Dear Mr Tan
I attended a presentation at Orchard Road. It was an impressive presentation. It showed the company directors receiving awards for their individual achievements from government ministers and picture taken with a former President.
This company dealt with oil palm, fisheries and property development in Malaysia and Indonesia. The company is offering convertible preference shares. The minimum subscription is for 3,000 shares at $10 per share. The investor needs to deposit 10% and pay $499 for admin fees.
The investment guarantees a return of 7% annually for 3 years. If the investor signs up on another day, the price will be $12 per share and the return is reduced to 4% annually. They claimed to have approval from MAS, but did not give me any prospectus.
Is this a scam?
Is this a scam?
Thomas
REPLY
Under the securities law in Singapore, any offer of shares require the issue of a prospectus that has been registered and approved by the MAS. You should file a police report.
Nobody can give you guaranteed return except in Government bond. If the return is what they have claimed, they do not have to approach public for fund, they can go to bank directly to get a loan.
ReplyDeleteIf the return is guaranteed, very likely you have paid the return yourself upfront.
Approach this investment with caution