Land investors show up at Speakers' Corner
By Kimberly Spykerman
More than 40 disgruntled investors turned up at Speakers' Corner yesterday morning to share their woes on investments gone sour.
They were convinced by Singapore- based investment firm Profitable Group that parting with their cash would bring them guaranteed returns.
But many said they have yet to see their money despite persistent calls to the company.
The five-year-old company, which deals in land and lubricants investments among other things, made headlines recently when angry investors stormed its headquarters in Stanley Street demanding their payouts.
It has also been reported that the company had been placed on the Monetary Authority of Singapore's (MAS) Investor Alert List in the latter part of last year.
One investor who was at Speakers' Corner, Mr Annamalai Meyyappan, 42, chief executive of a software consultancy, told The Sunday Times: 'We want the public to know about this group... It will be hard to get back our money.'
He said that he had invested US$7,000 (S$9,800) on a fuel product called Boron, with a promise that he would reap a guaranteed profit of 12.5per cent after six months.
His investment matured at the end of April but he has yet to see the money. In fact, he claimed that the company had fobbed him off numerous times.
Some investors had parted with as much as $180,000.
Many said they were taken in by the sleek presentation and the fact that company had a quality seal.
Said Mr H. Yeo, 35, who works in retail: 'Their roadshow was at nice shopping centres like Raffles City; it looked very well done, so it was very professional and impressive.'
He had invested £13,000 in 2008 (about S$33,000 at the time) in land in the Philippines, and had been due to get his returns last year.
Many who turned up also came to discuss what further options they might have.
A group of 20 had lodged a collective police report late last year, while another person had gone to the Small Claims Tribunal, only to be told that investments did not fall under its purview.
The group yesterday signed a petition for regulatory action to be taken, and will submit it to the MAS. About 10 of them also went to the nearby police post to lodge a report.
Mr Tan Kin Lian, president of the Financial Services Consumers Association, was on hand to offer advice. He suggested that investments of more than $10,000 should be regulated.
He also proposed that these large sums be treated as deposits so that the companies taking the money would be beholden to the laws that govern banks and financial institutions.
Calls to the Profitable Group yesterday went unanswered.
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Impressive roadshow
'Their roadshow was at nice shopping centres like Raffles City; it looked very well done, so it was very professional and impressive.'
MR H. YEO, 35, who works in retail
Mr Tan Kin Lian was on hand to offer advice to the disgruntled investors who had gathered. He suggested that investments of more than $10,000 should be regulated. -- ST PHOTO: BENJAMIN NG
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