Serious Sinkieland's AUTHENTIC GOLDEN ERA - Swiber Collapsed ...

GOOD TO SEE THE REAL GOLDEN ERA WHEREBY SINKIE PEASANTS ARE SCREWED DEEP DEEP TO WAKE UP THEM UP FROM SLUMBER ....

businesstimes.com.sg
Swiber files to wind up, directors resign
Kenneth Lim
Jul 28, 20167:22 AM

OIL and gas contractor Swiber Holdings has filed a winding-up application, and its directors have resigned to pursue their own interests, the company announced on Thursday.

The company has also filed an application to place the company under provisional liquidation. Cameron Lindsay Duncan and Muk Siew Peng have been appointed as the joint and several provisional liquidators of the company.

The winding-up application will be heard in court on Aug 19.

Executive director and vice chairman Francis Wong, executive director and chief financial officer Leonard Tay and executive director Nitish Gupta have all resigned "to seek new opportunities".

The company said in a separate announcement on Thursday that it was facing letters of demand for about US$25.9 million in total, and that it is seeking legal advice.

On Monday, the company said it was facing just US$15.2 million in outstanding demand letters for which legal proceedings had not commenced, and US$4.76 million of outstanding demand letters that had not been paid off.

Shares of Swiber have been halted from trading since July 27.

One of the main investors in Swiber is Temasek Holdings.

Its another long term investment

Other than Temasek, Swiber's major creditor is DBS which is also owned by Singapore cpf holders:

Pinkieslut said:

GOOD TO SEE THE REAL GOLDEN ERA WHEREBY SINKIE PEASANTS ARE SCREWED DEEP DEEP TO WAKE UP THEM UP FROM SLUMBER ....

businesstimes.com.sg
Swiber files to wind up, directors resign
Kenneth Lim
Jul 28, 20167:22 AM

OIL and gas contractor Swiber Holdings has filed a winding-up application, and its directors have resigned to pursue their own interests, the company announced on Thursday.

The company has also filed an application to place the company under provisional liquidation. Cameron Lindsay Duncan and Muk Siew Peng have been appointed as the joint and several provisional liquidators of the company.

The winding-up application will be heard in court on Aug 19.

Executive director and vice chairman Francis Wong, executive director and chief financial officer Leonard Tay and executive director Nitish Gupta have all resigned "to seek new opportunities".

The company said in a separate announcement on Thursday that it was facing letters of demand for about US$25.9 million in total, and that it is seeking legal advice.

On Monday, the company said it was facing just US$15.2 million in outstanding demand letters for which legal proceedings had not commenced, and US$4.76 million of outstanding demand letters that had not been paid off.

Shares of Swiber have been halted from trading since July 27.

Click to expand...

Like that also can ah...... Resigned and wash hand........
So much for going down with sinking ship.......

Anyway, there needs to be a investigation done. I am sure some of the shareholders is going to lodge a report whether with the police or authority.....to investigate these senior management.
And not just close the matter.
One just don't simply halt a listed company shares and resigned enmasse and shareholders holding the bag, whatever that is left.....GIC/Temasek or not vested.

lifeafter41 said:

L
... One just don't simply halt a listed company shares and resigned enmasse and shareholders holding the bag, whatever that is left.....GIC/Temasek or not vested.

Click to expand...

If got close ties with Temasek then probably no further action will be taken. Still remember Ho Ching buying Micopolis & closing it down in less than a year & no investigation was ever carried out.

now the fleas have suck the dog dry,and the dog lieing with tongue out and eyes rolled back with its legs to the sky like a dead dog at yulin dog meat festival.....all the ang moh fleas are scattering to pursue opportunities overseas........

i told u we should have brought in Gordon gekko ages ago to get rid of all the fleas and leeches that is bringing this great country and economy down!!!!!!singapore has become a second rate power!!!!!!!the carnegies the mellons the rockefellers build this great industrial empire because it was their money at stake.......today management and the directors has no stake in the company!!!!!!!!!!!!!!!!!!!

[video=youtube;PF_iorX_MAw]https://www.youtube.com/watch?v=PF_iorX_MAw[/video]

If company executives are allowed to just resign while the company goes under, what if Tamasick declare bankrupt and the executives merely resign alive happily after on their millions, if not billions, drawn from salaries while in company?

Cpf members do not even know what is happening in there or if any money left. Better go Changi beach chope a patch of grass and build a tent first before others swamp in.

Brightkid said:

If company executives are allowed to just resign while the company goes under, what if Tamasick declare bankrupt and the executives merely resign alive happily after on their millions, if not billions, drawn from salaries while in company?

Cpf members do not even know what is happening in there or if any money left. Better go Changi beach chope a patch of grass and build a tent first before others swamp in.

Click to expand...

that is the purpose of the corporation,to protect the individual or the owner from bankruptcy proceedings and resolving him from any responsibility should the company goes down,thus protecting his personal net worth.Its how donald trump got richer and richer,while bankrupting his casinos 4 times.the suckers left holding the bag of shit are the investors and shareholders and those who believed him.

Just took a look at SGX website.....under Swiber they have a lot of those bond paying like 5.75%, etc......
Does it means the value of the bonds drop to zero immediately with all this?.

lifeafter41 said:

Just took a look at SGX website.....under Swiber they have a lot of those bond paying like 5.75%, etc......
Does it means the value of the bonds drop to zero immediately with all this?.

Click to expand...

It's a con set up. They have their office at Corporation Road.

congo9 said:

It's a con set up. They have their office at Corporation Road.

Click to expand...

Last financial report, Swiber have total of 2700 employees.....
Wonder how many are there Singaporeans that is affected by this winding up.
An uncertain future, that is for certain........

Next quarter in the MOM retrenchments/job losses report will see a blip up that's for sure.............

Any forumers that have friends or releative or themselves working this company or related company might have some updates......

johnny333 said:

Still remember Ho Ching buying Micopolis & closing it down in less than a year & no investigation was ever carried out.

Click to expand...

A little bird from the West told me it was Old Fart, not Buy-High-Sell-Low, who ordered that no investigation be carried out on Micropolis. Please don't blame Ho Jinx for all the fcuk-ups.

gingerlyn said:

Other than Temasek, Swiber's major creditor is DBS which is also owned by Singapore cpf holders:

Click to expand...

This is what, is known as 'double penetration'...for Temasek owns DBS too, & an orgy, when it involves the CPF holders....can be said to be " f#$%$% at all orifices'....& they complain about the NUS orientation games?...they were just imitating the real world....ha ha ha ha ha ha

Jul 28, 20165:36 PM

THE share price of Vallianz Holdings collapsed on Thursday morning, following shocking news that its controlling shareholder Swiber Holdings has filed to wind up and is under provisional liquidation.

After hitting S$0.016 a share, Vallianz was trading around S$0.02 a share at 10:18am, down 1.6 Singapore cents, or more than 44 per cent. It eventually closed 41.7 per cent or 1.5 Singapore cents lower at S$0.021. More than 307.6 million shares changed hands, making it the most actively traded stock on the Singapore Exchange. The unusual price and volume prompted a query from the exchange.

On Wednesday, Vallianz announced that its non-executive director and chairman, Raymond Kim Goh, 48, has resigned due to "health reasons". Mr Goh is also the executive chairman and founder of Swiber Holdings.

The resignation was followed by a shocking announcement early Thursday by Swiber, which said that it has filed an application to place the company under provisional liquidation. The winding-up application will be heard in court on Aug 19.
listening to the financial crowd
Market voices on: Vallianz HLD Ltd
1.
Stock Price
2.
Staff Compensation
3.
Backlog
4.
Executive Resignation
5.
Market Trend
5-Jul10152025290204060
Updated: 29.07.2016, 08:40, last 30 days

Swiber - once a darling in the Singapore oil and gas sector - also said its executive director and vice chairman Francis Wong, executive director and chief financial officer Leonard Tay and executive director Nitish Gupta have all resigned "to seek new opportunities".

This comes at a time when the company is facing letters of demand for about US$25.9 million in total, and is seeking legal advice.

On Monday, the company said it was facing just US$15.2 million in outstanding demand letters for which legal proceedings had not commenced, and US$4.76 million of outstanding demand letters that had not been paid off.

Shares of Swiber have been halted from trading since July 27. At the time of the halt, the shares were trading around S$0.109 each, down 0.2 Singapore cent, or 1.80 per cent.

lifeafter41 said:

Just took a look at SGX website.....under Swiber they have a lot of those bond paying like 5.75%, etc......
Does it means the value of the bonds drop to zero immediately with all this?.

Click to expand...

Their website is still up and running http://www.swiber.com/corporate-profile.html#

Frankly before this saga I never heard of this company

Pinkieslut said:

Executive director and vice chairman Francis Wong, executive director and chief financial officer Leonard Tay and executive director Nitish Gupta have all resigned "to seek new opportunities".

Click to expand...

I find this statement very weird and funny. Suddenly got so many opportunities
Can't they just be more frank and say they resign to run away from responsibilities and hide at home.

chootchiew said:

Their website is still up and running http://www.swiber.com/corporate-profile.html#

Frankly before this saga I never heard of this company

Click to expand...

Hi chootchiew, good for you, for sometimes ignorance is bliss, in this case for you.
Stick to the FDs, with your 500k or some other low risk, albeit low return instrument.

Those that bought Swiber bonds, with the winding up of Swiber, will probably wait for a long time, if they are able to recover anything at all............

lifeafter41 said:

Hi chootchiew, good for you, for sometimes ignorance is bliss, in this case for you.
Stick to the FDs, with your 500k or some other low risk, albeit low return instrument.

Those that bought Swiber bonds, with the winding up of Swiber, will probably wait for a long time, if they are able to recover anything at all............

Click to expand...

Hi bro41. Well money is still safest in jw5 milo tin

Swiber bonds u mentioned only 5+% that is low for a ah ter ah gou company. Not sure which group of sinkie will invest.

chootchiew said:

Hi bro41. Well money is still safest in jw5 milo tin

Swiber bonds u mentioned only 5+% that is low for a ah ter ah gou company. Not sure which group of sinkie will invest.

Click to expand...

Well on the milo tin, don't be too sure.

Share with you a funny happening.
Got a friend in Malaysia that has a habit of putting his money in these milo tin, the small type, not those 1.4kg type.
Kept at least 10 of them inside the house, under the bed.
One day the wife, while he was not in, decided to do spring cleaning in the room.
Found all these rusty tins under the bed drawers, wondering why they were there and because it was all dusty and rusty, throw all away........

Much to the horror of my friend, when the wife told him about the spring clean, jumped like jelly bean and told her there is money inside there.......
Both frantically when to the dumpster to look for it........luckily it was still there.......
Had the garbage truck came that night earlier......there goes the money.....

Told me there was RM30,000 inside the thin altogether, most in 50dollars notes........

So yeah, don't be too sure about milo tins...........