Watch out for these companies setiing up in Singapore soon !
http://www.whitehallpages.net/
High Court action to shut down five "Land Banking” companies.
Action taken in the public interest
The Secretary of State for Business, Innovation & Skills has presented petitions in the High Court to wind-up, in the public interest, five companies involved in marketing plots of land as investment opportunities.
The application to appoint a provisional liquidator was first heard on 8 October 2009, but at this hearing the companies, through their directors (see notes below), offered to give undertakings to the Court as to their future conduct and to cease trading pending the determination of the petitions. The Court accepted that these undertakings were sufficient to protect the public interest pending trial of the petitions.
The undertakings however were not fully complied with and accordingly the Secretary of State returned to Court on 17 December 2009 with a further application to appoint a provisional liquidator. The companies did not oppose this further application. The Court accepted there had been a failure to comply with the undertakings and ordered the appointment of the Official Receiver as provisional liquidator of the companies.
You will never hear MAS doing this to the banks or insurance companies or for that matter the errant insurance agents and RMs. The investigation into the alleged misselling by RMs is taking too long.
ReplyDeleteHas MAS uncovered evidence of FIs implicated and abetting in the mis-selling. It is struggling for MAS trying to find a way out for FIs.
MAS must follow the UK FSA and on the ball and take punitive actions against FIs and the insurance agents and those super duper salesmen.
These companies are regularly being closed down in the UK. Something like 20 Land Banking companies have been closed in the UK last two years I cant understand why they continue to operate in Singapore for so long.
ReplyDeleteMaybe people in Singapore suffer more from loss of face so dont like to complain. But if nobody reports then according to authorities nothing is wrong.
As far as MAS is concern, case close with the investigation report on 07 July 09. Any complain, MAS direct investors to go to FIDREC or private suit etc. "MAS must follow ..." My take is MAS will not move until all the Ms ask them to move. The usual top down approach while bulk of these people drew their salary from same tax payers who are also the people MAS is suppose to protect. Basically we have to depend on such Blog to get educated while MAS will continue to allow FIs to sell whatever and however they want to sell while MAS continue to tell us to open our eyes wide before signing. I just don't get it. Draw salary from tax payer and ask tax payer to open their eyes when buying financial products. Kind of easy money, right.
ReplyDelete