Sunday, May 30, 2010

Investors demanding returns from Profitable Group for their Land Banking Investments

A commotion was formed last Monday at Profitable Group Singapore office in Shenton Way by a group of investors trying to get back their deserved returns. However, such behaviour was described as "thuggish" and "criminal". Mr John Nordmann, group operations director of the Singapore-based investment firm, even warned that he will not hesitate to call in the police should there be a repeat.

Mr Nordmann highlighted that the investment payouts for their land investments depended on certain events, such as planning permission being granted for the land, of which this is yet to happen. On a separate report by the United Kingdom's Daily Telegraph newspaper two months ago, the sites Profitable Group had bought in Britain was "a green belt" land, where housing development has been banned. Since the land is marked as "a green belt", the likelihood of future development is remote.

More relevant links:

Profitable Group slams irate investors
http://www.todayonline.com/Singapore/EDC100529-0000082/Profitable-Group-slams-irate-investors

Shouting, then shoving
http://tnp.sg/news/story/0,4136,241645,00.html

Green gateway hotel plan turned down in Colchester
http://bit.ly/byrHVz

From Profitable Group website:
An application for planning permission submitted in early 2009 was refused resulting in an appeal being lodged [via]

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