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

[Focus]

CHEE BYE SINGAPORE

 

[Focus]

Looks like Olivia is a big scammer. Nobody trusts her now, she only protects her interests. It is like total loss for bankers and us.

She thinks she is the saviour, GO AND SLEEP WITH THE INDONESIA lah chao chee bye.

 

[bic_cherry]

Mr David Gerald of SIAS said that all questions will be answered.

The a/m (pigeonhole.at) is the only way to ask questions and >100 questions were asked vz internet. Mr David Gerald didn't allow any verbal questions and verbal clarifications were also not allowed. No microphone was available to the audience.

Lucky I managed to select all and copy the whole list at the end of the session, so questions remaining unanswered can be answered on Hyflux website as Mr David Gerald says that they would:

Hyflux Dialogue Session

Enter your question here...

Will the latestfinancial statement ready before voting for the scheme?
Is there a need to consider restructuring the perpetual instruments as there is no legal obligation for Hyflux to redeem them. Has it been considered to just continue paying the contractual interest?
Have Hyflux approached the govrnment for help in view of the strategic asset? If yes, what was their response?
Why does OL not injecting capital into hyflux? Why did she not taking any paycut like what other restructuring company did?
When will the restructuring plan be ready, given that so much time has been given?
In the worst case scenario of liquidation, how much can we expect to get back? 0? 20%? 50%?
Will you be paying the interest for the perpetual securities in May this year?
Hyflux 2016 financial statements were released in Mar18 and 2 months later called for court protection. Why was there no indication of cash flow issues in mar18 and we need EY to point it out ??
Why Hyflux bring in a white knight, as they are actually a dark knight in restructuring as bond and shareholders will be severely diluted. Why not restructure by debt extension like Ezion?
How can we trust that EY is acting independently and that there are no conflict of interest because they are also the auditors of salim and medco listed companies. Will they be biase to their clients?
Is it true that we will only get 5% back? If this is the case, we would prefer to have it liquidated.
As holder of the Perpetual Bonds, are we supposed to consider the defaulted bond payments as writeoffs or will Hyflux pay back when it has recovered?
Why Hyflux issue 500 m PCS in 2016 to retail investors when you all fully aware that Hyflux is in serious troble then? Why not offer right issue then? Major share holders lost faith in hyflux
In the event of converting all bonds, notes and preferential shares to the ordinary shares, what would be the formulas used to determine the fair values before and after the conversion?
What special demands will the Indonesian strategic investors place on Hyflux?
400m injection, 200m for working capital, 200m to kill all 2b of claims from creditors. Each one gets 10% of principal back. SMI gets 60% of hyflux.Mr Gerald,should creditors not push for liquidation?
What is the tangible plan to get back to profitability so that all stakeholders get back their investments without taking a haircut?
Without the sale of TuasSpring, how are to repay the loan to Maybank
Why Hyflux was able to pay dividend when the co was already in difficulty?
1. With entry of Indonesia Investors, is Hyflux continuing to operate and give dividends ? 2. When is Hyflux planning to start trading?3 3. What can we expect as Preference Share holders?
If SALIM GP is so great, shouldn't perps and pref holders get 100% of their investment back? Isn't Temasek and GIC worth more than Salim GP? Why has the Singapore Government betrayed us to foreigners?
Why take so long? how long more will our money been locked?
Is the new investor willing to take on all financial obligations of Hyflux, especially those to the retail investors (ie pref shares, etc)?
Read from the news, the management get 10% equity after restructuring. Can you clarify and explain why you deserve the 10% equity.
Why is the book value at 1.3 billion and yet market is willing to pay only around 500 million or less...? Is there negligence by the board or auditors and the value was inflated ?
OL and her BOD has to claw back their pay and stop their pay...ezion founder lumped in 100 million own money ...what has OL done ??
Why has the company not revised the book values of Tuaspring and your other assets earlier? Based on the news reports, the offer price for Tuaspring is way below book.
What is the most beneficial option proposed currently now for CPS Holders?
It was mentioned that Salim's deal requires approval of NEA, PUB and EMA. Have they approved ?
water is strategic, if all options failed to prop up the cash flow for hyflux’s survival n save PPS, BOD shud seek Govt intervention as we can now see the majority attendees are pretty much grey hai
Regarding the steering committee, has one been formed? Who is on this committee? What are their credentials? Are all stakeholders (creditors / shareholders etc) represented?
Previous Townhall promised committee to be formed to represent the CPS and Pref holder. It was mentioned legal advise will be provided, what happened to it?
Why take so long for the restructuring plan to activate now white knight Salim Group on board to pay back all the perpectual investors???
Given 2 missed coupon payments for the PCS in 2018 & 3rd payment due April 19, when will Hyflux pay in view these payments are cumulative ? How about redemption for the PCS?
OL, you said you now have zero share, what impact can you help your investors with the new management?
May 2018 coupon was declared & yet it was not even paid out. Doesn't it trigger a default? Least Hyflux mgmt can do is to honour it and make declared payout as the most of us need this to survive
David had mentioned, water is strategic and precious to spore investment. Why the govt never put in a lending hand.
Olivia said in last mtg that reason for poor valuation of Tuas Spring is because Singapore government gave instructions to prepare for 8million population. Shouldn't GIC/ Temasek do bailout of sorts?
how can we be assured we will be treated fairly under any debt for equity swap such that there will not be any buy out from salim before the share price recovers ?
Why is the TS sales agreement with Maybank keep on extending every month when Salim has no intention to sell it?
Is management prepared to sacrifice to ensure survival of company and what sacrifices are being made moving forward?
When will tuas spring start making profits. At what electricity price per kwh will tuaspring be profitable
why should we give 3% of new hylfux to management when they are the one brought the company down?
Why allow Indonesian to control Hyflux but pub forbid to sell to many parties ?
Could restructuring considering to pay back (prefer. And prepentual shareholders’ principal in 10yrs, without interests... 10% every year...
Hardly 2 payouts on the perps, yet facing financial strains, y then issued the perps for 6% to attract investors? Wud hv been responsible n more forthcoming when peeps were offered, did SGX not know
Please, what is the point of restructuring when shareholders are the losers? How can the board assure that shareholders interest is being taken care?
Preference share was due for redemption on 2018.Why was nothing done to raise money to ensure that the preference shares be redeemed?This partly result in drop of confidence from banks and investors.
EY said that Hyflux is not a viable business but Olivia said hyflux has a viable business. Who is deceiving us?
Does SMI foresee any regulatory hurdles in acquiring Tuas Spring ( as a condition for the investment) given that it is a strategic national asset and investors need to be pre-cleared by the SG govt?
Will there be asset injections into Hyflux by the new consortium after take over.
What constitutes the Contingent liabilities? Why almost $1b?
Was SMI the only strategic investor asking for all these outstanding liabilities to be written off?
Is there any chance at all to restructure our perpetual securities into new bond like securities and NOT equity?
After the restructuring, will the accrued interest unpaid be paid in full?
Please share with us what is the bidding price of tuas Spring as compared to the $400million from SMI Group. Wouldn't it be better if we just sold off Tuas Spring
How is it that the financials of a reputable company deteriorate so drastically within 2-3 months? What were the measures of disclosure and financial oversight from Hyflux?
Understand restructuring plan had been shared with financial creditors & MTN holders.They would have info of the complete plan for all stakeholders.Why is the board not ready to share plan with us?
Does SMI’s $530M equity injection mean that Hyflux is no longer exploring the separate sale of TuasOne? Is the retention of TuasOne a key condition for SMI coming in as a white knight?
For the voting of the restructuring proposal, are all conflicted person(e.g. Ms Olivia) excluded from being able to vote.
Without providing us with the full and audited financial report, how did EY derive the return from the liquidation scenario?
Why hyflux does not want government to bail out when it is in such a bad shape?
From the book value, it appears that Salim Group’s offer is very low. Can the offer be improved?
Whats the long term plan for tuaspring since it is still losing money? Even after restructuring it will still lose 50million p.a. When will the take or pay gas contract end?
can we just move on to QnA?
How is the dividend payout going forward?
What will be the worst case for us securities holders?
this will not be the last Town Hall for Hyflux. will you consider setting up the coffee n biscuits outside at the lobby rather than in the auditorium, so that attendees can drink while waiting.
Since the restructuring has been shared with various stakeholders for their inputs, why don't you take the opportunity to share with us here for our feedback?
How are we going to assess the merits of the Scheme if we do not have Hyflux’s recent financials?
Have Hyflux approach GIC or Temasek as investor?
Salim taking over more than 60% of the shareholdings. It appears that they have to do a GO.Would that complicate the restructuring?
if SMI takeover is successful, what will perpetual bondholders get?
As of now, what is the indicative % on the dollar we can recover with this consolidation
Can we demand Hyflux to.be shut down so that Maybank loan 700 mil can be writeoff? Then demand G to.compensate the 34000 retail.prep holders thru the profit of running TS and other assets if.any
On hindsight, did court protection really help ? How badly has Hyflux financials deterioriated since court protection was applied. Would it be better to just liquidate ?
Should all CAPITAL be repaid first: e.g. Maybank should not be paid INTEREST until perps and pref securities have received their capital back? (Interest unpaid only repaid after Capital repaid).
How much additional money is Salim prepared to put into hyflux if the reorganization is successful?
When the Salim deal was announced, why did Ms Olivia Lum say it is a happy day and the problem is just a flu ? Why try to writeoff the debts ? Is Salim a white shark instead of white knight ?
Please let us know how long the process will be? 1 year, 2 years.... ?
Do not confuse fixed income instrument investors with equity shareholders. Those who buy fixed income instruments are after the fixed and certain interest payments. They do not want any equity risks.
Since it was just mentioned that water is critic to our country, does the Government advise how the going forward to be?
Why provision was not provided when Hyflux was unable to sell WTE? If adequate provision was provided, Hyflux will not be able to pay out the last dividend
Has the opportunity cost of holding on to the asset for so long be considered.
Maybe the company can consider to pay the dividend by issuing original share for a period of time if having cash flow issues?
Hyflux was following Singapore govt instructions to prepare for 8.0 million population and industrial expansion. Can SG gurantee the debts of Hyflux and buy Hyflux vz a GLC, sovereign wealth fund etc?
Olivia Lum, Mr Gerald has openly asked for you to step down as Chairman. Will you do so?
How does a single project that dragged Hyflux into this stage where almost all of the 2.9bil unsecured holders and creditors are wiped out if liquidated?
The sale of TuasSpring is critical to securities & note holders getting a good deal. Is Hyflux still exploring the sale of TuasSpring?
What if note holder vote against the restructuring as they are not interested in conversion to shares but shareholder vote for?
Note holders are looking for stability not shares, can we have an option to not convert but get only money value.
Any indication what percentage of amount invested by pref shares holder we would expect to get back, either cash, shares or combination of both?
Just because you are not in the driving seat anymore OL abandons the company?
How can a value be agreed on the equity with Salim before debt holders have been consulted. Based on the numbers there is no value for perpetual holders which should mean NO VALUE for equity
Salim group business in Indo Agri is making big losses. Share price drop by half from a year ago... so what makes them so confident to take over and create value for the investors???
The best case liquidation amount presented is only 100+million Vs an original asset price of only tuasspring 900+ million without even considering other assets. How can this be correct?
What will be Ms Lum’s role post-restructuring? Will she continue to lead the company? Will she have a stake in the outcome?
Salim group talk so much. Inside their plan, what do perpetual securities and pref share holders get? Pls QUICKLY COME TO THIS PART OF YOUR PLAN !
Hyfluxshop has to return the 20 million loan to Hyflux .....what has OL done ?
Did the Board aware that the company was in such a situation or was it not report when the board meet during the monthly meeting?
no point showing us liquidation scenario when there’s no restructuring scenario for comparison.
What is the time span to turnaround the company when when dividend will be paid.
How is the company doing for last one since Hyflux taken backstep? What is the extent of loss in the last one year?
Most if not all are interested what shareholders will be entitled to? Please give us some views on that....
are we really a security asset? we owe money to Malaysian Bank. and our "White Knight" is Indonesian Investor.
SMI took over with 60% investment , why don’t they bailout pers & pref investors? , return all our investments back with dividends? Like Genting shares.
The new investors will inject $530m, $400m to be shared among creditors & $130m to pay off shareholders loan. Who is this shareholder and why does this shareholders loan rank higher?
Why did Hyflux enter into water retailing in Elo Water in the first place? Was that synergistic in the first place. May we know what was the impairment charge when the business was exited?
The CFO revealed that before the moratorium, the negotiations are around the book value , and now it isn't . Is it due to the voluntary moratorium? This has caused investors to lose money
How fast can liquidation be if all vote for it
Will Singapore government approve Salim group as investor?
What are the legal liabilities of the current board on this business "failure"?
S&M company talks about the biz plan to reorg Hyflux but there is no time line? How long will it take?
PwC already hinted at debt-free restructrured Hyflux but Salim group is investing $400+mil only. Priority is given to secured debt holders also so can I presume note holders will get close to nothing?
When will the trading suspension be lifted? I think the duration is already long enough for us to make informed decisions.
Does Hyflux honour the last interest which was approved and posted on SGX prior to suspension of PCS?
WHat are the advisors and bod ldoing to ensure that all stakeholders are being treated fairly w/o any group being favored over others? What reassurance that pref s/holders will be treated fairly?
ASL marine BOD pumped in 16 million to subscribe to their own rights...what has OL done ?
Nam Cheong chairman lumped in 30 million to help his company ..what has OL done?
Can we stop paying interest to Maybank given that the CAPITAL of perp and pref is threatened and there is court injunction to allow restructuring etc.
OL, you mentioned that SMI will be able to take Hyflux to new heights. What is the projected value as compared to the present- say short term (1 yr) vs long term ( 5 years)?
Ms OL , Please be transparent, when we bot NCPS in year 2016 , Hyflux still have investment in China and Middle East etc. why you sell one by one foreign investment with heavy loss?
With $400m injection to take over 60% of Hyflux shares minus any debt liability, am I right that the company is valued at abt $700m minus the liability. Appear low. Can seek time ext for better deal?
Why has the SG gov betrayed us to this Indonesia company. Hyflux acted based on SG govt INSTRUCTIONS to cater to 8 million population. Shouldn't Temasek,GIC buy out and run Hyflux as it's subsidiary?
For the voting of the restructuring, what is the % required for the restructuring to be carried out? 50%? 70%?
What is the time horizon SMI projects that Hyflux will be profitable and attractive to investors again?
When can we get the money on the cash component for PCS?
Is there still plan to sell Tuas Spring?
What does it mean when salim owes 60% of hyflux.
What is the share value of Salim-MEDCO in the market?
When can we expect your answers to the numerous questions here?
fLet's move on from history of company to tell us when will the coupon be paid out and when can we get back our principal? the mgmt does not demonstrate any integrity and transparency throughout
Keeping Tuaspring but still paying interest to MAybank, assume the restructuring go through will the new equity holders required to invest (e.g. Right issues) to fund the new Hyflux ?
What is current net asset value of Hyflux? Based on $400m for 60%, is it about $667m? How is this arrived?
In order for the restructure to be successful, the offer to the NCPS and Perpetual Shares has to be attractive enough, what is your take?

 

[JustLikeThis]

Analyzing Hyflux’s Stakeholders and Their Interests

Less-reported insights from Townhall Meeting on 18th Jan

• Earlier rumours were all accurate and Hyflux blackmailed notesholder, preps and pref holders with >90% loss.
• Olivia agreed to the Indonesian offer and very happy about it despite being offered $400m-560m in exchange for FULL write off of over $2-3bn of debts.
• Olivia leaked the cover-ups by Hyflux’s management for their oversights (assuming they are honest) or lies (assuming they are scammers). Eg. voluntary court protection caused asset values to vaporize.

Presenting the First XI

Olivia Lum
Olivia is running hyflux like a typical Malaysian company with two sets of accounts. There will be over $1bn of losses for last Financial Year because the can of worms are now opened. During the second townhall meeting, Olivia explained that she had no intention to put her personal money into Hyflux.

Probable Next Move: As long as Hyflux is not liquidated, she made it clear that she is staying around to draw her pay. If Hyflux is liquidated, Olivia is likely to buy back some assets in her personal capacity (she is already a majority shareholder of HyfluxShop).


Chief Financial Officer
Hyflux has to announce over $1bn of operating and valuation losses for last Financial Year. If the restructuring goes through, Hyflux will recognized over $1.5bn of gains (to conceal the earlier wrongdoings). This is why they delayed the financial reporting till end-June 2019.

Next Probable Move: It is either a billion of losses or a billion of profits in the next financial report. ACRA is likely to raid her books if she cannot generate enough haircuts to hide her false accounts.


PUB & NEA
PUB must be cursing and swearing at Olivia now. It’s like Olivia blames regulators as the primary troublemakers, such as hindering sales to China or Malaysia.

Next Probable Move: If government has no intention to help Hyflux and Hyflux keeps blaming regulators, PUB, NEA or Masagos will likely issue a press release to give their side of the story.


Indonesians
Indonesian didn’t offer a good deal, except that they offered to protect Olivia. They offered zero goodwill to the participants of the townhall meeting. This is weird because the participants are future shareholders if their sinister debt-restructuring goes through. Such attitude is worrying, imagine what will happen when they control 60% of Hyflux.

Next Probable Move: There are speculations on the ground that the Indonesians are just there to make a low-ball offer that only aimed to bailout Olivia. If they can buy Hyflux, it is a steal. If they can’t, they will be more famous than Oei Hong Leong.


SIAS
This one is really nonsense; time-waster with little empathy shown. If they are a doctor, they are basically cracking jokes to their terminally-ill patients about their medical conditions. SIAS is desperately finding relevance and seeking press-coverage for their self-proclaimed referee-role in the saga. The worst part was that SIAS silenced a lot of criticisms during the townhall. This referee is indeed kelong.

Next Probable Move: SIAS will focus more efforts to invite participants to join SIAS, than to help distressed investors getting heard. Many retail investors quit SIAS since their peak ten years ago and they badly need the press-coverage and membership to stay relevant.


Debt Restructuring Team
Hyflux mentioned that they were advised to seek court protection. Then Hyflux blamed the court-protection for causing everyone to low-ball on Tuaspring. (Hyflux claimed that initially that they had indicative offers that were close to book value. These auditors and lawyers truly assume the participants are just less financial-savvy retirees, pitching the concept that >90% capital loss in exchange for tiny bits of shares is a better deal with a chance to recoup losses.

Next Probable Move: Hyflux’s management hinted about being misguided by the auditors and legal team. The debt restructuring team are as selfish as Olivia, and advised Hyflux to “Horland” all the way. In another similarity as Olivia, the debt restructuring team aims to complicate matters so that they can stay in the picture for as long as possible to draw their fat whorefessional fees.


Bankers
Indonesians spilled the beans and demanded a zero-debt Hyflux in exchange for their investments. It is like 80-95% write-off for unsecured bankers.

Next Probable Move: This is the group with the strongest legal support. Many bankers’ careers will be ruined if the Indonesians have it their way, so expect strong retaliations from them in court hearings.


Notesholders
These folks merely get 4.2 to 4.6%pa per annum for Hyflux’s notes and all three series were supposed to mature within 18 months from Hyflux’s suspension. Now, Hyflux is threatening them with >90% losses and Business Times even claimed that they were “comforted”. WTF???

Probable Next Move: As a team, they will sue for liquidation because it is almost certain that they will get more money back by doing so (priority over the preference shareholders and perpetual bondholders).


Perpetual Bondholders
Hyflux told them that along with the preference shareholders, they will get zero if they don’t support the debt restructuring or a few percent back if they support the restructuring.

Probable Next Move: Trustee, Perpetual Asia is expected to issue a statement next week and receive more support to convene a meeting to hold Hyflux for default, to trigger full-redemption.


Preference Shareholders
This is the most disorganized group. Everyone is waiting for someone to do something. Many are even fearful of making themselves heard in the townhall. All they know is to enthusiastically clap to give Olivia encouragement during the townhall meeting.

Probable Next Move: These apathetics are passive and timid good citizens of Singapore, probably be craving for a BBM or PBM medal each in exchange for their contributions (losses) towards our nation’s water development.




Final Summary:

• Hyflux is trying to elope with the Indonesians with all assets by paying off 5-10% of the debts.
• Olivia is like a staff, pending-retrenchment. Together with the Debt Restructuring Team, they aim to drag and continue draw a pay as long as possible.
• SIAS and Indonesians are not sincere. They are just here for some cheap thrills and free publicity.
• Notesholders, Perp and Pref holders have to make plans in their personal lives to cover the losses; sell house, sell car, sell pets, or seek help from PM Lee like this gentlemen

Help your good selves by getting heard. Otherwise no one will help you.

 

[mojito]

Why should we save greedy bond hogs from getting skinned by bargain hunters?

 

[gummybear]

Even want die also want OL die together with us.
This selfish bitch

 

[JustLikeThis]

Why should we save greedy bond hogs from getting skinned by bargain hunters?

Because it's a con job


If Hyflux has found a white knight, why are stakeholders still in distress?
https://www.businesstimes.com.sg/co...knight-why-are-stakeholders-still-in-distress

To be sure, Hyflux has not shared any meaningful financial updates with the public so these figures are speculative. Hyflux has promised to provide a breakdown of its contingent liabilities when it puts a rescue deal to vote.

It's also unclear how much the equity in Hyflux is worth, as Hyflux has not shared any cashflow projections with investors, or what its balance sheet will look like if the deal goes through.

The real shocker at Hyflux's creditor meetings last week was how chief financial officer Lim Suat Wah answered the question of why the book values of Tuaspring and other assets had not been revised sooner to reflect the low offers Hyflux was drawing.

She added: "A lot of elderly folks don't really understand what's happening. Some of them are really ignorant. When she (Ms Lum) talked about 'white knights' at the townhall last Friday, they clapped their hands. They don't really understand."

Ironically, for a company that has built a reputation for making water clean enough to drink, Hyflux may well be remembered for muddying and muddling through a messy corporate default.

 

[JustLikeThis]

Even want die also want OL die together with us.
This selfish bitch

Can't blame her, she must be very lonely. She fell in love with the Satan.

Extracts from: http://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes20081005-1.2.6.2.aspx

He's not just a good speaker, he has the wisdom and ability to interpret the Bible.
It has changed me, my life, my business.'
MS OLIVIA LUM, 47, chief executive officer and president of water purification company Hyflux Group, on Pastor Joseph Prince​

 

[mojito]

Because it's a con job


If Hyflux has found a white knight, why are stakeholders still in distress?
https://www.businesstimes.com.sg/co...knight-why-are-stakeholders-still-in-distress

To be sure, Hyflux has not shared any meaningful financial updates with the public so these figures are speculative. Hyflux has promised to provide a breakdown of its contingent liabilities when it puts a rescue deal to vote.

It's also unclear how much the equity in Hyflux is worth, as Hyflux has not shared any cashflow projections with investors, or what its balance sheet will look like if the deal goes through.

The real shocker at Hyflux's creditor meetings last week was how chief financial officer Lim Suat Wah answered the question of why the book values of Tuaspring and other assets had not been revised sooner to reflect the low offers Hyflux was drawing.

She added: "A lot of elderly folks don't really understand what's happening. Some of them are really ignorant. When she (Ms Lum) talked about 'white knights' at the townhall last Friday, they clapped their hands. They don't really understand."

Ironically, for a company that has built a reputation for making water clean enough to drink, Hyflux may well be remembered for muddying and muddling through a messy corporate default.

Will the elderly still be clapping their hands when handed back 5 cents for a dollar?

Sad yet comical.

 

[JustLikeThis]

Will the elderly still be clapping their hands when handed back 5 cents for a dollar?

Sad yet comical.

It is always easier to con the elderly. I have a medical explanation
https://www.betterhealth.vic.gov.au/health/conditionsandtreatments/dementia-early-signs

 

[JustLikeThis]

Everyone is waiting for someone to do something. Many are even fearful of making themselves heard in the townhall. All they know is to enthusiastically clap to give Olivia encouragement during the townhall meeting.

so sweet lor

 

[Huatable]

Liquidation analysis by EY

Although some investors expressed in the Q&A session that they would prefer liquidating Hyflux to the restructuring proposal—based on the guidelines that were shared—the outlook for that alternative is bleak, at least according to the analysis done by Ernst & Young (“EY”), the company’s financial advisor.

EY’s liquidation analysis was necessarily based on many assumptions, the key of which was that Hyflux’s main EPC business would cease activity while many of the project owning entities would remain outside of insolvency processes. The study also took into account that many of the company’s assets are held outside of Singapore, often in challenging jurisdictions.

The analysis concludes that Hyflux’s senior unsecured creditors—bank lenders, noteholders, and contingent creditors— can expect a recovery rate between 3.8-8.7% in a liquidation scenario. Junior creditors holding the perpetual securities and preference shares get zero.

https://www.bondsupermart.com/main/...Hall-Meetings-Everything-You-Need-to-Know-623

My take: Highlighted portion are hints by the author that EY is smoking us.

EY has serious conflict of interests, it appears that EY is plotting to benefit Olivia (Olivia was EY Entrepreneur of the Year), and the indonesians are also EY's customer (Medco's auditors).

 

[Empower]

Hi all, I sought help from MP and they told me that it is a commercial issue, not their purview. I wrote to the Prime Minister and there is no reply too.

I lost the bulk of my savings and this Chinese New Year, I didn't even have the mood or money to buy any new clothes for my kids and myself.

Yesterday, I read on Straits times that Temasek lost a many billion british pounds in Standard Chartered, and can't even find some loose change to help us?

 

[JustLikeThis]

Hi all, I sought help from MP and they told me that it is a commercial issue, not their purview. I wrote to the Prime Minister and there is no reply too.

I lost the bulk of my savings and this Chinese New Year, I didn't even have the mood or money to buy any new clothes for my kids and myself.

Yesterday, I read on Straits times that Temasek lost a many billion british pounds in Standard Chartered, and can't even find some loose change to help us?

hi, sorry to hear about that. My family members are affected too. Another member also pm me and told me he sold his place to downgrade because his savings were gone for a year. He is a retired teacher and wrote to PM. PM's admin assistant did reply him and told him that he will convey the message to PM, then nothing happened since.

I reflected since reading your message. I think retail investors are very timid. They don't even dare to tell people that they are a victim in this situation, and only a few like the retired teacher and me wrote to the Ministers or PM. Although there is no help from them but we just need to get more people around you to write to them so that they know the commoners are affected.

I encourage you to do the name. Make yourself heard.

 

[JustLikeThis]

Source: Blogger Philip Ang

 

[Empower]

hi, sorry to hear about that. My family members are affected too. Another member also pm me and told me he sold his place to downgrade because his savings were gone for a year. He is a retired teacher and wrote to PM. PM's admin assistant did reply him and told him that he will convey the message to PM, then nothing happened since.

I reflected since reading your message. I think retail investors are very timid. They don't even dare to tell people that they are a victim in this situation, and only a few like the retired teacher and me wrote to the Ministers or PM. Although there is no help from them but we just need to get more people around you to write to them so that they know the commoners are affected.

I encourage you to do the name. Make yourself heard.

I already voice out. Do you know the censorship is so crazy? In the townhall, my posted question was deleted because it questioned the government screwing Hyflux. I cannot remember exactly but I don't think that my question was the only one that blamed the government that got removed by moderators. My brother posted about the injustice in the telegram group and he showed me a screenshot that the admin just said fuck off if we blame pap. Don't blame some people for being timid, it is more like we have been silenced.

Everyday, I eagerly check for news, hoping I can get my savings back. Those were the money that I saved for my first property downpayment. Everynight, I still share the same bedroom with my kids at my parents' place. Not everyone has a smooth life, it is not that I am a spendthrift. I have a lot of commitments in life, I got to help my relatives, give my in-laws, the spare money I saved in insurance and hyflux bonds. Then Hyflux suspended just when I thought it will be redeemed in 2018 and use the money to buy my first roof.

I told my wife the government screwed us up badly by blocking the sales to big foreigners and want GLC to swallow it for free. Now everyday tells us we will not get all our money back. Sometimes my wife think of it and cries. I feel so useless. Why we so unlucky and stupid, and we thought we hide in a low-risk counter? We have been thrifty and only flew twice to nearby places since married. Might as well spent the money on world tour right? When I want to buy a phone, I waited for a whole year for the price to drop by $50 before buying, now my years of savings just gone like that.

Today, I read a news about a body floating in Marina South. I also thought of dying then I can get my insurance payout. In my selfish heart, I wish the family of the deceased come out and claim that the person took his life because of Hyflux's news so that the society can have more awareness about us being scammed. Then I told myself, even if some of the 50000 investors took their own lives, it will not be reported.

I post about Temasek's multi-billions losses in British pounds for Stan Chartered. I am really very angry. Angry not because of the losses but angry why got so many of us killed by Hyflux and our country don't help us and made things difficult for us. Many people already shared that a bailout by government will definitely be profitable for Singapore because of various reasons. Why Singapore government only know how to make money from Singaporeans? What is wrong with helping commoners Singaporeans.

I feel so betrayed by my country.

 

[Empower]

I come here to shame the regulators, Hyflux management, the heartless politicians and restructuring lawyers and auditors.
May all of your families and you be cursed and burn in eternal Hell. Everyday, it gets clearer that this is an elaborated scam by Hyflux and the government to wipe out retail investors.

 

[JustLikeThis]

I already voice out. Do you know the censorship is so crazy? In the townhall, my posted question was deleted because it questioned the government screwing Hyflux. I cannot remember exactly but I don't think that my question was the only one that blamed the government that got removed by moderators. My brother posted about the injustice in the telegram group and he showed me a screenshot that the admin just said fuck off if we blame pap. Don't blame some people for being timid, it is more like we have been silenced.

Everyday, I eagerly check for news, hoping I can get my savings back. Those were the money that I saved for my first property downpayment. Everynight, I still share the same bedroom with my kids at my parents' place. Not everyone has a smooth life, it is not that I am a spendthrift. I have a lot of commitments in life, I got to help my relatives, give my in-laws, the spare money I saved in insurance and hyflux bonds. Then Hyflux suspended just when I thought it will be redeemed in 2018 and use the money to buy my first roof.

I told my wife the government screwed us up badly by blocking the sales to big foreigners and want GLC to swallow it for free. Now everyday tells us we will not get all our money back. Sometimes my wife think of it and cries. I feel so useless. Why we so unlucky and stupid, and we thought we hide in a low-risk counter? We have been thrifty and only flew twice to nearby places since married. Might as well spent the money on world tour right? When I want to buy a phone, I waited for a whole year for the price to drop by $50 before buying, now my years of savings just gone like that.

Today, I read a news about a body floating in Marina South. I also thought of dying then I can get my insurance payout. In my selfish heart, I wish the family of the deceased come out and claim that the person took his life because of Hyflux's news so that the society can have more awareness about us being scammed. Then I told myself, even if some of the 50000 investors took their own lives, it will not be reported.

I post about Temasek's multi-billions losses in British pounds for Stan Chartered. I am really very angry. Angry not because of the losses but angry why got so many of us killed by Hyflux and our country don't help us and made things difficult for us. Many people already shared that a bailout by government will definitely be profitable for Singapore because of various reasons. Why Singapore government only know how to make money from Singaporeans? What is wrong with helping commoners Singaporeans.

I feel so betrayed by my country.

Dear friend, I feel for you. Please don't think about taking your life. Your kids need you.

Brother, You are not alone. Tell yourself to do whatever you can to stay alive so that you can take revenge.

 

[JustLikeThis]

@Empower please pm me if you need to talk.

 

[gummybear]

Why you all dump so much money into this rubbish ?

Take care brothers