Another one bites the dust. This is a couple of months old, but still newsworthy:
Just a year-and-a-half after the Commercial Affairs Department (CAD) started probing Profitable Plots for allegedly not paying investors, BT understands that it is on the trail of another land-banking firm – Canada-based Edgeworth Properties Inc.
The Canadian company has obtained court protection to restructure its operations which includes closing its Asian offices – putting more than 2,000 investors in Singapore in a bind over their land investments in the province of Alberta.
Apparently, they are part of a group of 4,000 Asian investors from countries including Malaysia, the Philippines, Indonesia and Thailand who had invested some C$70 million (S$88 million) in 12 parcels in Alberta between 2007 and 2011 but received land titles to only three of the properties.
Sources say that Singapore investors accounted for more than half of the C$70 million investment.
Edgeworth appears to have been double-dipping on its properties as well, allegedly taking investors’ money for the properties, then keeping the title and mortgaging the properties anyway.