A Subordinate Court judge this morning issued another adjournment in the on-going investigation against Singapore’s Profitable Plots Pte Limited.
The hearing heard from Defence Council Wendell Wong of Drew and Napier said that the Singapore’s Commercial Affairs Department (CAD) had uncovered S$55,548.42 in the company’s frozen bank accounts – significantly less than the unaudited S$95 million claimed on the company’s website.
Around 20 investors turned up at Singapore’s Subordinate Courts although it has been alleged that more than 5,000 investors had parted with S$30 million to the company for mostly land investments. Some 1,500 investors are believed to be in Singapore.
The CAD’s investigation into the company has lasted more than two years to date. The next hearing has been set for April 9, 2012.