Tan Kin Lian's Blog: Unwillingness to take responsibility

Tuesday, March 16, 2010

Unwillingness to take responsibility

There is a company that advertises regularly on television that sells land banking and other products.

For the past two years, they have been offering their products to investors with an option for the purchaser to cash out at the end of 6 months with interest at 12.5%. On maturity, they find many excuses to delay the payment and kept some investors waiting for more than a year.

Several investors had lodged a complaint with the Monetary Authority of Singapore and the Commercial Affairs Department, but were told to engage their own lawyer on this matter.

This company continued its mode of operation and more unwary investors are being caught in this type of investment. I was told that several millions of dollars are being collected each month. The company was even able to produce a certificate of "Singapore Quality" issued by Spring Singapore.

Some investors asked me, "Mr. Tan, why is the Government not willing to act on this matter, when many ordinary people have complained about being cheated? Does this company have strong connections with certain people in the Government?". I replied that this is not likely to be the reason.

The likely reason is that one agency will point finger that it is the responsibility of another agency, and nobody wishes to take responsibility to act. This is quite typical of Singapore and is a shameful state of affairs.

Tan Kin Lian

13 comments:

Anonymous said...: The public should be warned about such companies, which I believe, can tarnish the genuine ones that delivers.

We have to take responsibility of our own investments and not be greedy.

Best solution, to EXPOSE them once and for all or it will be like cancer, spreading islandwide with devastating effects.

GET FSA-UK reports on such companies if any and expose them once and for all.; March 16, 2010 8:46 AM
Anonymous said...: This type of attitude is called "D-I-Y" ( Don't INVOLVE Yourself ).

In Hokkien, we call it "boh chap".; March 16, 2010 9:07 AM
Anonymous said...: Dear Mr Tan,
Do you have the names of the land banking companies that seem to be in trouble?

My sister is a big fan of land banking and I am trying to talk her out of it.

Thank you.; March 16, 2010 10:07 AM
Anonymous said...: Our senior civil servants'lives are too confortable. If you are a scholar you are being taken care for live without even the need to score any goals. Imagine a 30 year old getting over 300k a year independent how the economy is doing ? That is why they do not feel property price rise, declining income of low income etc. Better enjoy cooking lessons than to get entangled in issues that may get you into trouble and not much points to score.; March 16, 2010 10:07 AM
Mike said...: There is yet another article on UK Land Banking sales in Singapore by Daid Hencke a respected UK journalist here .

http://davidhencke.wordpress.com/2010/03/15/cautionary-land-investment/; March 16, 2010 11:15 AM
A Singaporean said...: I think I know which land banking company Mr. Tan is referring to. Owing to threatened legal action by that company (c.f., http://tankinlian.blogspot.com/2010/03/professional-fees-and-moral-values.html), he finds it prudent not to name it.; March 16, 2010 12:20 PM
Anonymous said...: From my observation, Landbanking targets educated group of professionals who believe in investing. I hear alot from friends and I think they enrol agents to markets. There is a time lapse issue for the packages to mature, complaints do not surface and many investors committed on more packages when they receive their initial interests.

Unlike landbanking, Sunshine empire targets aunties/ uncles / students as I do not hear from friends who are working.

There are other forms of investments/purchases which readers need beware. e.g. Gold, wine, vouchers, etc. These may not be new but may surface now and then. Normally, there is a time lapse which package will mature after 2 to 3 years. For vouchers, they will sell vouchers at a discount.e.g.Pay $75 for $100 voouchers. These are genuine but company may wrap up and all participating outlets will discontinue use so buyers stuck w/ vouchers.; March 16, 2010 1:16 PM
Anonymous said...: Why are the government leaders getting paid higher and higher salaries when they are doing lesser and lesser governance?; March 16, 2010 1:59 PM
Anonymous said...: Ref "Why are the government leaders getting paid higher and higher salaries when they are doing lesser and lesser governance?"

- It's called productivity

- or "teach less, learn more"

- or maybe, "do less, earn more"; March 16, 2010 3:35 PM
Anonymous said...: REX comments as follows,

Just thinking. Does it make sense for FISCA to put up a small newspaper advertisement to warn the public?
It's a bit of self-sacrificing the funds of FISCA but it is for a worthy cause. IT could be an effective way to help others.

If nothing is done, the government bo-chap all these things, with its
usual philosophy of "invest with eyes open, good luck".

REX; March 16, 2010 4:06 PM
Anonymous said...: They advertise on TV? Good thing I don't watch a lot of TV.; March 16, 2010 4:50 PM
Anonymous said...: My wige also invested in land banking despite I told her not to. She still insists that it is a good investment. I know of course that she is only holding a piece of paper but all the money is gone. What to do go in with eyes open big big!; March 16, 2010 6:50 PM
Anonymous said...: Personally, I think it may work better for FISCA to advertise using its own website.

If Mr Tan KL will graciously use his blog to draw attention to FISCA's website content, I'm pretty sure news will then spread by word of mouth, e-mail and etc.

If traditional newspaper cannot spend time to investigate the mini-bond fiasco, I doubt if they are interested in advertising revenues either.; March 16, 2010 8:11 PM