An elderly man came to my office to give me his feedback. He invested over $200,000 in land under Profitable Plots and lost it entirely. He was angry that the Government allowed this type of company to set up in Singapore. His health deteriorated badly. He now have to work two shifts as a security guard to make a living. He almost cried.
I felt so sad, as there is nothing that I can do for him. Many other people are also affected in various types of bad investments that are allowed to be sold in Singapore. I am so tied up with the preparations for the campaign that I could not spend time to hear him out. Anyway, there must be several thousand people with problems like his.
I hope that many people will vote for me in the Presidential election, so that I may be able to do something to put right these types of abuses and injustice in Singapore.
Tan Kin Lian
I felt so sad, as there is nothing that I can do for him. Many other people are also affected in various types of bad investments that are allowed to be sold in Singapore. I am so tied up with the preparations for the campaign that I could not spend time to hear him out. Anyway, there must be several thousand people with problems like his.
I hope that many people will vote for me in the Presidential election, so that I may be able to do something to put right these types of abuses and injustice in Singapore.
Tan Kin Lian
How come a security guard has so much cash to invest in land. How did he come to make the investment. Was he asked by somebody or presurred in some way. He should not have put all his eggs in one basket.
ReplyDeleteGood for you Mr Tan.
ReplyDeleteYour viewpoints and actions are so refreshing.
I'm so tired of the modern day regulators.
"Pay me a world class salary to regulate."
"By the way, it's a free market hor."
"You go in with your eyes wide open hor."
Hi Suresh,
ReplyDeleteHe became a security guard after losing the money on the land investment. Otherwise, he would have retired happily. It is quite sad to see him reduced to this poor financial situation.
Have come across managers losing their jobs to FT becoming taxi-drivers, so they also take up security jobs too, maybe Macdonald's crew employment as well.
ReplyDeleteSingaporeans should be more wiser in future to invest directly yourself. Dun go through middlemen.Some investors lost millions in the Minibond notes, $200,000 investment in some faraway lands are peanuts in comparison. It's a dog eat dog world, make investments directly yourself, heard this piece of advice from an insurance manager of NTUC Income.
No use crying over split milk, not even our Govt could offer any help, not even TKL. Just bite the bullet and move on, but never try to win back losses by gambling at the casinos. Hard to accept, but life has to go on. There are many sharks circling around we Singaporeans, we tend to put too much faith on others and on our Govt.
Hi Tan Ki Lian, I will always vote for you! You are the best!
ReplyDeleteIt's high time to REGULATE LandBanking and other Toxic Investment Products?
ReplyDeleteI also know some retirees who invested a in another LandBanking company which guaranteed 60,80 & 100% respecyively
in 30mths, 4 yrs and 5 yrs.....provided the ASP plan is approved? and recently, some bad news CROPPED Up???
Regulate regulate what? Look at the mis-selling in the financial industry is rampant and yet what did MAS do? Insurance agents could do anything they like ; call themselves titles that misrepresent and mislead the public and yet MAS allows it.
ReplyDeleteThe salesmen can call themsleves insurance consultants, financial consultants , Relationship managers, private bankers, personal bankers, wealth managers blah blah to cheat the public. The
insurance salesmen can peddle products without having to justify the products and not called up. The insurance agents' supervisors are supposed to check and yet also close 2 eyes. The CEO also closed his eyes so long he get high APIs to make him look good and be #1. What is all this? Guidelines, notices, guidelines and notices since 2001 what has changed? Nothing..the salesmen still push,peddle and con the consumers into buying high commision products that don't meet their goals and needs. People are still under insured. Why? More than 10 years on and all those guidleines and notices not enforced. From CEOs down to the salesmen bochap, made a mockeryof the FAA.
What top down rubbish is MAS is issuing now?MAS is not protecting the consumers.
Hope Mr, Tan Kin Lian can raise this up and grill MAS especially the chairman.
Hi Anonymous 9:50 PM,
ReplyDeleteInteresting Titles on what I call Job Recreation?
Another thing is the dual currency investments, they have strike prices etc. And they are structured in such as way that your profit is limited but there is no limit to your downside.
ReplyDeleteRemember in the 80(s) we singaporeans used to laugh at people in Europe who have high qualifications but have to work as cleaners because of their economy's persistent poor growth. Now the same thing is happening to us.
To me the big problem with Profitable Plots over other scams is they were allowed to advertise in mainstream media for so long without any criticism. This allowed them easy access to "ordinary people".
ReplyDeleteThe chances of returns on Profitable Plots (and any UK Land Banking investment currently being offered in Singapore) were always lower than the worst casino bet. This is not mischievous innuendo. It is a proven fact. If you said that you were threatened with legal action.
I remember having a conversation with their lawyers when they threatened to sue me for saying they were a scam. I said to the PP Lawyer surely you must know this is a scam why would you be involved in such a thing. The lawyer said you are from the UK things are different here as though that made running a scam OK.
This is hard to believe . The bail should been location and title to all assetts.
ReplyDeletehttp://www.singaporelawwatch.sg/remweb/legal/ln2/rss/legalnews/73074.html?utm_source=rss%20subscription&utm_medium=rss