. To me the promise was made by the Singapore company but what do i know ?

I am sure Drew and Napier are proud of their long association with Profitable Plots over many years. It seems a well matched partnership with well aligned values.

 

[Liquigas]

1. All payments made to Profitable Plots Pte Ltd. Not to Profitable Group Ltd. Why was this point never brought up?


2. The relationship between PP n PG Dubai was never made not known to all investors. This is a material fact that has never been stated clearly. Is this fair for all investors?


3. Non of the Compliance Officers can properly explain the Boron contract and it's implication. What sort of training does their Compliance Officers/Manager go through?

4. Non of the staffs can show proof of REAL corporate users for Boron. If there's no real end-user, doen't that constitute cheating?

5. Does it make any sense for Singaporean to pay money to Co. A, but chase Co. B in a faraway place?
If the salesperson say to us: " Mr Tan, should there be any delay in payments, or non-payments, you can't come after Profitable Plots."

Would we have invested??

I am no legal practitioner. But the whole Boron thing is cleverly setup, with the sole intention to.......... (Fill in the blanks yourself)

If these Directors go scot free, then shame on the Singapore legal system.
Because if it is due to state of economy or through genuine business failure, I accept my losses without complain.

However if my money is lost through some devised scheme to con our money, I have been CHEATED. Simple and clear.

 

[kelvintyy]

Be Paitient Guys

To win in subordinate courts or in civil suits, all you need is to have very good lawyers to fight for you. You can be right or wrong, so long you can convince the judge in the end you will always win. PP directors still have some of our investment monies to pay their lawyers fees.

Be patient, let's wait for CAD to finish their investigation and gather enough evidence to fight PG in criminal courts. This is PP directors' and their lawyers most worrying factor. It still a long way to victory.

Thanks for the info by lioninvestor. I have realized you have been very pro-PG from your past threads and blog posts.

Cheers.

 

[lioninvestor]

To win in subordinate courts or in civil suits, all you need is to have very good lawyers to fight for you. You can be right or wrong, so long you can convince the judge in the end you will always win. PP directors still have some of our investment monies to pay their lawyers fees.

Be patient, let's wait for CAD to finish their investigation and gather enough evidence to fight PG in criminal courts. This is PP directors' and their lawyers most worrying factor. It still a long way to victory.

Thanks for the info by lioninvestor. I have realized you have been very pro-PG from your past threads and blog posts.

Cheers.

pro-pg?

Where did you get that idea from?

 

[Liquigas]

Can you believe it!?!?

Chandra Muniandy actually held a meeting in Orchard Road last week with all the ex-sales staffs.
Apparently, this was to go through what the interview with the Authorities can go about, and to coach them all to say the same thing.

These cheating scums even dare collaborate to syncronise their lies.

Can you fathom that?!?!?! If I were the sales staff, I tell to to f#@k off! You haven't paid my salary and now you want to teach me what to say??

Such is the integrity of the management.

 

[probono]

Be fair

pro-pg?

Where did you get that idea from?

I have observed lion investor posting on Profitable Group over a few years. I would say his inital postings were an attempt to provide a balanced viewpoint on land banking investment but later he realised the problem with these kind of investments and has been reporting the issues. I am a very anti Profitable Group person I have found his comments to be sensible and balanced. I dont always agree with him but I don’t always agree with most people. I also remember that he was one of the people who got a lawyers letter from Profitable Group for being brave enough to post negative comments (including mine) made about PG.

I dont think its fair to attack people for reporting what is a statement of fact. The fact would appear to be that a contract existed between the individuals and a foreign company and not Profitable Plots Singapore. This was how the court reached the decision. I think the focus should have been on whether such a contract should be offered in Singapore since it was impossible for them to deliver the returns offered over a reasonable period of time as has been proven.

I saw the Google adverts for 12.5% in six months and tv adverts for 250% in 3 years so I feel confident that it could be proven that Profitable Group were acting as an investment company, and were mis-representing the investment opportunity. I dont know if this illegal in Singapore. It is also quite clear to me from many postings and their offerings to me that sales people from Profitable Group were completely misrepresenting the opportunity to clients. In the West companies are generally held legally responsible for the behavior of their sales people if they dont make reasonable efforts to control it.

When I read the Profitable Group victims site it would seem that some people did get few payments initially. This was enough to convince them to re-invest and try and make more money. Later when they asked to take their money out they have been told there is no money but they can be given low value Concorde village land instead. This would make the investments look like some kind of Ponzi.

Concorde Village land is worth less than 350 UK pounds per plot based on Taylor Woodrows valuation / sale price at the peak of the UK property market in 2006. It almost certailny worth less now. So for every one thousand pounds owed to investors Profitable Group should be giving at least three to four plots of land.

 

[limloca]

Profitable Group

Hello

We in Hong Kong too have no idea what is happening. Please could someone tell us:

1. Are many investors in SG currently taking legal action against PG? Or anyone else?

2. Outcome of such action? For eg, did the court find misrepresentation, etc.

3. If they succeed, how do they collect money as company has no money?

Please kindly help us here in Hong Kong by replying to the above.

Thank you

 

[penelope88]

Hi Limloca,

Is your HK office closed as well? Is the person in charge called Rebecca? If yes, any info from her?

Apparently, she was trained by Warren who was my CSO. i met her once when warren sold me the bonifcio AAA.

Hi All

I have been asked to be interviewed by CAD. And they told me not to reveal the questions asked as it may give PP a chance to counter the case that CAD is building against them.

Anyway, I have 2 AAAs (26K pounds) and Boron(6000USD) and 1 CVG.

I'm really shocked and upset with the latest development from PP.

I'm really hoping that they have a shred of human decency to at least return us the capital, however, if they don;t and if they had all the while planned to scam people, then i am resigned to it. But i really wonder how they can live with running away with people's hard earned money that was meant to feed their retirement, their children and children's education, medical expenses etc..

Can PP(if they were really scammers)/PP directors truly have the peace of mind in their lives and are they happy people that could share their achievements with their children?

sigh...

penelope88