GRENADA ADMITS HENG SHENG VIOLATIONS OF CBI LAWS AND REGULATIONS, ATTEMPTS SPIN TO REASSURE THE INVESTING PUBLIC

 

In its FOLLOW-UP TO DISCIPLINARY MEASURE RELATED TO SINGAPORE HENG SHENG DEVELOPMENT PTE. LTD., the country's CBI agency, IMA, has issued details of measure that it claims will resolve the application fraud HS agents and sub-agents engaged in. In the process, IMA has admitted what it found during the 90-day investigation, and what corrective measures it has initiated, in its corrective efforts regarding illegal Owner Financing and other violations. It has also specified certain punitive measures which it has, or intends to, apply to offenders, who are not named in this document.

It is recommended that readers review the complete text of the press release, captioned CIRCULAR NO. 6, to learn all the details of the violations, as well as the proposed remedial measures and corrections. Whether they will be sufficient to rein in the illegal conduct only time will tell, but we will be monitoring unfolding developments, and report back shortly on the effectiveness, or lack thereof, of the proposed IMA measures. The complete text can be found here.