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

[hofmann]

My family lost a lot of savings in Hyflux. Everyday is like a wandering soul, praying for this crisis to be over but things just get worse with the mounting lawsuits and it all started because of PUB stopping the Tuaspring sales to china investor, then everyone sues Hyflux for bankrupt. Wish it's just a dream.

I hate PAP so much.

My condolences to you and your family. Money hard to earn, easy to lose.

I can imagine it's like having a loved one in a coma and the doctors are rushing you to pull the plug to harvest organs. You cling on to hope for a miracle, slim as it may be.

Sadly you were a victim twice. Once from lax accounting standards and Secondly from the rebalancing of geo-politics in the region when things got frosty between China and Singapore.

 

[frontier]

My condolences to you and your family. Money hard to earn, easy to lose.

I can imagine it's like having a loved one in a coma and the doctors are rushing you to pull the plug to harvest organs. You cling on to hope for a miracle, slim as it may be.

Sadly you were a victim twice. Once from lax accounting standards and Secondly from the rebalancing of geo-politics in the region when things got frosty between China and Singapore.

Thank you for your kind reply. I hope that a new political party will take over Singapore and help us. I know they will.

 

[frontier]

Sorry to hear that bro. Money can be made back. I have lost my fair share of monies in investment, gambling and business. Most important is pick up and look forward. Easier said than done though, but move on. At times, I do ask myself why I am so stupid, feels depressed and start wondering what the fuck why some people can always be at the right place and at the right time and why I never get this chance. I guess it's life. Soldier on my friend. It's only money. Life, fraternity, love and happiness is bigger than money. Look no further. The Lee and HC clan has lots of money being at right place and at the right time. So what? Are they happy? Maybe. But I doubt when you see the siblings fight out in public. They deserve what their father and mother has sowed. And they aren't helping by having so much greed for power.

Thank you for your consolations. I wish them a painful death. Wish the families of those Hyflux management a painful death. Wish the children of the regulators a painful long death. Wish the indifferent politicians in Singapore and their families a terrible death.

 

[JustLikeThis]

We want to be a major LNG centre and so our power generators are paid to use LNG: http://singaporepowerdesk.com/vesti...e-consumers-pay-2-7-billion-sgd-last-4-years/

And screwing Hyflux and its investors:

When Hyflux was first awarded the Tuaspring project in 2011, based on the financial model which modeled the cashflow projections from the project, the power plant was expected to generate profits from day one. This financial model was audited by an external financial model auditor and furnished to the offtaker. In 2013 when Tuaspring was able to secure a non-recourse project financing loan, the lender commissioned an independent market study of the project which arrived at similar conclusions supporting the book value of approximately SGD1.4 billion.​

From https://atans1.wordpress.com/2019/05/08/we-can-use-100-green-energy-by-2035-but-wont

 

[JustLikeThis]

Hyflux says it could get up to S$500m from Oyster Bay Fund
https://www.businesstimes.com.sg/co...it-could-get-up-to-s500m-from-oyster-bay-fund

ANOTHER potential investor has deepened talks with Hyflux as the insolvent water treatment firm searches for fresh funds to stave off liquidation.

Oyster Bay Fund Ltd, a global multi-strategy investment fund, is mulling an investment and has given Hyflux a non-binding letter of intent, the firm said on Friday.

As an indication of its good faith and intent, the fund is prepared to buy preference and ordinary shares in HyfluxShop Holdings from the company for up to S$26 million, Hyflux said. If a definitive agreement is signed, this sum is expected to be used as working capital.

Hyflux said it "envisions" an investment of up to S$500 million in the group by the fund, subject to regulatory clearance, due diligence and the execution of a definitive agreement.

 

[JustLikeThis]

Hyflux says it could get up to S$500m from Oyster Bay Fund
https://www.businesstimes.com.sg/co...it-could-get-up-to-s500m-from-oyster-bay-fund

ANOTHER potential investor has deepened talks with Hyflux as the insolvent water treatment firm searches for fresh funds to stave off liquidation.

Oyster Bay Fund Ltd, a global multi-strategy investment fund, is mulling an investment and has given Hyflux a non-binding letter of intent, the firm said on Friday.

As an indication of its good faith and intent, the fund is prepared to buy preference and ordinary shares in HyfluxShop Holdings from the company for up to S$26 million, Hyflux said. If a definitive agreement is signed, this sum is expected to be used as working capital.

Hyflux said it "envisions" an investment of up to S$500 million in the group by the fund, subject to regulatory clearance, due diligence and the execution of a definitive agreement.

Weird... ... the rumored GLC didn't appear (yet)

a lady RM told me this week that government will help soon or else there will be a regime change in Singapore.

 

[Filloz]

There are so much irregularities in Hyflux's accounts and disclosures but yet our government can't be bothered?

There is a reason why your country's press is a whore.

Dennis Chan published an article today on Sunday Times
https://www.straitstimes.com/business/companies-markets/hyflux-bonds-are-no-lehman-minibonds

Don't even feel that this whore's article is worthy of my time to rebuff. This guy simply want to capitalize on the Hyflux saga for his own fame, and pretend to write like a subject expert. Don't talk cock and try to cover up for PAP with such corrupted journalism .

Maybe he is hoping to be recruited to be a PAP MP in coming GE.

dennis@sph.com.sg

 

[JustLikeThis]

There is a reason why your country's press is a whore.

Dennis Chan published an article today on Sunday Times
https://www.straitstimes.com/business/companies-markets/hyflux-bonds-are-no-lehman-minibonds

Don't even feel that this whore's article is worthy of my time to rebuff. This guy simply want to capitalize on the Hyflux saga for his own fame, and pretend to write like a subject expert. Don't talk cock and try to cover up for PAP with such corrupted journalism .

Maybe he is hoping to be recruited to be a PAP MP in coming GE.

dennis@sph.com.sg

Good morning,
The objective of the article is a mouthpiece of the government to shun responsibilities and negligence. We had seen early case studies in Noble, that regulators were more interested to cover up instead of going after the corporate and regulatory wrongdoers.

The article is a disservice to public justice and shame on the journalist for his motherhood statements.

 

[JustLikeThis]

Hyflux appears to be a massive cover-up by regulators.

Hyflux to lose control of Tuaspring integrated water and power plant
https://www.straitstimes.com/busine...of-tuaspring-integrated-water-and-power-plant

SINGAPORE - Embattled water treatment firm Hyflux will lose control of its one-time largest asset Tuaspring Integrated Water and Power Plant this week. It said on Tuesday (Mar 14) that Maybank, its biggest secured creditor, has appointed receivers and managers from insolvency firm Ferrier Hodgson to take over the power plant.

National water agency PUB will assume control of the desalination plant and shared infrastructure on May 18 after the water purchase agreement with Hyflux terminates on May 17.

 

[JustLikeThis]

Weird... ... the rumored GLC didn't appear (yet)

Ok it's here

Sembcorp Industries is keeping its options open for Hyflux's Tuaspring co-generation power plant "if the price was right".
https://www.straitstimes.com/busine...luxs-tuaspring-power-plant-at-the-right-price

 

[JustLikeThis]

Is this suitor suez?
https://en.wikipedia.org/wiki/Suez_(company)

http://infopub.sgx.com/FileOpen/Announcement - 15 May 2019.ashx?App=Announcement&FileID=559642

 

[Filloz]

Temasek saves a Singapore junk bond issuer PIL Containers.

https://splash247.com/singapores-sovereign-wealth-fund-temasek-comes-to-the-rescue-of-pil/

 

[Revenger]

Ok it's here

Sembcorp Industries is keeping its options open for Hyflux's Tuaspring co-generation power plant "if the price was right".
https://www.straitstimes.com/busine...luxs-tuaspring-power-plant-at-the-right-price

same price as PUB ?

 

[JustLikeThis]

EMIRATI utilities group Utico has invited Hyflux's junior creditors to meet with it in the coming days, as it seeks to garner support for a potential investment in the insolvent water treatment company.

In a statement to the media on Thursday, Utico said it wants to meet with Hyflux's retail perpetual and preference shareholders (PNP), who sunk a total of S$900 million into Hyflux.

Utico appears to want to restart negotiations with national water agency PUB as well. The Tuaspring water and power plant, though loss-making, was Hyflux's largest asset.

Utico said on Thursday: "Utico has also requested Public Utilities Board (PUB) of Singapore by informing Hyflux to grant a delay in the takeover of the Tuaspring desalination plant on May 18. This consensual settlement of the situation will build confidence and reputation."

Mr Menezes said: "This was an asset built with PNP money. We feel PNP money and assets must be secured first since the prospectus stated the use of the funds for it." Hyflux is not legally obligated to pay its perp and pref share investors under current conditions, Utico noted. "This is compounded further if the company is either sold to funds, to investors seeking overseas assets or goes into judicial management," Mr Menezes said.

Utico said: "Details of the PNP meeting with any regulatory approvals/permissions will be announced soon."

https://www.businesstimes.com.sg/co...lux-investors-wants-to-restart-talks-with-pub

 

[JustLikeThis]

Good morning,

Yesterday, PUB responded within a few hours to reject Utico's request to renegotiate Tuaspring takeover on this weekend.
https://www.straitstimes.com/business/pub-rejects-uticos-request-to-delay-tuaspring-takeover
Interestingly, Utico made the following statement yesterday:

Tuaspring was an asset built with PNP money. PNP is compounded further if the company is either sold to funds, to investors seeking overseas assets or goes into judicial management.​

Just some of my thoughts last night:

• It must be PUB's guilty conscience. They knew that they messed up Hyflux by denying bids from various suitors in the first place, with indicative bids that are close to $1.4bn valuations. PUB dared not face the repercussions and quickly rejected Utico. Otherwise, PUB has nothing to lose by talking to Utico because effectively nothing changed (if they agree to let Utico run the facility) and reduces their workload and responsibility for Tuaspring. Or in the most evil intent, the ability to confiscate Tuaspring for free, is PUB's KPI. In short, it is a whitewash.

• Any new investor will want to strike PNP off the balance sheets (as much as possible). Hyflux's latest filing with courts proposed the cold-storage of PNPs (which got SIAS tricked) in Old Hyflux to face-off the unsecured debts and legal claims. Everyone wants PNP dead. Therefore, I am sufficiently surprised that yesterday, Utico reminded PNP their rights about the cumulative feature of their preference shares and perpetual bonds. Looks like Utico is not a preferred bidder to Dowager Olivia. Utico is trying to rally support from retail investors for their bid.

• In every aspect, Utico offers better terms than Salim's SMI. I speculate that Utico wants Olivia out of the picture. There are sufficient reasons to assume that Olivia was biased towards SMI for six months merely because SMI guaranteed her to retain their throne (not in the best interests of shareholders and creditors). Post restructuring, about 70% of Hyflux's assets (before trading suspension) vaporized and these does not include the latest legal claims from overseas. The missing number are in excess of over $2billion. Let me cite the collapse of Enron. Like Hyflux, Enron’s complex financial statements confused shareholders and analysts though false-accounting practices. It appears that both companies adopted accounting limitations to misrepresent past-earnings and asset-values in balance sheets to indicate favourable performance for fund-raising. Over the years, Hyflux was able to attract overwhelming funding support from retail investors to fund their questionable business model; concealing its true performance through a series of risk-assessment, accounting and financing manoeuvres and hyped its leverage to unsustainable levels. Dowager Olivia is likely to foresee herself being sued by any new investor for her past misdeeds if she does not retain her throne.

 

[frontier]

Look at all the white-haired retirees conned by Olivia and government

source: Nikkei Asia Review

 

[JustLikeThis]

New comments from SIAS to appeal for avoiding Judicial Management for Hyflux, despite the lack of accountability with current management
https://www.businesstimes.com.sg/co...nt-not-the-panacea-for-companys-restructuring

After betraying the interests of MTN bondholders, perpetual bondholders and preference shareholders, SIAS is now trying to find relevance. According to the article, SIAS offered to extend updates directly to all P&Ps and other creditors who have provided their email addresses to Sias on the status of the restructuring. Sias also offered to continue to facilitate the feedback received from P&Ps and these other creditors to Hyflux, its advisers and the Court.

These create the fake impression that retail investors are consulted or SIAS represents the interests of the retail investors.

 

[Revenger]

 

[JustLikeThis]

After mid-night, PUB takes over Tuaspring's desalination facilities. Government created the mess and instead of helping us, they swallowed us.

Create awareness about this scandal. Tell your families and friends to Vote Against PAP for this massive cover-up. Everyone.

 

[Filloz]

I read that many retail investors in the telegram group are blaming themselves for what happened.

Dumb fucks. When I first joined this forum, I told you all earlier that part of EY's work is to plant trolls and make you quarrel among yourselves and self-blame.