Profitable Plots: More Nasty News Follows
When you operate a business that piss off so many people, yet evades to answer them this is likely the things you get.
By ZAIHAN MOHAMED YUSOF
THEY came to demand answers and they were in no mood to take no for an answer.
So they marched up to two Caucasian men who were having a smoke and surrounded them.
The group of 11 men and one woman wanted to talk to one of the Caucasian men regarding their investments.
They identified him as Mr John Nordmann, group operations director of Profitable Group, a global investment firm, which, according to its website, has interests ranging from lubricants to property.
They claimed that the firm had not made good on its promises to them.
But the conversation outside Profitable Group’s Stanley Street office in Shenton Way soon spiralled out of control into a shouting match. There was even some pushing.
Mr Nordmann told the group: “Calm down.Why don’t you e-mail me your individual cases?”
His suggestion was not only instantly rejected, but it also upset some of the investors.
Said one of them, who gave his name only as Chris: “We have been e-mailing you for the last one year. Stop treating us as though we do not exist.”
But the conversation outside Profitable Group’s Stanley Street office in Shenton Way soon spiralled out of control into a shouting match. There was even some pushing.
Mr Nordmann told the group: “Calm down.Why don’t you e-mail me your individual cases?”
His suggestion was not only instantly rejected, but it also upset some of the investors.
Said one of them, who gave his name only as Chris: “We have been e-mailing you for the last one year. Stop treating us as though we do not exist.”
The shouting outside the office around 3pm attracted the attention of people at a coffee shop nearby. They got up from their seats and turned their heads towards the commotion.
This was when Mr Nordmann invited the group to go up to the firm’s office to discuss the matter.
This was when Mr Nordmann invited the group to go up to the firm’s office to discuss the matter.
One of those in the group, a 37-year-old who gave his name only as Mr Rajan, was overheard saying to a fellow investor: “We’re actually very lucky to see the director outside the office. We were always referred to his subordinates every time we came here.”
The day’s confrontation had its beginnings with the group’s investments with Profitable Group between 2006 and 2009.
The day’s confrontation had its beginnings with the group’s investments with Profitable Group between 2006 and 2009.
They said the terms of their investments, which they claimed promised them a certain return after six months, had not been honoured.
The 12 people claimed that their individual investments in land and lubricants with Profitable Group totalled about $700,000.
And none of them had received any returns, they claimed. They had met on an online forum where they shared their experiences.
Chris claimed he had “pumped in” the most money.
“I have invested more than $180,000… Enough is enough, I’m willing to forfeit my returns so long as the company pay me back the money I have put in,” he said.
“I have invested more than $180,000… Enough is enough, I’m willing to forfeit my returns so long as the company pay me back the money I have put in,” he said.
After Mr Nordmann’s invitation to the group, another commotion broke out. An investor later told The New Paper that they were upset because he wanted to go up first whereas they wanted to group with him.
During the tense exchange, Mr Nordmann managed to take the lift to his office.
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CAD’s investigation against Profitable Plots reaches advanced stage
By Leong Wee Keat | Posted: 09 March 2011 1525 hrs
SINGAPORE: The Commercial Affairs Department (CAD) is at an “advanced stage of investigation” into 229 complaints made against Profitable Plots Pte Limited (PPPL), a District Court heard Wednesday morning.
The complaints were from investors alleging that the company had cheated them into investing various sums of monies, totaling about S$23.5 million, in various schemes promoted by Profitable Plots.
Investigations began last August, with the Public Prosecutor seeking to freeze about S$55,548 seized by CAD for a further six months, Wednesday morning.
In his two-page report, investigating officer, Assistant Superintendent (ASP) Ho Ban Hsiung, said the Department has sought assistance from overseas law enforcement agencies and are awaiting their replies.
ASP Ho added, “We are also in the process of appointing an accounting firm to prepare an expert report on aspects of PPPL’s business.”
Deputy Public Prosecutor, Christopher Ong, added that CAD’s investigations would probably be concluded within six months.
But Profitable Plots’ lawyer, Mr Wendell Wong, argued for the immediate release of the money held by the white-collar police, adding that the company’s directors have found it increasingly impossible to conduct its daily affairs.
District Judge Roy Neighbour said he would only grant the Public Prosecutor a further four months to complete their investigations.