SINGAPORE - The courts have granted a time extension - for the third time - to the Commercial Affairs Department (CAD) to continue its investigations into landbanking firm Profitable Plots, while awaiting the expert report from an accounting firm.

Representing the CAD, the state prosecutor argued in the Subordinate Courts yesterday that extending the investigation period was justified due to the large amount of investments involved. The court heard that complaints have now risen to 304 with investments totalling S$30 million.

(Via TodayOnline. To read the full story, click here)

The Financial Services Authority (FSA) has taken its fight against illegal land banking to YouTube, uploading a four-minute video onto the site to warn investors of the dangers of the schemes.

FSA head of retail enforcement Jonathan Phelan appears in thevideo, and appeals for those contacted by land banks to speak to the regulator.

(Via CityWire. To read the full story, click here)

Six companies that mis-sold green belt land for investment to the public have been wound-up in the High Court on public interest grounds following an investigation by Company Investigations ("CI") of the Insolvency Service.

The investigation found that Stowford Place Investments Ltd, ASA Global Investments Limited, Prinston Estates Limited, Alpha Capital Investments (London) Limited, Greenacre Global Partners Limited and Vinci Trading Ltd had all seriously misled the public as to the development prospects of the plots of land they offered for investment and had operated with a lack of commercial probity.

(Via NDS/COI. To read the full story, click here)