The 3 directors of landbanking firm Profitable Plots were charged in court yesterday over investments related to an industrial lubricant called Boron. Each director was charged with 86 counts of cheating US$2.4m (The Straits Times - Profitable Plots directors charged with cheating). Only US$3,625 have been recovered.
There was however, no charges related to the landbanking investments Profitable Plots were originally involved in.
The director were remanded at Singapore Changi Remand Prison as they were unable to post bail of $400,000 each. The Deputy Public Prosecutor said that they were flight risks and wanted a $600,000 bail each originally.
The directors will remain at the remand prison pending a criminal case disclosure conference on April 20th.
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