Profitable Group - is it credible?

[probono]

Shes back but not with any money

She came back according to the BT - hopefully they wont let her out again until a decision is reached. Perhaps she went to meet Steve Mcmahon ?

http://www.guardian.co.uk/football/2011/aug/31/liverpool-steve-mcmahon-india-scouting

Liverpool's choice of Steve McMahon to expand their brand and scouting into India is an interesting one. The former midfielder will be head coach at the facility, about which the head of Liverpool's international academy, Steve Turner, has been quoted as saying: "We want to have footprints in every continent in the next three years. We are trying to connect with our fans and the football academy is a vehicle."

Perhaps Liverpool should be aware of McMahon's former status as the commercial director of Profitable Group, a collapsed investment fund based in Singapore. The fund is known to football fans for its failed "bid" for Newcastle United; it was also involved in a third-party player-ownership scheme called Project Hero. Whether McMahon intends to implement that model again may give rise to more questions for Liverpool – third-party ownership is not permitted under Premier League rules, although it is permitted in other territories.

Profitable Plots, a Profitable Group subsidiary, is under investigation in Singapore over allegations by investors that it was a land-banking operation, which it has denied. It ran an advert featuring McMahon and his former England captain Bryan Robson, describing itself as "England's Premier Land Company", selling "development" land in greenbelt areas.

As predicted by this column in June 2009, its promises over investor returns were always likely to be hard to uphold, with planning authorities rejecting its applications. Liverpool declined to offer a comment when contacted on Wednesday.

 

[JUSTHARRY]

I wonder what's the latest development on the CAD action against Profitable Group? I certainly hope the Govt of Singapore will not let them go scot-free.

 

[jentzho]

I wonder what's the latest development on the CAD action against Profitable Group? I certainly hope the Govt of Singapore will not let them go scot-free.

While hopefully that's the case, I think unfortunately they will go scot free...

 

[probono]

ESPN 1 Profitable Plots Lost ?

From the Singapore Supreme Court - note 4th November Judgement Debtor which I think means Profitable Plots lost the case against ESPN. Hard to see any money being left after ESPN have a go. The complainers have all gone very quiet. Have they paid you off ? UK press is full of land banking scams at the moment.

31st October
S/N CASE NO. PLAINTIFF/S
34. S926/2010 ESPN STAR SPORTS (PREMIER LAW LLC)

DEFENDANT/S
PROFITABLE PLOTS PTE. LTD. & ORS (STERLING LAW CORPORATION)
SUBJECT MATTER
CONTRACT - SALE OF GOODS & SERVICES

4th November
S/N CASE NO. PLAINTIFF/S
S926/2010 SUM221/2011 ESPN STAR SPORTS (PREMIER LAW LLC)

DEFENDANT/S 1.
PROFITABLE PLOTS PTE. LTD. & ORS (STERLING LAW CORPORATION)
SUBJECT MATTER 2:30PM: EXAMINATION OF JUDGMENT DEBTOR

 

[anatolian]

This is reality

We have given this matter to police. There were investors who sued PP for Boron case cause PP ran away with the money but the court failed them. If the court has failed you who else should you turn to?
The fact that there was no warning in the contract that there was a possibility that we can lose all of our investment should be a good reason to fail PG in the court. In fact, the Boron contract was a plain sale of goods & services contract. I believe SG law itself is protecting people like PG directors who can hire a lawyer and carefully arranged everything to be still considered play legally within boundaries while robbing commoners.

 

[probono]

Profitable Plots and ESPN back in court again 25 Nov

I guess the lawyers get rich.......

SUPREME COURT OF THE REPUBLIC OF SINGAPORE
Date: 25 Nov
Time: 2:30PM
Case: S926/2010 SUM221/2011
Plaintiff: ESPN STAR SPORTS (PREMIER LAW LLC)
Defendant: PROFITABLE PLOTS PTE. LTD. & ORS (STERLING LAW CORPORATION)
Subject Matter: EXAMINATION OF JUDGMENT DEBTOR

 

[teocf.rachel@gmail.com]

Want to find out the latest ??

Want to contact PP's directors ? Visit [*nb world wide web] profitableplots.com, statements posted by PP, more to come. Interesting, besides PP email, Mr Ho from CAD is also listed on the web site. *nb : I have limited rights to post web link.

 

[probono]

Profitable Plots latest whine

Want to contact PP's directors ?

Hello Rachel. It is good to see that you are still posting in support of Profitable Plots to the end. Your loyalty to them is inspiring. The only problem is that despite all these accusations of persecution by nasty web bloggers and youtube posters you and your Profitable director friends will not respond to direct questions like .........

Why were Profitable Plots proposing investments in 2008 TV adverts that estimated returns of 250% in 3 years when it was clear from their own experience of operating in the UK (they closed the UK company in 2007) and from the most basic enquiry to the UK authorities that no such returns were possible ?

Why did Chelgate the UK PR company hired by Profitable Group to persuade us that Concorde Village was real agree in the UK national press that the TV adverts were misleading but that they had been withdrawn in 2006 ?

The Profitable Group investor portfolio of Philippines, Concorde Village, Nafferton, Cherry Tree Grove, Spring Gardens and Boron have all proved to be huge investment flops so why would there be credibility in anything that Profitable Group directors say on a Profitable Plots web site ?

By the most simple math calculation, 9000 plots of concorde village at the offer price of 5K - 8k UKP per plot Profitable Plots took a gross profit from investors of S$ 80M - S$120M . Yet the poor directors are saying they cant afford to stay in Singapore or pay ESPN while waiting for the CAD decision. Where is all the money now ?

What exactly was that Boron investment that offered 12.5% over six months and how did you possibly think you could give those returns to investors ?

Did any Boron shipments take place ?

 

[Commander Keen]

Land Banking the depressing facts

This article sums up the problem

A £200m industry

What’s more likely? Father Christmas actually coming down your chimney (assuming you have one) or landbankers making money for investors rather than themselves?

Soon, I shall have been writing and warning about landbanking for ten years. That’s an awful long time during which the scam merchants have made an awful lot of money – one recent estimate was a conservative £200 million. It’s probably much more.

A slice of that money went on fees to a number of super-priced lawyers. Landbankers move heaven and earth to silence critics – threats of libel actions and injunctions are the fate of anyone with the temerity to challenge these ‘experts’ and their super-confident sales patter.

And during that decade, not one – repeat not one – site has ever seen planning permission and no investor has ever done anything other than lose.

But after 10 years of deception that hit so many for so much, are Britain’s jails full of landbankers? Sadly not, any more than they are full of the investment bankers who ruined the economy.

 

[probono]

Profitable Plots comments

Profitable Plots has posted some statements on land banking on their website. Since they don't allow comments I have quoted here for comment purposes

PP: It has been reported in the press and blogs that it is illegal to build on Green Belt Land in the UK or that Green Belt land has virtually no prospects of development. Both of these statements are untrue.

It is illegal to build on green belt land without planning permission.
Planning permission is almost impossible to obtain for greenbelt.
Despite claims that this is untrue Profitable Plots has not obtained planning permission for any of the 4 greenbelt sites that it has offered to investors.
Based on UK local authority and government statements and UK experts the land offered by Profitable Plots has no reasonable prospects for development in any meaningful timeframe and certainly not the 3 years they were estimating here.

A very reputable UK builder Taylor Woodrow with a large land bank unloaded the Concorde village land to Profitable plots for UKP 3.1M in 2006 (less than UKP 350 per pp plot). 2006 was the peak of most recent UK housing boom. Why would Taylor Woodrow dump the land so cheaply if as Profitable Plots claim it is prime land with early prospects for housing and its easy to get round green belt regulations ?

PP: In the UK, a shortage of housing has reached crisis levels, with some 4.8million houses required over the next 15-20 years. Even if every single piece of brownfield land (land that had been developed before) could be instantly made available and turned into houses overnight, there would still be a shortage of around 1.5 million houses. So, by definition, these houses would, and still will, have to be built on land that hasn't been built on before (green belt land). And Green Belt land is built on every year in the UK, despite what many bloggers will say.


Land banking company logic and just not true.
Unbuilt land is not greenbelt land.
Around 85% of the UK is unbuilt land.
Around 13% of English land is greenbelt land

If there is a shortage of brownfield land houses do not have to be built on greenbelt land.
Even if houses are built on greenbelt land they do not have to be built on Profitable Plots greenbelt land because there is plenty of other greenbelt land available that is not split into multiple tiny plots in Asia.

Profitable Plots have been talking about the UK housing crisis since before 2005 and before they were shut down in the UK. Lots of UK houses got built - none of them were built on Profitable plots land.
The brownfield land they claim is going to run out is still available and is still not built on.

Less than 20% of the UK land is built on. Of the unbuilt land most is not green belt or brownfield it is agricultural.

60 Million people live on less that 20% of the land so logic follows that only a tiny percentage of agricultural land would have to be released to build massive new towns.

The UK has huge amounts of open space where new towns can be built without facing the huge political objections associated with abandoning tiny pieces of city greenbelt.

 

[EconComm]

3 Profitable directors charged

 

[probono]

Profitable Plots directors charged with cheating

3 Profitable directors charged

Profitable Plots directors charged with cheating

SINGAPORE - Three directors of beleaguered land banking firm Profitable Plots were each charged with 86 criminal counts of cheating investors of US$2.4 million on investments related to an industrial lubricant called Boron.

John Andrew Nordmann, Timothy Nicholas Goldring and Geraldine Anthony Thomas were each charged in Singapore's Subordinate Courts with abetment for conspiracy to defraud 86 investors, according to charges brought on behalf of the Commercial Affairs Department by Kevin Yong, deputy public prosecutor for the Attorney-General's Chambers.

 

[TanAhKhow]

STOMP - Courtroom - Directors charged with cheating investors of $3m

To date, the CAD has received 320 complaints involving investments of more than $30 million.

The company was set up in 2004 by a group of British expatriates as a land-investment firm.

Deputy Public Prosecutor Kevin Yong, noting that only US$3,625 has been recovered, pushed for bail to be set at $600,000 each for the trio.

 

[Dividends Warrior]

PONZI !!!!!!!

 

[skymusic72]

Almost went in last year. Heng.

 

[probono]

Profitable Plots / Profitable Group any news ?

Its gone very quiet Anyone have the answers to these questions ?

1: What is the status of the Profitable Plots Boron cheating court case ? Did they make bail or are they still in Jail. When will the case be heard ?

2: The ESPN v Profitable Plots case regularly turns up at the Singapore supreme court. Last time was 4th June 2012. What is the status of that case and why no reporting in the news ?

3: What happened to the SLPT "strategic land planning trust " ? Wasnt this supposed to be semi independent trust representing the interests of investors ? Who is on the trust board and what are they doing for investors ?
Where are they now ?

4: What is a happening with the Profitable Group land in the Philippines ? Who owns it now and what is it work ? The 3 Profitable Plots sites in the UK probably have a current combined open market value of less than 4 million UKP. This is compared with Profitable Plots wild estimates of investor returns of 200-500 M UKP. Profitable Plots grossed 70-150 M UKP from the investors so if a big part of that money went to the Philippines then knowing where the land is might be a start in getting money back.

 

[teocf.rachel@gmail.com]

Huh ?

The following has been reported:

Aug 2010 CAD raids PP alleging cheating relating to PP land products.
Oct 2010 CAD report to the courts 106 complaints totalling $9.76 million.
Dec 2010 CAD report to the courts 174 complaints totalling $18.4 million.
Mar 2011 CAD report to the courts 229 complaints totalling $23.5 million.
Jul 2011 CAD report to the courts 304 complaints totalling $30 million.
Nov 2011 CAD report to the courts 320 complaints totalling $30+ million.
Mar 2012 Three Profitable Plots directors have been charged with 86 criminal counts of cheating investors of US$2.4 million (S$3.017 million) on investments for an industrial lubricant called Boron, according to The Business Times.

Last I heard, seems to reduce to 18 cases, just did a simple math, amount cant be more than S$1M. And no charges have been brought against PP relating to any of their land products.

What’s going on?

Interesting info at : viewsofppclients.blogspot.sg

 

[Commander Keen]

A land banking scam while you are waiting.....

Ok Rachel. It was just a Boron problem so all your UK land investments are doing great ?

Anyway while we are waiting to find out if Profitable Plots people are found guilty go to Jail here is a completely unrelated Land Banking scam. But it does sound familiar

Burnley get-rich quick scam shut by courts (From Lancashire Telegraph)

A GET-rich quick scheme - which offered investors in farmland a rapid return on their investment as part of a £6.5million scam - has been closed down by the courts.

Closing down the firms, he said: “I am satisfied that the method of operation was to employ sales people to make high volumes of unsolicited telephone calls in order to get interest from members of the public who were subsequently misled into making an investment.

“I am satisfied that the allegations set out in relation to the land worth are substantially proven and that it was almost impossible for investors to see the profits claimed.

“The evidence is that investors were given misleading statements designed to and actually make them invest. There was a serious disregard for investors and the business was conducted with a complete lack of commercial probity.”

The Investigations supervisor said: “There is no credible evidence to support the assertions made to investors who had virtually nothing to gain and everything to lose from their investment.”

 

[Shiny Things]

Last I heard, seems to reduce to 18 cases, just did a simple math, amount cant be more than S$1M. And no charges have been brought against PP relating to any of their land products.

They got Al Capone for tax evasion.

And are you fronting for the Profitable Plots guys or something? That blog post reads like counsel for the defence.

 

[teocf.rachel@gmail.com]

Who are you?

Ok Commander Keen, Probono and Shiny Things,
I put my name on here, and I am PP investor which qualifies me to make opinion.
Who are you? Are you investor? What do you do? What makes you qualified to make opinion?