Profitable Plots Speak Up - Shock Awe
According to a business times article Profitable Plots have "responded to investors"
(SINGAPORE) The directors of Profitable Plots - the land banking company currently being investigated by the white-collar crime police for allegedly not paying its investors - have responded to calls from Singapore's minority rights group to explain themselves to their investors.
They said 'the company can inform its clients that a contract to sell a major piece of land in the Philippines was signed on Aug 4, 2010; was notarised in Singapore on Aug 5, 2010; was witnessed and sealed by the Philippines Embassy in Singapore on Aug 6, 2010; was sent to the Philippines on Aug 7, 2010, and arrived in the Philippines on Aug 10, 2010.
'CAD raided the offices of the company on Aug 11, 2010, and removed all documentation of the company. On Aug 12, 2010, the CAD froze all bank accounts belonging to the company. The CAD's investigations from Aug 11, 2010 have led to the suspension of the contract (signed on Aug 4) by the purchaser. The purchaser has informed the company that it will reopen negotiations with the company only after CAD investigations are completed,' the directors said.
So the company claims to have sold land in the Philippines to a party unknown and the transaction was being rushed through as the CAD raided them. Perhaps they would like to talk about the value of that sale, the end customer, and how much they were going to return to investors. This could of course be completely above board but it also could have been an attempt to quickly unload assets for cash that could be moved elsewhere.
They said the CAD investigations were also partly to blame for the company not holding an annual general meeting (AGM) or filing a statutory annual return - which caused three directors to be fined $1,000 each, a fine they paid on May 30. The statement said the return could not be filed because the necessary documents had been seized by the CAD, while the company's bank accounts were frozen.
'The directors were placed in an impossible position as they were unable to finish the audit and hold the AGM. Not all the directors of the company were charged with the offences,' it said.
It went on to say that 'the directors of the company have continued to work, at their own cost, to protect the interests of the clients and the company'.
'The company can confirm that no clients have lost ownership of the products they purchased from the company.
Based on all available information those products are pretty much worthless. The UK green belt land Profitable were touting with estimated returns in 3 years in Colchester, Nafferton, and Concorde Village Hounslow is worth a few dollars per square metre before legal and administrative costs . Nobody knows what the Philippines land is worth because of the complete lack of transparency on that transaction both from Profitable Plots and the Philippines authorities. Based on other Profitable Group land investments I wouldnt be holding my breath for a big payout.
For those investors that purchased shipments of Boron do they own it ? Is the Boron still somewhere out on boat (probably the titanic) on the way to Atlantis ?.
The company will not, however, be communicating with groups claiming to represent clients who have obtained client details through illegal means or blogs populated with comments by unidentified persons,' the directors' statement concluded.
Hmm 
Well fancy that. Honest ethical Profitable Group attacking nasty evil blogs for telling the truth. Profitable Group spend millions of dollars’ of investors money on appalling adverts featuring retired English footballers, and use ESPN and a Singapore operation to give an image of rock solid high profit investments, and these nasty bloggers go and ruin it all for free by mentioning that almost certainly you wont get your money back.
To investors sorry. It isn’t going to be OK and you should worry.
Previous reports have estimated that about 1,500 Singaporeans and 4,000 foreigners have invested in Profitable Plots.
And pretty much all of those have lost almost every cent they invested. But they do own some plots of useless land in the UK
