Profitable Plots, Boron for Morons?!

So is this company called "Profitable Plots" related to The Profitable Group? (blogged about them once & featuring 'rioting mob' cum investors. Heh.)

According to this Today article, Profitable Plots is indeed a division of the Profitable Group. I love their choice of the names. Even their scam product has interesting names. For example, a fuel product called Boron. It must be advertised like "Boron!! Even it works for a moron. Like YOU!".

Some investors of Singapore-based investment firm Profitable Plots took to the Speakers' Corner on Saturday afternoon to protest against the company.

A petition was also passed around, asking the authorities to step in.

Profitable Plots is on the Monetary Authority of Singapore's Investor Alert List.

The investors claim they are owed between a few thousand dollars and up to S$200,000.

They had invested in land in the United Kingdom and the Philippines.

One investor said he invested S$180,000 in eight parcels of land slated for housing development.

But he said it was later revealed that the land had been designated as "green belts".

He said: "Nothing was said about green belt. It had no clue that green belt land are basically conservation land where the prospect of development is zero or maybe five per cent."

From Channel NewsAsia, "Profitable Plots Investors hold protest at Speakers' Corner".

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.

Last Monday, the company - which has been placed on the Monetary Authority of Singapore's Investor Alert List - saw a dozen investors marching into its office to demand the return of a total of $700,000.

In a response to investors, which was forwarded to the press last week, Mr John Nordmann, Profitable Group's group operations director, blasted the group for their "thuggish" and "criminal" behaviour. In the letter, he told them: "You are not within your rights to take vigilante action against an innocent third party for that breach."

Mr Nordmann said that the purchases of Boron products were made after "contractual obligations" between investors and a company in Dubai, and attributed the delays in payments to the economic meltdown last year.

Ms Tan's lawyer, Mr Louis Lim of William Poh and Louis Lim, has decided to press on with the lawsuit as his client had been in contact only with Profitable Plots staff in Singapore throughout the process.

Responding to this, Mr Nordmann said in an email yesterday: "We will be making no further comment to the press on this or any other issue, now or at any other time in the future."

From Today, "Profitable Plots investor sues to get her $31,500 back".


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