Dear Mr. Tan
I am in touch with a few investors who bought land plots from a certain land banking company. The company has since been raided by CAD and they have stopped their operations in Singapore. We have lost our investments entirely. This company was advised by a top legal firm in Singapore. Is it possible for the investors to lodge a complaint to the government or the law society against this law firm for abetting the land banking company to carry out a fraud?
REPLY
If there are sufficient investors who are willing to come forward, they can lodge a complaint against this law firm. If any investor is willing to join this complaint, please give your particulars here.
Mr Tan
ReplyDeleteI believe that was the same legal company that sent threatening letters to many people including me and you who suggested that the business model operated by this Land Banking company could never work and was a scam.
3 years ago I consulted a lawyer and was told I could be sued for half a million dollars. I could not afford to lose my job or savings in fighting them so reluctantly had to take my blog down. They continued to pursue and harass me through friends and business contacts a year after I chose to leave Singapore.
It would be nice if they could at least apologise for their role in this disgusting affair.
In Singapore a person can be ethically and morally corrupt and yet be legally and technically innocent. In fact if the person uses his ruthlessness and cunning to amass huge wealth, while still staying on the good side of the letter of the law, he is often lauded and praised by society, invited to high-level dinners and interviews on TV.
ReplyDeleteBy the time his corruptedness catches up with him, he is usually long gone. either dead or in some faraway tax-haven enjoying his riches.
In this landbanking case, the complaints have been submitted to MAS, the police, CAD, CASE etc at least 2 years before the authorities took action. Even after CAD started investigation, none of the directors' passports were withheld. Those directors are no longer in Singapore, having flown the coop when they saw the game was over. I bet they are in the Caribbean sipping pina colada right now, safely ensconed on islands like British Virgin Islands, St Kitts and Nevis (former UK colonies) where there is no extradition treaty with S'pore, but still having easy linkages to UK (those directors are british).
Media is a powerful tool. Consult your lawyer and see how you can word your grievance to the media to put pressure on the authorities and esp the law firm defending the claims.
ReplyDeleteRule no: 1 - Never trust our local authorities. Rule No: 2,
ReplyDeletelay off landbanking, wine investments, bank structured products, etc. and your money will be safe from predators, who are aided by yhe most prestigious law firms here in Singapore.
Remember, never trust lawyers, their job is to protect their clients at all costs, not their clients' investors. In many cases lawyers may even play out their own clients, if there is money to be made.
Man talks about losing 100,000ukp on a UK Land Banking Plot worth 750ukp while being asked for another 100,000ukp
ReplyDeletehttp://www.bbc.co.uk/news/business-12655496
More on land banking here
http://www.bbc.co.uk/news/business-12655501
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ReplyDelete