24 May '11, 3pm

SIAS calls for land banking to be regulated

SIAS calls for land banking to be regulated

SINGAPORE : The Securities Investors Association (Singapore), or SIAS, has called for strict regulation of land banking investments. This came after investors filed complaints against British land banking firm Profitable Plots. They claimed that the firm's directors were not transparent with their investments. However, experts said that a regulatory framework for land banking investments would be difficult to enforce. Profitable Plots is currently under investigation by the Commercial Affairs Department for failing to meet payments to investors. But investors' repeated queries to the firm's directors fell on deaf ears. Investors received "standard" replies from the firm, such as being unable to answer their queries due to ongoing investigations. To protect small-time investors, SIAS has recommended regulating land banking investments. David Gerald, president of Securities ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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