Tan Kin Lian's Blog: NATO: No action talk only

Thursday, April 01, 2010

NATO: No action talk only

Someone passed a cynical comment that the comments on land banking in this blog is "no action, talk only". This person posted anonymously and did not indicate whether he is a land banking investor or cynic or just a nuisance. If he is willing to come forward and propose some concrete action, I would be happy to post his offer.

Someone suggested that a rally be held in Hong Lim Park about land banking. Another person suggested to protest against the lavish spending at the annual general meeting of NTUC Income. Can the people who make these suggestions offer to arrange the rally or attendance?

On a positive note, a few investors in land banking are now in contact with each other and discussing some form of collective action, including visiting the office of the land banking company together to ask for re-payment of their investment. However, some investors still think that they will have a better chance to be re-paid if they give the land banking company more time to sell their land.

Tan Kin Lian

12 comments:

Anonymous said...: A new political party has just been registered in SG.

http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_509263.html; April 01, 2010 12:55 PM
Anonymous said...: if they give the land banking company more time to sell their land.
-> Sell to other fools?; April 01, 2010 1:37 PM
Lucky Tan said...: Mr. Tan,

I'm glad you used your blog and spend so much effort to warn people about land banking.

Some time ago, the Malaysian govt raided the offices of Profitable Plots, UK Land, Edgewood:

Link

This was done under the Malaysian companies act - Section 91(1) of the Act provides that a person shall not issue or offer to the public for subscription or purchase any interest unless at the time of the issue of the interest there is in force an approved deed.

As I understand many of the land banking companies, time share companies and other dubious investment schemes fall outside the regulatory framework. Even those that make it to the MAS' alert list are not shut down because they are not regulated:
Link

We sometimes think we are always better than Malaysia but their authorities have shut down land banking companies, prevent minibonds from being sold there and acted very quickly to recover the bulk of the Swiss Cash scam money.

I wonder if we have deregulated to the point that our citizens are more vulnerable to fraud than, say, in a developing country like Malaysia. The Sunshine Empire actually collect close to $180M from Singaporeans before authorities step in to shut them down. Are we missing a watchdog in our system?

Even the minibond saga did not engender major changes....I really think something needs to be done here.; April 01, 2010 2:02 PM
Anonymous said...: Not sure whether all landbanking companies are that bad? surely there are good & bad ones and it could be the bad ones that is causing an image problem to the LandBanking Insustry!; April 01, 2010 2:53 PM
Anonymous said...: Same goes to timeshare. After owning a while, some owners wanted out. So they got themselves into more trouble by getting some company to sell for them. This company ask for more and more money but does not deliver.

Their problem is who to sell to? The company makes promises like, easy to sell, good track record, high demand etc. Once they collect the deposit from you, they keep telling to wait for a reply. On the Straits Times some years back, a MBA graduate lost $80,000 to such a company which he engage to sell off his time-share unit.

These land banking companies are not interested to sell for you as there are no buyers. They will continue to find new buyers to maintain their lifestyle. Unless MAS investigate, we, the retail investors will continue to be vunerable. I know as I have been approached twice. Lucky for me, this blog convinced me not to touch or believe this product.; April 01, 2010 2:53 PM
Anonymous said...: Good Samaritan said:
Hi TKL,

This is the best site from Canada that warn investors on scams and other related issues.... short form
ASC or www.albertasecurities.com; April 01, 2010 3:22 PM
Anonymous said...: This is the place where victims can gather together to ponder further action. I believe Minibond and HN5 legal action groups started from here.

I was completely lost when my investment fail. I was seraching for people who can help me and i found this site which help me to join the legal group. The outcome of the legal action is not known yet but I know I have tried my best. The good thing is Mr. Tan did not charge any fees to help; April 01, 2010 3:36 PM
Anonymous said...: Hi Tan,

Last month NTUC Income man talked about surprise bonus for this year.. i just checked my online pole account...no surprise... any idea...how this year bonus works.; April 01, 2010 4:31 PM
Tan Kin Lian said...: Reply to LuckySingaporean

I have respect for the approach taken by the Malaysian authority. They are prepared to identify a scam and to take prompt action. They are not paralysed by the concept of "buyer's beware", "open your eyes" and other confusing signals. They use their nose to smell a scam. Good nose.; April 01, 2010 5:24 PM
Anonymous said...: "Insanity is to do thing over and over again hoping for different result"

We hope MAS do something but MLM, Timeshare, Landbanking has been going on for so long. You may hope but MAS will not do anything. You are on your own. I don't own any land banking investment but if any of the victim willing to hold a gathering e.g. in Hong Lim Park, I gladly will come and support.

It is frustrating that no journalists are interested in such scam while people continue to be con by these companies and the govt/MAS just pretend nothing happen.; April 01, 2010 9:19 PM
KFC said...: Malaysia has a very strong opposition party in the government. If the police and any relevant authorities are not taking actions against companies that cheat people, the opposition party will slam and shame the government. That makes a BIG difference!; April 02, 2010 10:00 AM
Anonymous said...: From what I know, most of those lands are deserted and not in the local gahment's list of development or had been zone out of favor or some sense. So sell to who? The local ppl are not so stupid as to buy them. Need to find a greater fool to buy them.; April 03, 2010 4:40 PM