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EcoHouse: Questions we must ask and people I detest.

Friday, August 15, 2014

In the Singapore Armed Forces, we have a saying that "TSR is written in blood."

TSR stands for Training Safety Regulations, if I remember correctly. The regulations are written in blood because new regulations are introduced or existing ones improved after some fatal accidents. Unfortunate, I know, but being humans, a failing that we have is a feeling of invincibility until bad things happen to us.

This is why some friends and fellow bloggers feel that the best way for people to learn is through experience, falling down and picking themselves up again. OK, not everyone is able to pick themselves up again which is why I think fall prevention is still the way to go.

Having said this, there is a camp that believes no amount of education is going to work if people are not willing to listen or if they choose not to believe. Fair enough.

How many investment scams have been exposed? How many people have been scammed? How many millions of dollars have been spirited away? How many confidence tricksters have been convicted and put behind bars?

Surprisingly, many people are still falling victim to scams.

Hundreds of investors here, who ploughed millions of dollars into the hands of a developer claiming to be working with the Brazilian government on a social housing programme, were left fearing the worst after the Brazilian Embassy said on Thursday (Aug 14) that its government had no dealings with the company.

EcoHouse, which has abruptly shut down its Suntec offices, is neither affiliated with the Brazilian national housing programme nor registered as a partner of its state-owned bank.

On its website, EcoHouse claims that it was chosen by the Brazilian government as “the only UK company to date officially authorised to build developments under Minha Casa, Minha Vida”, which aims to provide three million homes for the country’s growing middle class.

The company was founded in 2009 by Mr Anthony Armstrong Emery. Various media reports have put the number of Singapore investors in EcoHouse projects at between 800 and 1,500. Up to S$70 million had reportedly been ploughed into three housing projects.

Some investors have begun legal action against EcoHouse to recover their capital investments, which amounted to a minimum of £23,000 (S$47,810) per unit.

EcoHouse had promised a 20 per cent fixed rate of return for a 12-month investment contract, but many investors said they have not received their returns or their capital despite their contracts reaching maturity.

Source: CNA

I feel very sad for these people who have lost their money and I would like to remind everyone that as investors for income, we must always ask the questions that matter. See related post #1 below.

I really detest people who have no qualms about cheating others of their hard earned money. I also detest those who work for them knowing well what they are doing and I do know of someone who was involved in one of those gold investment scams. Just because we know how something works and that we can make money from it does not mean that we should do it. To say nothing of legality, what about ethics?

The Chinese people have a saying:

"A righteous man makes money in righteous ways."

Related posts:
1. EcoHouse Group placed on IAL.
2. Just like taking candy from a baby.


Steven said...

Hi AK,

Not everyone is as "Righteous" as the word suggests...that's y there will always be "Victims".

Greed is what drives these people and Greed will be what destroys them.

No free lunch, must always remember no such thing as free breakfast, lunch, dinner, supper and whatever.

Best Regards,

AK71 said...

Hi Steven,

Only time we have free meals is when we attend AGMs, I guess. LOL.

Oh, I did get a free lunch when I attended IPS Forum on CPF recently. ;p

Jokes aside, people really have to be more discerning and also arrest their own demons. -.-"

Steven said...

Hi AK,

Your time is not free :)

Best Regards,

AK71 said...

Hi Steven,

Just when I was feeling quite happy... Thanks for the reminder. -.-"

Gary said...

Heartache for those investors. I remembered that I mentioned that a company was doing roadshow at Bukit Merah Central. Totally cannot re-call that company.

AK71 said...

Hi Gary,

Yes, I remember. Dug it out for you: here.


Gary said...

The company has changed its name from Cuffz Holdings to CH Asset. But nonetheless, it just amuses me that this company has won so many national recognition awards!

pf said...

As said above...greed. :)
So, I'm not that sympathetic to those ppl.

AK71 said...

Hi Gary,

National mah, not international. Which country's national awards? I wonder. ;p

AK71 said...

Hi pf,

To be fair, greed is not a bad thing per se. Greed with ignorance, including ignorance of our own fallibility, could be a fatal combination though. -.-"

Lizardo said...

Haiz. When it's too good to be true ...

Once again.

AK71 said...

EcoHouse was the best-selling single overseas property investment in Singapore during 2012, and with its offices at Suntec Tower, which have since closed, it attracted many small-time and first-time overseas property investors in Southeast Asia with promises of 20 percent returns in 12-months on its S$46,000 social housing property investments. Many investors purchased multiple units while other clubbed together with family and friends to buy a single property.


Ken said...

Wah Wah , virgin comment here , the CH Int is another big snake wor, please beware! I pulled quite a few of my acquaintances and friends out le!



AK71 said...

Hi Ken,

I tried to find information on CH Int but only found something on CTL Global:

"Singaporeans' love affair with property gave Ms Clara Tan and CTL Global the opportunity use their funds to flip old homes in Memphis and Indianapolis in the United States. What seemed easy money became a nightmare when things went wrong."

Would you like to tell us more about CH Int?

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