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.