Many times, I have mentioned the risk in Land Banking. It looks like the case against Land Banking is going to be "erupted" and brought to light soon.
As posted on a blog, several investors have attempted to withdraw their investment after 12 months with a certain rate of return as stipulated and agreed in the T&C. They exercised their option, but the land banking company refused to honour the promise. This case was presented to the Commercial Affairs Department (CAD) but the CAD advised them to engage a lawyer and to take a legal case. These investors soon approached their respective constituencies' MPs but these civil servants referred them to the CAD instead, playing passing baton game.
First world Singapore has far too much red tape and bureaucracy in the government sector and terribly lack of protection for investors. I wonder when will this be reported BIG on the news.
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