The Securities Investors Association of Singapore (SIAS) has urged Profitable Plots to communicate with their clients and give an explanation on the defaults, reports the 25th May 2011 edition of The Business Times (Profitable Plots urged to explain defaults to investors), The Straits Times (Don’t keep clients in the dark: Sias) and Today (Profitable Plots case prompts SIAS to urge regulation of land banking).

According to the various papers, Profitable Plots is a land banking firm set up in 2004 by 4 British expatriates and a Singaporean and was known for its TV commercial with ex-footballers urging viewers to “Buy UK land“. It was probed by the Commercial Affairs Department (CAD) in August 2010. The CAD had received 229 complaints amounting to $23.5 million in investments by March 2011. Investors had put in money for land banking projects in Britain and  ...