Sunday 17 June 2012
I did my research on the Philippines Land Sale The following has been reported: 3rd August PP signs contract to sell a piece of land in the Philippines for 5bn pesos (SGD$160,000,000). The first payment from this contract was due 7 days later. This sale would have meant me and other PP clients being paid. 4th August Contract is witnessed by a Singapore Notary Public then delivered to the Philippine Embassy in Singapore to be witnessed and sealed. 6th August Contract returned by Philippine Embassy to PP and sent to The Philippines. 9th August Contract arrives in Philippines. 10th August Public holiday. 11th August CAD raid PP offices; freeze bank accounts thus stopping payments to clients; and remove all documentation – except the contract to sell the land in The Philippines. What’s going on? Surely CAD and Public Prosecutor can verify all these. If true, what should they do to protect public interest, investors like us. Otherwise, prove PP's wrong and these are you on We want justice and integrity
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2 comments:
Wow! I cannot believe this is happening in Singapore! Being a foreign investor of PP, I have kept myself updated through the website and online news.. In the beginning I thought PP did something wrong as I kept getting e-mails from some committee urging us to make report to CAD and attend their meetings. It was a relief when finally PP gave a public statement in the press and set up their website to update us on the latest happenings, including the truth behind what's going on..
As a foreigner, I am utterly SHOCKED to read about these events.. To me, Singapore has always been a place where investors can place their hard earned money because it is well known for upholding justice and integrity. But following these events one could not help but wonder if there is more than meets the eye?!! Could it be that CAD raided PP on 11th August 2010 just a coincidence??? I thought CAD is supposed to be professional police under the government?!! How is it that their actions does not show that?!! I mean how can they raid PP without proper evidence??? At first I was told this investigation will only take a few months, but look how LONG it has taken!!! How is it that the Judge allows extension time and again???
Like you said, from 320 complains now down to 20?!! Is this a joke or something??? For goodness sake, we are talking about people's hard earned money here.. some even put in all their life savings!! So I hope the Public Prosecutor or whichever officer in charge please act in the BEST INTEREST OF PP CLIENTS, and I hope this is not the case where prosecutors are just fighting to win a court case and "save face"!!! Coz all our money is at stake if you drag this on any further.
And we will not settle for anymore nonsense!!! If it is true that this Boron case only has 20 or less witnesses amounting to less than 1 million, then for goodness sake please do not punish all the clients who have waited so long for our land deals to materialise. For I know for sure the lands are genuine and worth a lot of money.
For those of you in favour of seeing the directors in jail, just ask yourself - what do you as investors get when the company is forced into liquidation?!!! All our lands will be stranded and will be worth peanuts coz they are still raw land without planning permission! So why not give a chance for PP to complete what they have started??? Do you think CAD will be able to act to ensure you get back your money??? Please think again.
Whatever it is, I believe in the end the truth will prevail and this unfortune event has led to a tremendous loss for all the clients.
I am one of the earlier client of PP. The pounds was 3.06 in June 2005, there about. During the first sale of Bonifacio in August 2010, the exchange rate was 2.1482 on 08/08/2010. While CAD takes their time, the exchange rate has dropped to 1.97846 SGD as of today. Not to mention the 12.5% that PP repaid us every year. These are significance loss of potential income. I am upset about "investments related to an industrial lubricant called Boron. - Apr 2012" I am a Land investor. I didn't buy Boron. Why should I be dragged into this issue? If you want investigate BORON go ahead do not stop the company from operating. Give me my money for my Bonifacio. Please these "86/20 Clients". I appeal to you. This company has always been offering long term investment portfolio and if clients have been deluded as a quick rich scheme, they have lacked the fundaments of the products. Other Land Banks Companies are free for them to examine, projects like these are NOT completed in a short frame of time. Any other Land Bank Companies coming under scrutiny at the moment?
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