3 Landbanking firms raided in Malaysia

According to the report Companies Commission Raids Three companies Over Illegal Land Investments, 3 firms involved in selling landbanking investments have been raided in Malaysia over suspicion of offering investments in illegal land investment schemes. The companies involved are UK Land International (M) Sdn Bhd, Profitable Plots Sdn Bhd and Edgeworth Properties (Malaysia) Sdn Bhd.

As far as I know, all 3 companies have offices in Singapore.

Landbanking schemes are not authorised by the Financial Services Authority (FSA), the MAS equivalent, in the United Kingdom. Landbanking is also not regulated in Singapore.

MAS maintains a Investor Alert List that lists companies that consumers should exercise caution when dealing with. However, it does not mean that companies not in that list are clean and above board. It may just mean there have been no complaints and thus they are not in that list YET.

Will these companies “do a Lehman” and cause another investment uproar? Only time will tell…

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