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Profitable Plots Director Fails To Get Passport Back From CAD

Written By: Tiang Chuan on May 19, 2011 No Comment

The CAD has rejected an application for the release of her passport from a director of landbanking firm Profitable Plots, reports the 19th May 2011 edition of The Straits Times (Director wants passport back from cops).

The lady, a Singaporean, claims that she could not afford to live in Singapore and would like to reside in JB. Profitable Plots’ lawyer said that the firm’s directors have not been paid a salary since August 2010 following CAD’s seizure of their bank accounts. The lady director had to move to stay with another director as she could not afford the rent for her apartment in River Valley. They subsequently had to move into her HDB flat when the other director also had difficulties paying rent.

The HDB flat, bought for $208,400, was sold for $550,000 in February this year.

The Deputy Public Prosecutor (DPP) said that “Allowing the return of her passport poses a serious risk that all investigative work would come o naught should she abscond“.

The DPP told the Court that “investigations are at an advanced¬† stage“.

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