Martin Lee @ Sg
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CAD Needs More Time on Profitable Group

It looks like investors with Profitable Group will have to wait longer for CAD’s investigations to be completed.

In a court hearing yesterday, Attorney-General’s Chambers (AGC) had asked for the company’s bank account to be frozen for another six months so that CAD could complete their investigations. The court gave the CAD three months instead. Not that it matters much anyway as there is only about $55k left in their bank account.

The latest update from CAD was that 174 complaints involving $18.5 million of investments had been received. Given that the company’s revenue was $35.4 million in 2009 and $32.8 million in 2008, we can guess that there are probably many more investors who have yet to file their complaint.

No charges have been filed against Profitable Plots as of now and the next hearing on the case is scheduled for 9th March 2011.

According to their lawyer, the company’s potential $212-million deal with Filipino parties has been jeopardised due to the alleged fraud investigations.

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2 comments
Joe P says 8 years ago

According to the blogs Profitable Group have been promising investors a Philippines deal would close for at least 18 months and gave various excuses why it was delayed. Now they claim the CAD are preventing it from closing. Everyone elses fault but Profitable Group of course. Have they never heard of the telephone email and fax ? Just pick up the phone and call the Philippines and close the deal. They cant of course because there is no deal or at least no plan to pay investors with any profits from it.

With regards to the missing investors Concorde village sold for at least S$110 Million but a lot of the investors are not in Singapore. With all the money that ESPN have taken for promoting these schemes over several years perhaps ESPN would be willing to run a few adverts for the CAD to contact missing investors during prime time football on a Saturday night as compensation.

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Nuts says 8 years ago

Lost cause already. That $55K will not even be enough for the court fees, let alone the lawyers fees, and let alone compensating the CONNED-sumers. Straightforward outcome will be the company declared bankrupt & closed down in arrears. Conned-sumers can only sue the ex-directors and ex-MD in civil case; most probably cannot win so no point to waste more money. Can’t even find those buggers to serve papers on them.

Those ex-directors and ex-MD will have already setup another company to continue their scam deals on another batch of CON-sumers in another country.

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