Ex-MP Kena Conned by Foreign Talent! $10M in total...

[makapaaa]

[h=1]Investors cry foul over $10m start-up 'scam'[/h][h=2]They claim they were tricked into thinking company was doing well[/h]
Published on May 28, 2012

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<!--close .storyLeft--><!--start of story image, if any--> Investors with the police report they filed, alleging that they had been scammed of more than $10 million in a start-up that failed to take off. -- ST PHOTO: DESMOND WEE

<!--end of story image, if any--><!-- storyAds:start --><!-- Copyright DoubleClick Inc., All rights reserved. --><!-- This code was autogenerated @ Thu Mar 22 08:51:32 EDT 2012 --><NOSCRIPT></NOSCRIPT>
<!-- storyAds:end -->By Jalelah Abu Baker
<!--start of story text-->They thought they were investing in the next Google or Yahoo, but after sinking more than $10 million into a start-up fronted by an entrepreneur from Hong Kong, a group of Singaporean investors have now lodged a police report alleging the proposal was a scam.
More than 20 investors had put money into a website touted to be the first business-to-business portal for suppliers in the region to market their products in China. But they say the start-up has failed to take off.
Among the investors are a former MP, businessmen and lawyers who requested anonymity to avoid embarrassment. Aged 50 to 60, some are seasoned investors while others are first-timers.
<!--close .relatedLinks, if any-->[h=5]Background story[/h]CHARISMA AND CONNECTIONS
He had a way of talking, and making it seem like he knew many people.
- A 51-year-old who invested $500,000, on the Hong Kong businessman

---

A TERRIBLE BOSS
He forced me to resign. He shouted vulgarities at me and scolded me.
- The former stockbroker on the Hong Kong businessman


<!--close .background story, if any-->[h=5]Background story[/h]Among the investors are a former Member of Parliament, businessmen and lawyers. Aged 50 to 60, some are seasoned investors while others are first-timers.


<!--close .background story, if any-->
<!--close .storyExtras-->Speaking to The Straits Times, eight of them claimed they were approached by a stockbroker, who used to be a trading representative at a securities firm here, in 2006 and 2007. They said they trusted him as he was senior and had several years of experience.

 

[streetsmart73]

hi there


1. aiyoh!
2. one word: greed!

 

[Confuseous]

The story did not say the Member of Parliament from Singapore leh. I mean, think about it - the ruling party recruits only very, very smart people to run as MPs hor.

 

[BuiKia]

Yes they do. Like Tin Pei Ling.

The story did not say the Member of Parliament from Singapore leh. I mean, think about it - the ruling party recruits only very, very smart people to run as MPs hor.

 

[BuiKia]

Repeated post. Deleted pl.