Not 99% it's 100% gone case if the Insurance Salesman show his face.
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Regulators Refusing to Act - Hyflux & Noble Group's Decline
- Thread starter JustLikeThis
- Start date
Not 99% it's 100% gone case if the Insurance Salesman show his face.
In the past two days, my MTN group raised some daring points.
Yesterday, KPMG was investigated. It was so obvious that there were false-accountings involved because KMPG recognized imaginary future income streams without offsetting LNG burn-cost and ballooned the value of Tuaspring. We are talking about valuing $1.5billion of thin air on the balance sheet. DBS has also various RMs promoted to ED in the past ten years because of their "collaborations" with Hyflux.
Now, imagine elections is coming in July school holidays. On surface, these investigations will demostrate to the electorate that the authorities are doing something. Therefore, many said that this is an attempt to pacify the 50000 investors. The casualty-rate is even higher if you include those holding Hyflux shares, Preference shares and Perps under nominees accounts of various securities firms.
Now we take a step back.
Don't the authorities know that Hyflux is the biggest corporate shit in Singapore since Pan-El? Almost two hundred thousand are affected if you include the dependents of the investors. Seriously, are they that stupid not to realize that pouring out the shit in the media now, will expose more of their incompetency? Isn't that a reminder for affected investors to vote for opposition until they get their money back?
- Big investors will be angry.
- Small investors will be reminded to be angry.
- General public will understand that we have no social safety net to speak of.
Bear in mind, even if the four biggest culprits Simon Tay, Gay Chee Cheong, Olivia Lum and Lim Suat Wah are fined, the fines don't go the investors. Individual investors will not get any money back even if these con men are jailed.
Maybe, these actions are just a public-canning show, to justify liquidation for Hyflux, hoping everyone will have closure and move on. On the other hand, some MTN holders feel that the timing cannot be more peculiar for PAP; is this to justify a PUB or state bailout of the investors cheated before the next General Elections?
Will we see daylight?
Masagos said Hyflux is "commercial".
Our government needs to understand that People invested in Hyflux because National Education taught them the importance of water to Singapore. Hyflux is "political".
So many retirees affected, if this happens in China or even Malaysia, the country will assist.
In bid to shore up cashflow, Oxley offloaded interests in Galliard Group at a steep discount, wiping off 2.22 cents from EPS.
https://links.sgx.com/FileOpen/Disposal of Galliard.ashx?App=Announcement&FileID=615365
https://links.sgx.com/FileOpen/Disposal of Galliard.ashx?App=Announcement&FileID=615365
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Kick out PAP. Tell your family and friends to kick out PAP.
Sent SIAS to misguide us and get earn fees. Get rid of PAP, they are just going close the case after GE. I want my money back!
Tuaspring worth more than $1 billion and they took back for zero dollars. Isn't that bullying? Good for nothing country, only know how to make money from Singaporeans.
Sent SIAS to misguide us and get earn fees. Get rid of PAP, they are just going close the case after GE. I want my money back!
Tuaspring worth more than $1 billion and they took back for zero dollars. Isn't that bullying? Good for nothing country, only know how to make money from Singaporeans.
There is no provision for MAS to sue on behalf of investors. In Australia, Hong Kong and UK in particular. the securities regulator has the standing to obtain compensation on behalf of investors. However, this is not the case in Singapore.
In Malaysia, the Capital Markets and Services Act (CMSA) provides for civil liability and civil penalty actions. Civil liability actions can be taken by investors. What is interesting is that the CMSA explicitly provides for civil penalties recovered by the Securities Commission to compensate investors, after the Commission has recovered the costs of the investigation and proceedings.
We ought to now ask: Why do these provisions not exist here, when they exist in these other countries? How important do our authorities really feel about investor protection? Why shouldn’t the SFA empower MAS to take civil liability actions on behalf of investors and/or to use civil penalties recovered to compensate investors?
From: A/P Mak Yuen Teen
https://governanceforstakeholders.com/2020/06/04/hyflux-correction-about-civil-liability-action/
In Malaysia, the Capital Markets and Services Act (CMSA) provides for civil liability and civil penalty actions. Civil liability actions can be taken by investors. What is interesting is that the CMSA explicitly provides for civil penalties recovered by the Securities Commission to compensate investors, after the Commission has recovered the costs of the investigation and proceedings.
We ought to now ask: Why do these provisions not exist here, when they exist in these other countries? How important do our authorities really feel about investor protection? Why shouldn’t the SFA empower MAS to take civil liability actions on behalf of investors and/or to use civil penalties recovered to compensate investors?
From: A/P Mak Yuen Teen
https://governanceforstakeholders.com/2020/06/04/hyflux-correction-about-civil-liability-action/
Looks like the insolvent Sembcorp Marine will also be rescued.
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Termination of Hyflux's renowned Algeria project.
Client Algeria Energy Company Location Algeria Project Design, 25-year concession Capacity 500,000 m3/day
Highly Commended - Desalination Plant of the Year, Global Water Awards 2015
Highly Commended - Desalination Deal of the Year, Global Water Awards 2010
Hyflux Ltd would like to announce that a notice of termination dated 4 June 2020 has been received in respect of the operations and maintenance contract for the seawater desalination plant of 500,000 m3/day at Magtaa, Algeria, by Hyflux Operation & Maintenance Algeria EURL (“HOMA”), a wholly-owned subsidiary of the Company.
The purported termination, if put into effect, is expected to have a material impact on the Group’s financial performance for the year ending 31 December 2020
https://links.sgx.com/FileOpen/Announcement - Notice of Termination of Magtaa OM Agreement final.ashx?App=Announcement&FileID=615675
Client Algeria Energy Company Location Algeria Project Design, 25-year concession Capacity 500,000 m3/day
Highly Commended - Desalination Plant of the Year, Global Water Awards 2015
Highly Commended - Desalination Deal of the Year, Global Water Awards 2010
Hyflux Ltd would like to announce that a notice of termination dated 4 June 2020 has been received in respect of the operations and maintenance contract for the seawater desalination plant of 500,000 m3/day at Magtaa, Algeria, by Hyflux Operation & Maintenance Algeria EURL (“HOMA”), a wholly-owned subsidiary of the Company.
The purported termination, if put into effect, is expected to have a material impact on the Group’s financial performance for the year ending 31 December 2020
https://links.sgx.com/FileOpen/Announcement - Notice of Termination of Magtaa OM Agreement final.ashx?App=Announcement&FileID=615675
Billions went to bail out GLCs, SIA and state-owned property companies, but nothing to bail out fifty thousand Hyflux investors.
This is ridiculous.
This is ridiculous.
Politicians only cares about their personal interests.
Lee Bee Wah spoke out fiercely for the construction industry yesterday because she is in the senior management of two construction companies, Koh Brothers and Tee Land.
https://mothership.sg/2020/06/lee-bee-wah-construction-industry-support
This is conflict of interests.
Why for 2 years, she can't be bothered to speak out for her Yishun residents who were cheated by Hyflux. She will only speak for Hyflux if she is director of Hyflux?
I refer to my previous MTN group legal's last comments.
https://www.sammyboy.com/threads/ox...egulators-refusing-to-act.258403/post-3118132
I am now in another legal group, they have the same worry that this is the wayang before GE and then all of us will be wiped out after GE. The fraudsters had two years to save themselves at our expense. We need to go to MPs again to ask for state bailout. Don't act noble and said we seek what justice. Be serious, we want a state bailout, exchange for our MTN, Pref and Perps for some PUB 2-3% bond is fine. Time is running out.
https://www.sammyboy.com/threads/ox...egulators-refusing-to-act.258403/post-3118132
I am now in another legal group, they have the same worry that this is the wayang before GE and then all of us will be wiped out after GE. The fraudsters had two years to save themselves at our expense. We need to go to MPs again to ask for state bailout. Don't act noble and said we seek what justice. Be serious, we want a state bailout, exchange for our MTN, Pref and Perps for some PUB 2-3% bond is fine. Time is running out.
Do not take the above article from Professor Mak at surface value.
Look, the above article on 4th June is a correction. If the greatest expert of corporate governance in Singapore is misguided, why not the masses?
Then, Professor Mak is a field expert, no commoner will be qualified or educated sufficiently to correct his early comments about civil actions. Could higher authorities with subject knowlege, be the one who "politely" asked him to make the corrections so that he will not peddle false hopes to Hyflux investors that a state intervention or bailout is coming? If so, it means that parliament is going to be dissolved soon and means that the state is unlikely to do anything tangible for us.
Nevertheless, read carefully. Despite the correction, Professor Mak was righteous enough to point out the state has a moral obligation to help us, citing norms in other countries, in his correction statement.
Thank you Professor Mak.
More likely it's the CFO. She disappeared for months. Either she spilled the beans to CAD or she is made the scapegoat for the other 3 with connections; Gay Chee Cheong, Simon Tay and Olivia Lum.
a 12yo oso knows tis sort of cheap trick...
Tonight's speech from Lee Hsien Loong has no substance. There is nothing that they can do for Hyflux once parliament is dissolved.
By then, we will know the investigations is just a potent strategy to make us feel better and after that, they will show their true colours.
Bailout package for SembMarine at the expense of Sembcorp. Temasek to become direct owner of Sembmarine.
Sembcorp said it plans to do this by setting off a S$1.5 billion subordinated loan that it had extended to SembMarine in June 2019. Temasek Holdings has agreed to sub-underwrite the remaining S$600 million of the rights issue. The proposed demerger will be done through a distribution in specie of Sembcorp’s stake in the recapitalised Sembmarine to Sembcorp shareholders as dividends. Shareholders of Sembcorp are set to receive between 427 and 491 Sembmarine shares for every 100 Sembcorp shares without any cash outlay. Upon completion of the proposed transaction, Temasek will be a direct and significant shareholder of both firms, owning some 49.3 per cent of Sembcorp and more than 29 per cent of Sembmarine.
https://www.businesstimes.com.sg/co...ne-to-raise-s21b-demerge-from-parent-sembcorp
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