An application by Geraldine Nordmann, a director of Profitable Plots Pte Ltd, for the return of her passport and permission to live in Malaysia was dismissed in Singapore’s Supreme Court earlier today.
Mrs Nordmann, who had previously been allowed to travel to the United Kingdom to attend a family wedding, requested a variation in the terms of her bail bond to allow her to reside in Johor Baru.
Council Wendell Wong argued that the length of the investigation into Profitable Plots by Singapore’s Commercial Affairs Department (CAD) was causing inconvenience to his client, who jointly owns three properties in Malaysia with her husband John, a fellow director of the company. The court heard that Mrs Nordmann had recently sold a HDB flat which she had jointly owned with her mother.
The Honourable Justice Steven Chong, in dismissing the appeal, said, “It is not open for this court to vary a bail bond just because the investigation is taking longer than expected. Asking for liberty to reside in a foreign country is unprecedented. This situation has been brought about by her own decision, which I find quite inexplicable.”
Wong explained the decision to sell her Singapore property was made as the market for HDB resale flats was more liquid, and trying to sell one of her Malaysian properties would take much longer.
Profitable Plots is under investigation by the CAD for allegedly not paying its investors. Complaints against the company to date are believed to total more than S$30 million from more than 5,500 investors – around 1,500 of whom are believed to be Singaporeans.
The next court date has been set for March 8th, 2012.
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