This message has been edited by Tan Kin Lian. Other investors who wish to join this action to visit the office of X collectively can send an e-mail to kinlian@gmail.com.
Hi
I wish to share my experience. X (land banking company) is not interested or motivated in repaying the investors. Their main focus currently is to hold more road shows to attract more new and unsuspecting investors so as to further line their own pockets.
In my case, I have personally went down to CAD a couple of times and also seen my MP twice to try to recover my money since August last year. However, till today I am still at a loss as to when I could ever recover my money from X.
I also went down to X's office many times to recover my money but they kept giving excuses and use all sorts of ways and excuses to delay payment. I have also called up X 'hundreds of times' but they simply either refused to take my calls or give excuses that their directors are out of town (their directors are basically out of town 365 days in a year).
Personally I think that the best way to get my money is to constantly 'harass' X for payment personally at their office. In fact, that could be the only way to get our money back unless CAD decides to take action against X.
However, X would not be bothered with our 'harassment' if we go to their office individually. Therefore I suggest that if we are serious in getting our money back, maybe we could gather more investors like ourselves and together pay X a visit to settle payment dued to us once and for all. We need to really force X to pay us back our hard-earned money before it is too late.
Suggestions:
ReplyDeletei) Hold a Hong Lim Park speech.
ii) With the help of TKL blog, reach out to other land banking victims and write a petition to MAS.
iii) file a police report against the company and inform the Straits Times about it.
There is one cynical person who posted a comment about engaging a debt collection agency. This person has been posting cynical remarks quite often. I have blocked his comment. I hope that he will stop being a nuisance.
ReplyDeleteDear Mr Tan
ReplyDeleteHiring a debt collection agency may not be a bad idea.
They are quite professional and charge around 20% of outstanding debt.
I've used them myself to collect against difficult tenants. Definitely more effective and cheaper than lawyers.
If you use the legal route, even if you win the judgement, you still have to collect the money yourself. So it's back to the debt collection agency again.
Personally, I'm appalled and astonished. Singapore seems to have become the hub of land banking companies due to our business friendly legal environment.
Tell the press that a group of investors are going to the compnay together. U got to blow up the matter to make them wake up.
ReplyDeleteTo 10:48 am
ReplyDeleteThe cynic signed off with the word "haha".
I don't see how the debt collection agency can collect the money from the land banking company.
Wow. One thing I learned from this is there are really heartless people out there. Heartless and hell bent on cheating money.
ReplyDeleteThis is amazing. Strangely, why aren't there any legal means to shut these people down?
Dear Mr Tan
ReplyDeleteLet's say you legitimately owe me some money.
One debt collection agency staff will show up at your office. Dressed in a black T-Shirt. The word "Debt Collector" in huge yellow letters on the front and back of his black T-Shirt.
He politely asks the receptionist to meet with you.
If you fail to meet with him, he will leave behind his business card. Like his T-Shirt, his business card advertises very loudly that he is a debt collector.
And this is the start. My troublesome debtors usually pay up at this stage.
MM Lee's famous words - we go in with our eyes open - is encouraging these unscrupulous people to cheat.
ReplyDeleteBetter to gamble on the stock market, at least you have self-control, rather than letting foreigners control your money.
Finally, organise a protest rally among yourselves at Hong Lim and invite the press to attend eg. New Paper and Today, also write to the Forum S.T. to publicize your predicament and the rally. Got to do all these dirty work yourselves, rather than depending on others like TKL. After all this is your own money at stake.
Take a leaf out of the MIAG minibond investors who organised themselves to take collective action. No use complaining to your MP, the recent new crop of MPs are different from the past, when such messy, difficult matters are concerned, they don't even bother to reply you, they are only concerbned about their monthly pay packets. We know this from experience from the minibond saga,
these MPs just keep mum and pretend. So get working your buts,
and stop whining.
I think these investors should band togetther & approach the media like The New Paper or Chinese Wanbao may helps.
ReplyDeleteTo 12.20pm's comment;
ReplyDelete"Better to gamble on the stock market, at least you have self-control, rather than letting foreigners control your money."
The stockmarket is making multi-month highs right now.
Just be aware that CHICAGO MERCANTILE EXCHANGE has reported (Commitment of Traders) that as of 23 March 2010, the "Commercials" i.e. (smart money) have been net short the S&P 500 futures market over the last 3 weeks.
The non-commercials (small speculators) are net long the S&P 500 futures.
A pilot in an aeroplane cannot predict the weather. He tells you to buckle up your seat belt based upon his instruments in the cockpit.
I can't predict future stock prices. All I can tell you is to buckle up your seat belt.
(About 2 months back I posted that the US Dollar was strengthening. That uptrend continues. So if you have US dollar interests, please continue to monitor)
You need to understand what your cockpit instruments are telling you. Don't bring a knife to a gunfight.
I think people should be educated against the myth that ALL legal action will cost thousands of dollars and is therefore beyond the reach of the average person.
ReplyDeleteIn this particular case, the solution seems quite obvious.
The person should engage a lawyer to write a demand letter to company X.
The letter should state clearly that if company X does not comply and return the funds as per contracted, proceedings will be made to wind up the company.
Companies like X thrive in Singapore because
1) Singaporeans are very afraid to stand up and fight for what is right
2) Many Singaporeas are selfish. They prefer to either free ride off the efforts of others or benefit quietly at the expense of others.
suggestion:
ReplyDeletePerhaps the betrayed investors should turn to Razor TV or Blog TV
Nothing to loose!
Land banking and other MLM scams have been around for SO LONG...how come still got so many people get conned?
ReplyDeleteEDUCATION and public awareness is a must...
Not all landbanking are bad. Why all the postings are so negative when there are just one or two bad sheep?
ReplyDeleteI also find it strange that there is information on which company this is. All no balls is it? Kindly name this particular land banking company so that others can avoid.
Let me be the bad guy, is it "Profitable Plots"?
All that's necessary for the forces of evil to win in the world is for enough good men to do nothing.
ReplyDeleteDo something - Make a call, write a letter, investigate facts and present them to the authorities. Spend a few dollars on a lawyer and ask them to help.
If enough people take action the tipping point will be reached where something has to be done.
Nothing will happen if you do nothing.
I wonder whether did the land banking company committed in black and white to the investors on the return of their investments e.g. email, notes or even the actual contract.
ReplyDeleteIf everything is verbal then it is difficult but if a few investors can verify the same company rep did commit a investment return date to them, I though they may bave a good case.
straits times reporter has interviewed the main director of the company in december. but he does not have the guts to put the interview online!!!! even the press is afraid of this company.
ReplyDeleteshame on freedom
shame~!all investments come with risks! just differentiate the real deal from the reel deal!
ReplyDeleteI believe the X company is referring to Profitable Group as posted by one of you on 1st Apr 2010.
ReplyDeleteThe Profitable Group is added to the Monetary Authority of Singapore (MAS) Investor Alert List. Its under The Profitable Group so starts with T.
http://www.moneysense.gov.sg/check_o...tal_IAL.html#t
Another group of such unhappy investors are addressing this hot issue on Hardware Zone, Money Mind.
I suggest both gruops get together and act as one to fight the case.
We must appreciate Mr Tan and Management of Hardware Zone by allowing these unhappy investors to air this issue here.
Hope CAD to act fast.
today there's been some developments on the HWZ forum. see here http://forums.hardwarezone.com.sg/showthread.php?t=2463256&page=23#333
ReplyDelete