a) mis-representing the product
b) no proper accounting of the investment funds
c) repeated sales of the same plots
If this wrong doings are committed by a land banking company operating in Singapore, which Government authority is responsible to take action? Is it MAS, Commercial Affairs Department or some other body? If the investor makes a complaint, will the relevant authority make an investigation?
I think under the buyers beware environmemt, it means you are suppose to open eyes big big before you buy. If you did not see the trap, too bad.
ReplyDeleteCaveat Emptor! Hee Hee Hee
ReplyDeleteTo my knowledge, MAS does not regulate Land Banking due to the nature of the investment mechanics. The local authorities / Governments should be regulating land banking activities within their countries for any foreign investors investing in their countries. It'sall about due diligence as an investor, and the credibility of the company offering land banking programs. It's your own money; if you failed in an investment, does it mean that the holding that you invested with is scamming? Maybe, but using one example to assume the rest are the same would be a little short-sighted? What about your due diligence? Would it mean these pple who got "scammed" have done their homework so well to prove it? Please share any info here to enlighten the blog visitors, I'm sure they, and Mr Tan, would be greatful.
ReplyDeleteI recently saw a full page ad by Walton in Sunday Times, and they showed how much money investors have put with them, as well as their recent returns to their exisiting clients. Any comments about this?