Regulators Refusing to Act - Hyflux & Noble Group's Decline

[AhMeng]

A retail investor told Channel NewsAsia that based on her own calculations, she could see a cash writedown of as much as "97 per cent".​

https://www.channelnewsasia.com/new...ing-plan-retail-investors-big-losses-11249690

Not bad lay. Go casino whole principal sum also become zero.

 

[Empower]

She better go die. A bitch

So disgusting, media is saying so much good things about her success story and how much she feels for retail investors, this weekend.

Ok, time for me to share the true history. Olivia Lum wasn't really the founder of Hydrochem (Hyflux). It was the Nanyang University professor and some students. The professor got cancer and she took over company and kicked out the other founding students. There were a lot of hypocrisy during that period. This woman is not that great, she just stole the power in Hyflux and glory. Today, she is doing the same again.

I never revealed these earlier but old Nanyang Universityt alumni in my batch can ascertain the truth that I shared. This is a dishonest woman.

 

[FuckOttoke]

BWA HA HA HA !

SO MANY 70% SINKIES DONATED $$$ TO AUNTIE OLIVIA !

 

[mojito]

Excellent piece from the gentlemen in the first post of this page-

Why Did So Many Singaporeans Invest in Hyflux - The Positive Image Illusion
https://sgdividends.blogspot.com/2019/02/why-did-so-many-singaporeans-invest-in.html

• Olivia nominated as member of the Corporate Governance Council of Singapore - playing an advisory role to MAS, ACRA and SGX
• Arguably Singapore's most celebrated female businesswoman
• A poster child for Enterprise Singapore, which is a combination of two government agencies - International Enterprise Singapore and Spring Singapore
• Hyflux featured in EDB ( Economic Development Board of Singapore) whose growth mirrors Singapore's water story
• Participating in many National Day Parades
• NEWater & Believing in the Singapore Water Story

It is a fact that many Merdeka and Pioneer Generations invested into Hyflux. These generations are the ones who saw through most of the ups and downs of Singapore development, from a swampy, forested area into the modern city we have now. They are the ones who faced the Konfrontasi with Malaysia and Indonesia, the ones who experienced first hand the separation of Singapore from Malaysia, the ones who experienced the racial riots and the ones who lived through the period where Singapore was threatened with water.

It is a fact that many of them can't read english and many are chinese educated. They didn't have much schooling like what the current generation is enjoying now. They grew up, believing in the Singapore story, believing in the vital importance of water to the very survival of Singapore. Without Water, there will be no Singapore.

It is utterly inconceivable to me that some people choose to label them as "greedy" investors and they deserve it for taking that risk. Many of them didn't buy shares. They bought the preference shares and the perpetual securities which came with a step-up date which many of them thought it refered to the redemption date, like the bond. They invested not so much on intellect but more on the emotional connection they have with the Singapore Story which they grew up with, and the trust in what they saw with their eyes. They believed in Olivia Lum, the one who was protrayed as one of the Heros of the Singapore Water Story, the one who built a Singapore company that we can be so proud of, the one who appeared so many times alongside the progress of the nation.

I bet they also use same reason vote for PAP.

 

[xebay11]

Someone should lodge a police report for fraud or else no way she is going to jail, Lim Suat Wa already resigned.

 

[Froggy]

After reading all these can’t stop wondering how could a business base on cronyism, monopoly, government backing can go bust? Impossible, unless it’s premeditated going al out to cheat.

 

[Empower]

So disgusting, media is saying so much good things about her success story and how much she feels for retail investors, this weekend.

Ok, time for me to share the true history. Olivia Lum wasn't really the founder of Hydrochem (Hyflux). It was the Nanyang University professor and some students. The professor got cancer and she took over company and kicked out the other founding students. There were a lot of hypocrisy during that period. This woman is not that great, she just stole the power in Hyflux and glory. Today, she is doing the same again.

I never revealed these earlier but old Nanyang Universityt alumni in my batch can ascertain the truth that I shared. This is a dishonest woman.

i share a bit more

If you are old enough, you know PAP incorporated Nanyang University into NUS in early 1980s. NUS had never really had really successful "incubator business" but the Nanyang University professor and his students were having breakthrough with water technology in late 1980s. Olivia was not even the pioneer batch or founding members, she was "pure" NUS. This women was scheming and took the opportunity when the professor had to exit because of his cancer.

NUS was desperate to have some achievement and water technology will get into Lee Kuan Yew's good books. It was something that NUS tried to call their own and used Olivia removed the senior students with Nanyang University background, so made younger Olivia the poster child.

 

[Empower]

After reading all these can’t stop wondering how could a business base on cronyism, monopoly, government backing can go bust? Impossible, unless it’s premeditated going al out to cheat.

Dear Admin, Can you help us pin this thread again? a lot of bad developments.

Please also help us change the thread title to "Almost 100% Loss of Hyflux and Noble Investors due to Regulatory Indifference". I hope we have a prominent online platform to create awareness.

Hyflux is really a con job, the media is still trying to make Hyflux investors look greedy by sharing the good deeds that Olivia done. Olivia needs to be jailed.

 

[Empower]

Someone should lodge a police report for fraud or else no way she is going to jail, Lim Suat Wa already resigned.

I did write to Tharman (former MAS head) and Heng Swee Kiat (Finance Minister) about the accounting fraud.

They referred me to MAS Consumer Issues Division and replied "these are commercial issues, we regret that we are unable to intervene."
Template answers. Police sleeping on their jobs.

 

[Empower]

I bet they also use same reason vote for PAP.

Our generation as taught by Lee Kuan Yew about the importance of water to Singapore.
Bullshit, we got conned.

 

[Empower]

Not bad lay. Go casino whole principal sum also become zero.

We get 3% back and she owes us over 9-10% unpaid interests till date. Including 100% principal, I can exaggerate that retail investors lost 107% by now.

 

[Froggy]

Dear Admin, Can you help us pin this thread again? a lot of bad developments.

Please also help us change the thread title to "Almost 100% Loss of Hyflux and Noble Investors due to Regulatory Indifference". I hope we have a prominent online platform to create awareness.

Hyflux is really a con job, the media is still trying to make Hyflux investors look greedy by sharing the good deeds that Olivia done. Olivia needs to be jailed.

@Leongsam can you assist the above request?

 

[Empower]

@Leongsam can you assist the above request?

Thank you for pining the thread Admin @Froggy.

Singapore is so messy.

Strangers here, doing what they can to help, responding so fast.
Yet government and regulators sleeps on the job. Idiots.

 

[Froggy]

Thank you for pining the thread Admin @Froggy.

Singapore is so messy.

Strangers here, doing what they can to help, responding so fast.
Yet government and regulators sleeps on the job. Idiots.

I did not. The credit goes to @Leongsam

Anyway, good luck.

 

[Empower]

I did not. The credit goes to @Leongsam

Anyway, good luck.

Thank you @Leongsam and @Froggy for helping.
Thanks for being there to help.

 

[cocobobo]

If keppel or semcorp made the same move as salim would the authorities have allowed it? Ie buy hyflux instead of tuaspring?

 

[Focus]

If keppel or semcorp made the same move as salim would the authorities have allowed it? Ie buy hyflux instead of tuaspring?

PAP bastards just know how to make money from Singaporeans. PUB blocked serious foreign buyers who are willing to pay a good price for Tuaspring and send Sembcorp to low-ball at 60-70% discount.

PAP dares to treat our people like that because they think they own this country. Hope Hyflux and other issues will make them lose power, FALL LIKE HYFLUX and frauds exposed.

 

[cocobobo]

What if its not lowball? Remember they both were already partners in a middle east project so they already know each other quality.

 

[JustLikeThis]

I refer to this business times article: https://www.businesstimes.com.sg/co...pite-olivia-lums-sweetener-to-small-investors

I think inflating contingency liabilities will make it easier for the restructuring to pass through even if retail investors vote No. Earlier, I explained that we cannot trust Angela.



Extracts from article:

For illustrative purposes, EY has said that assuming 50 per cent of contingent claims are crystallised, their recovery will be about 29 per cent. Examples of contingent liabilities include banker's guarantees, performance bonds and liquidated damages in a construction project, if there are delays.

However, if the contingent claims do not crystallise, 80 per cent of their allocations (which will be held in escrow) will be distributed to note holders and banks.

The remaining 20 per cent will be distributed to the managers of the projects for which the contingent claim is extinguished, according to Hyflux's Feb 15 court affidavit. This is to incentivise project managers to complete projects on time so that more claims will not be called.

EY partner Angela Ee explained: "If you don't crystallise a contingent claim, more money will be spread amongst the remaining pot." In its affidavit, Hyflux produced a "non-exhaustive list of contingent claims". But actual dollar values were not disclosed.

 

[JustLikeThis]

Look at tonight's proposal from Falcon Energy for their 5.5% bonds.
https://links.sgx.com/FileOpen/FEG_...s_15Feb19.ashx?App=Announcement&FileID=543806

So much more sincere

a) Maturity date of the Notes is postponed to 19 September 2020 (“Extended Maturity Date”);

b) Increased redemption price payable on any outstanding amount of Notes on Extended Maturity Date to 105% of such outstanding principal amount;

c) Revised interest rate payable every two months:
i. 3.50% p.a. for 19 Sept 17 to 18 Sept 18
ii. 4.50% p.a. for 19 Sept 18 to 18 Sept 19
iii. 6.50% p.a. for 19 Sept 19 to 18 Sept 20

d) Assignment of proceeds from scrapping of vessels AC and T4, and an account charge over the charged account for the same;
e) Mortgage and assignment of insurances over vessel SS-8, and an

Ya, this prosposal from Falcon Energy was just announced a few hours before Hyflux's
the insolvent O&G company is more serious about taking care of their investors.