![](https://i.imgur.com/CLvY2jA.png")
23-11-2021, 12:05 PM
SINGAPORE] At least 29 people out of a group of around 170 investors have filed police reports against property investment company PIP Holdings, run by Singaporean developer Jerome Tan Tor Teng, alleging they are owed money in investment projects that amount to millions of dollars.
Among the 29, some transferred at least S$10,000 each to PIP Holdings to build a theme park in Geraldton, a coastal city in Western Australia, with the promise they would get the principal sum back with interest accrued once the loans matured.
Other investors say they entered into a contract with PIP Holdings under which they would buy an option to purchase for around S$9,900 each, purportedly giving them the right to buy land for a fixed price in the areas the company claimed it was developing.
The places the company claimed to be developing included Geraldton (about 400 km north of Perth) and the Iskandar project in Johor, Malaysia. PIP allegedly promised to build amenities like casinos, hotels and schools, said investors.
Those who chose not to exercise the option to buy the land said the option fee was not returned to them, despite it being a clause in the contract.
Investors The Straits Times spoke to said they have been unable to reach Tan since February.
In a statement to ST, the police confirmed that reports have been made and they "are looking into the matter".
Training manager Jochen Siepmann, 54, transferred S$10,000 to PIP Holdings in November 2014, and the contract he signed stated that he would get the sum back after three years, plus interest of four per cent per year. He said he has yet to see any return on his investment, or gotten his principal back.
Siepmann, a Singaporean, said: "All I got was excuses for the past few years - cash flow issues, delays in construction because of Covid-19 and so on. After I got my lawyer to send Jerome a letter of demand in September this year, he went completely silent." Attempts by ST to contact Tan via phone and e-mail have so far been unsuccessful.
A search on the [b]Ministry of Law's Insolvency Office website showed that he was declared an undischarged bankrupt on Oct 28 this year, on an application by OCBC.[/b]
PIP Holdings has been listed on the Monetary Authority of Singapore's (MAS) Investor Alert List since Jul 13. This means that PIP has a past record of being wrongly perceived by others as being licensed by the central bank.
MAS said it assesses public feedback and documentary evidence before placing a company on the list and urged investors to exercise caution when dealing with such entities.
Around 20 investors who were unhappy with the lack of progress of the projects started a WhatsApp group chat in November last year; the group has ballooned to over 170 people today.
Some who exercised the option and paid money to buy land being developed by PIP Holdings forked out monthly instalments - some totalling over S$150,000 - but they say they have not seen any proof of amenities being developed.
Samuel Chua, who is self-employed, is one of those who exercised the option to buy one lot of land measuring 2,542 sq m in Geraldton. He had intended to build a house for his family there.
The 37-year-old said he has invested over S$70,000 since 2015. "We kept asking them (PIP Holdings) but they couldn't show us anything. If you've built something - roads, hotels or schools - you'll be happy to show your investors... I've stopped paying monthly instalments of S$1,530 since November last year. But I know of many older people who intend to build homes to retire there and continue to pay money to PIP each month. There is a clause in the contract that says what they've put in so far will be forfeited if they stop."
Some investors are considering filing a civil suit against PIP Holdings and its director but they are fearful of the legal cost and are not sure if they will get their money back.
The investors ST spoke to said they met Tan between 2014 and 2016 at one of his investment seminars. They described him as a "remarkable salesman" and a "talented speaker". After the talks, he encouraged them to invest in PIP's ventures.
An investor who only wanted to be known as Chia said he has given PIP over S$100,000. He told ST: "The way he sold himself was very convincing, he told us how he turned his life around from being a bankrupt to a multi-millionaire property guru within seven years."
Among the 29, some transferred at least S$10,000 each to PIP Holdings to build a theme park in Geraldton, a coastal city in Western Australia, with the promise they would get the principal sum back with interest accrued once the loans matured.
Other investors say they entered into a contract with PIP Holdings under which they would buy an option to purchase for around S$9,900 each, purportedly giving them the right to buy land for a fixed price in the areas the company claimed it was developing.
The places the company claimed to be developing included Geraldton (about 400 km north of Perth) and the Iskandar project in Johor, Malaysia. PIP allegedly promised to build amenities like casinos, hotels and schools, said investors.
Those who chose not to exercise the option to buy the land said the option fee was not returned to them, despite it being a clause in the contract.
Investors The Straits Times spoke to said they have been unable to reach Tan since February.
In a statement to ST, the police confirmed that reports have been made and they "are looking into the matter".
Training manager Jochen Siepmann, 54, transferred S$10,000 to PIP Holdings in November 2014, and the contract he signed stated that he would get the sum back after three years, plus interest of four per cent per year. He said he has yet to see any return on his investment, or gotten his principal back.
Siepmann, a Singaporean, said: "All I got was excuses for the past few years - cash flow issues, delays in construction because of Covid-19 and so on. After I got my lawyer to send Jerome a letter of demand in September this year, he went completely silent." Attempts by ST to contact Tan via phone and e-mail have so far been unsuccessful.
A search on the [b]Ministry of Law's Insolvency Office website showed that he was declared an undischarged bankrupt on Oct 28 this year, on an application by OCBC.[/b]
PIP Holdings has been listed on the Monetary Authority of Singapore's (MAS) Investor Alert List since Jul 13. This means that PIP has a past record of being wrongly perceived by others as being licensed by the central bank.
MAS said it assesses public feedback and documentary evidence before placing a company on the list and urged investors to exercise caution when dealing with such entities.
Around 20 investors who were unhappy with the lack of progress of the projects started a WhatsApp group chat in November last year; the group has ballooned to over 170 people today.
Some who exercised the option and paid money to buy land being developed by PIP Holdings forked out monthly instalments - some totalling over S$150,000 - but they say they have not seen any proof of amenities being developed.
Samuel Chua, who is self-employed, is one of those who exercised the option to buy one lot of land measuring 2,542 sq m in Geraldton. He had intended to build a house for his family there.
The 37-year-old said he has invested over S$70,000 since 2015. "We kept asking them (PIP Holdings) but they couldn't show us anything. If you've built something - roads, hotels or schools - you'll be happy to show your investors... I've stopped paying monthly instalments of S$1,530 since November last year. But I know of many older people who intend to build homes to retire there and continue to pay money to PIP each month. There is a clause in the contract that says what they've put in so far will be forfeited if they stop."
Some investors are considering filing a civil suit against PIP Holdings and its director but they are fearful of the legal cost and are not sure if they will get their money back.
The investors ST spoke to said they met Tan between 2014 and 2016 at one of his investment seminars. They described him as a "remarkable salesman" and a "talented speaker". After the talks, he encouraged them to invest in PIP's ventures.
An investor who only wanted to be known as Chia said he has given PIP over S$100,000. He told ST: "The way he sold himself was very convincing, he told us how he turned his life around from being a bankrupt to a multi-millionaire property guru within seven years."
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
