Forest officials in Songkhla province have been accused by police of misappropriating 65 million baht worth of fragrant Agarwood which was seized by forest officials but later ordered to be returned to their owner by the court.
Tagged: Argawood trees
Over 400 people have invested $9.5m with OPC, even as clients of TFV file police reportsLorna Tan Invest Editor/Senior Correspondent
Another firm offering Agarwood Anvestment schemes with lucrative returns has come under scrutiny.
Over the past two years, home-grown firm One Plantation Capital (OPC) has attracted $9.5 million of investments from some 425 customers in a scheme to grow aquilaria trees – prized for the valuable agarwood or oud oil that is harvested from them and then used in perfumes and by spas.
My heart goes out to the many investors who put in their savings and hard earned money into the scam. In short, investors put in money into a Tropical Forestry Venture(S) Pte Ltd to invest in valuable tree saplings. Turns out to be a scam. The people behind the company disappeared with the cash. But what can be done for these investors to seek justice?
Firm that sold them aquilaria tree scheme has foldedLorna Tan Invest Editor/Senior Correspondent About 70 investors, including Singaporeans and foreigners working here, are crying foul over a scheme that effectively promised that their money could grow on trees.
In 2013, the investors poured sums ranging from $5,000 to $60,000 into a scheme to grow aquilaria trees – a prized tree that is harvested for valuable agarwood or oud oil, used in perfumes and spas.