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

[Empower]

I went to my Meet-People Session last night. Waited a while, interviewed by the MP's assistant and he was helpful, wrote a good memo for me. However, when I met the MP, he told me that Hyflux "police case" now, he could not intervene. My heart went cold, I almost wanted to cry. I guess that is the standard answer.

I always think that people go to MPs when they have police case or traffic case? Even before Hyflux became "police case", no elected MP fought about us in Parliament.

Now, I want to tell everyone that it is a waste of time going to MPs.

Email the MP and DPM to seek help because this is our last hope and no help will be rendered to us after the upcoming elections. We have to rally our families and friends to bring down this government if no help is given to us. HyfluxUnited

 

[viremia]

So if gahmen announces bailout all will vote PAP?
To take back Tuaspring without paying is 做的不漂亮 and 不应该 but within their legal right
The company itself is rotten, only the assets are worth something

 

[JustLikeThis]

I went to my Meet-People Session last night. Waited a while, interviewed by the MP's assistant and he was helpful, wrote a good memo for me. However, when I met the MP, he told me that Hyflux "police case" now, he could not intervene. My heart went cold, I almost wanted to cry. I guess that is the standard answer.

I always think that people go to MPs when they have police case or traffic case? Even before Hyflux became "police case", no elected MP fought about us in Parliament.

Now, I want to tell everyone that it is a waste of time going to MPs.

Email the MP and DPM to seek help because this is our last hope and no help will be rendered to us after the upcoming elections. We have to rally our families and friends to bring down this government if no help is given to us. HyfluxUnited

Hyflux investors have no leadership to speak of. SIAS is biased because they take fat fees; no deal means much lower payouts for SIAS.

Without a tireless voice leading Hyflux investors, our country's politicians read no trend and sways away from public opinion. Don't be surprised that if PAP loses, they still don't know why.

The elders in Singapore supported incumbent and provided a base for PAP over the years. Now, so many of them get killed and many are retired teachers and civil servants who rightfully need not depend on their children. Now, Hyflux burdened their kids and rocked the base.

 

[JustLikeThis]

SINGAPORE (June 9): The independent non-executive director of Jadason Enterprises, Teo Kiang Kok, who is also a director of Hyflux, is under investigation for suspected false and misleading statements as well as breaches of disclosure requirements under Hyflux.

According to an SGX filing on Tuesday, Teo had informed Jadason Enterprises that he is a director of Hyflux, and confirmed that he is under investigation by the Commercial Affairs Department (CAD), the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA).

https://www.theedgesingapore.com/ne...also-director-hyflux-also-under-investigation

 

[JustLikeThis]

June 11 soon


Criminal investigations against Hyflux’s board do not prevent the company from carrying out its debt restructuring plans. However, any criminal findings that are detrimental to the company or its directors may still affect the viability of the restructuring because what the company has previously presented to the High Court, creditors, and investors on these issues may be put in doubt.”
https://www.providencelawasia.com/counsel-danny-quah-comments-on-the-hyflux-restructuring-in-联合早报/
https://www.zaobao.com.sg/finance/singapore/story20200604-1058531

 

[Byebye Penis]

I went to my Meet-People Session last night. Waited a while, interviewed by the MP's assistant and he was helpful, wrote a good memo for me. However, when I met the MP, he told me that Hyflux "police case" now, he could not intervene. My heart went cold, I almost wanted to cry. I guess that is the standard answer.

I always think that people go to MPs when they have police case or traffic case? Even before Hyflux became "police case", no elected MP fought about us in Parliament.

Now, I want to tell everyone that it is a waste of time going to MPs.

Email the MP and DPM to seek help because this is our last hope and no help will be rendered to us after the upcoming elections. We have to rally our families and friends to bring down this government if no help is given to us. HyfluxUnited

Thank you for your efforts. I believe if more of us do so, we will not be ignored.

 

[JustLikeThis]

Hyflux lenders to restart process to put firm under judicial management
https://www.businesstimes.com.sg/co...process-to-put-firm-under-judicial-management

A GROUP of bank lenders is seeking to put Hyflux under judicial management (JM), after two years of a court-sanctioned restructuring process that has continued to leave creditors empty-handed. If a carve-out is approved, the UWG banks plan to file an application to appoint judicial managers over Hyflux to replace the present management.

 

[Filloz]

False Claims Exposed: Utico is bullshitting us again.

Today, Utico claims that two interested parties are looking to acquire shares in Utico, and if successful, the deal could value the United Arab Emirates-based utilities group at up to US$1.5 billion. https://www.straitstimes.com/busine...itor-utico-says-two-parties-eyeing-its-shares

This is nothing tangible and bear in mind, Hyflux used to claim that they have six suitors for Tuaspring with minimum target price of S$1.5billion, sounds familiar?

Three weeks ago (May 19th), Utico broke news that they were seeking $500m of funding to save themselves (I quote "pay down debts"). This hints that their current cost of financing is higher than the coupon of the proposed bond issue.
https://www.thenational.ae/business/uae-s-utico-plans-500m-sukuk-to-pay-down-debt-1.1021674

All these while, the bankers are aware that Utico has no money to speak of, but desperate for a piece of Hyflux to raise their profile.

In the same Straits Times article, "Even though Utico is comfortable to close the transaction on its own now, the company said it is studying the propositions, given that its rescue deal for Hyflux is pending and Utico's stock is not listed and trading publicly yet." This is bragging because if the potential investors are so readily to invest in Utico (Quote - "close the transaction on its own"), Utico will not be so desperate to raise $500m of bonds.


I hope we can get Utico out of the picture. What a distraction.

 

[torchflame]

I went to my Meet-People Session last night. Waited a while, interviewed by the MP's assistant and he was helpful, wrote a good memo for me. However, when I met the MP, he told me that Hyflux "police case" now, he could not intervene. My heart went cold, I almost wanted to cry. I guess that is the standard answer.

I always think that people go to MPs when they have police case or traffic case? Even before Hyflux became "police case", no elected MP fought about us in Parliament.

Now, I want to tell everyone that it is a waste of time going to MPs.

Email the MP and DPM to seek help because this is our last hope and no help will be rendered to us after the upcoming elections. We have to rally our families and friends to bring down this government if no help is given to us. HyfluxUnited

Is Singapore better with PAP? Why they rescue Sembmarine for $1.5billion, SIA for $15billion but only "rescue" Tuaspring for $1?

Didn't Hyflux affect more Singaporeans than SIA and Sembmarine?

 

[RogerK]

Is Singapore better with PAP? Why they rescue Sembmarine for $1.5billion, SIA for $15billion but only "rescue" Tuaspring for $1?

Didn't Hyflux affect more Singaporeans than SIA and Sembmarine?

https://www.temasek.com.sg/en/news-and-views/news-room/statements/2019/STLetter-Hyflux
Letter to Straits Times: Temasek and its unit have not had investments in Hyflux since 2006
01 APR 2019
Does this answer your question?

 

[Byebye Penis]

such logic is flawed. If something is not endorsed by Temasek, does it mean that it is not worth helping the Singaporeans.

So the best job in the world is to be a civil servant let CCS teach us how to do business (like tonight's talk)?
So the best investment in the world is Keppel, Sembcorp and SPH??

The hardcore PAP supporters are main investors of Hyflux and now PAP disowns Hyflux.

 

[Revenger]

PAP MUST BAILOUT ALL SUSPENDED STOCKS ON SGX !
SO MANY SINKIES ARE INVESTORS IN THESE BANKRUPT COMPANIES !

https://www.businesstimes.com.sg/stocks/suspended-stocks-on-sgx-hit-highest-level-in-three-years

 

[JustLikeThis]

Aqua Munda's Holding Company Rain Asia Pacific repeatedly asks for payment deferment for Addvalue's placement
https://www.businesstimes.com.sg/co...6m-placement-subject-to-shareholders-approval

Addvalue said it has received a request from Rain Asia for a "final deferment" to complete the placement, latest by June 23. According to the company, Rain Asia has assured it that the funding commitment of S$6 million is in place, except that it would require additional time to arrange for its disbursement to the company. As a demonstration of Rain Asia's commitment to complete the placement, Rain Asia has also placed a deposit of S$1.2 million with Addvalue, up from the original deposit of S$1 million, the company said.

Addvalue previously announced on May 20 that it had received a request from Rain Asia for the closing of the placement to be deferred to May 21, as the subscriber had experienced "unexpected delay" in the transfer of the requisite funding from overseas. Rain Asia said then that the delay was in part due to the Covid-19 situation and the Ramadan period.

This was followed by another announcement by Addvalue on May 22 noting that Rain Asia had requested to defer the closing of the placement to no later than May 29, and a June 1 announcement to further defer the closing of the placement to no later than June 10.

Rain Asia is a privately-owned company established with the commercial objectives of investing into critical infrastructure (including gas-to-power and water industrial sectors), technology and real estate.

Separately, Aqua Munda is a special-purpose vehicle managed by Rain Asia. Aqua Munda invited Hyflux's senior creditors to tender offers for their debts to be purchased at a minimum discount of 85 per cent. The offer is open to holders of Hyflux's 4.25 per cent notes due in 2018, 4.6 per cent notes and 4.2 per cent notes due last year, as well as holders of other senior unsecured, trade and contingent debts of Hyflux and three of its subsidiaries. Aqua Munda is also prepared to make an offer to preference shares and perpetual securities holders of Hyflux soon.

 

[Byebye Penis]

Aqua Munda's Holding Company Rain Asia Pacific repeatedly asks for payment deferment for Addvalue's placement
https://www.businesstimes.com.sg/co...6m-placement-subject-to-shareholders-approval

Addvalue said it has received a request from Rain Asia for a "final deferment" to complete the placement, latest by June 23. According to the company, Rain Asia has assured it that the funding commitment of S$6 million is in place, except that it would require additional time to arrange for its disbursement to the company. As a demonstration of Rain Asia's commitment to complete the placement, Rain Asia has also placed a deposit of S$1.2 million with Addvalue, up from the original deposit of S$1 million, the company said.

Addvalue previously announced on May 20 that it had received a request from Rain Asia for the closing of the placement to be deferred to May 21, as the subscriber had experienced "unexpected delay" in the transfer of the requisite funding from overseas. Rain Asia said then that the delay was in part due to the Covid-19 situation and the Ramadan period.

This was followed by another announcement by Addvalue on May 22 noting that Rain Asia had requested to defer the closing of the placement to no later than May 29, and a June 1 announcement to further defer the closing of the placement to no later than June 10.

Rain Asia is a privately-owned company established with the commercial objectives of investing into critical infrastructure (including gas-to-power and water industrial sectors), technology and real estate.

Separately, Aqua Munda is a special-purpose vehicle managed by Rain Asia. Aqua Munda invited Hyflux's senior creditors to tender offers for their debts to be purchased at a minimum discount of 85 per cent. The offer is open to holders of Hyflux's 4.25 per cent notes due in 2018, 4.6 per cent notes and 4.2 per cent notes due last year, as well as holders of other senior unsecured, trade and contingent debts of Hyflux and three of its subsidiaries. Aqua Munda is also prepared to make an offer to preference shares and perpetual securities holders of Hyflux soon.

haha ha no money like Utico.

 

[torchflame]

Is it possible to sue NEA and PUB for their misleading projections and Auditors for their false valuations and serious lapses?

 

[Byebye Penis]

Is it possible to sue NEA and PUB for their misleading projections and Auditors for their false valuations and serious lapses?

KNN this is why NEA and PUB more eager to silence Hyflux investors and sweep everyone under the mat, understand bo?

 

[JustLikeThis]

Mr Hong Pian Tee on Tuesday joined Hyflux's board and took over as its lead independent director.
https://www.straitstimes.com/busine...hyflux-appoints-new-lead-independent-director

At present, Mr Hong sits on the boards of three other Singapore-listed companies - as lead independent director of XMH Holdings and Sinarmas Land, and as an independent director of Yanlord Land group.

Previously, he was the non-executive chairman and an independent director of AsiaPhos and Sin Ghee Huat Corporation, the lead independent director of Golden Agri-Resources, and an independent director of Memstar Technology.

 

[JustLikeThis]

KNN this is why NEA and PUB more eager to silence Hyflux investors and sweep everyone under the mat, understand bo?

I suspect now, Hyflux cannot be an election topic because politicians will claim what @Empower heard from his MP, "police case - no comment"
I also agree with @Maybe that it is not about seeking justice. We need a state bailout.

 

[JustLikeThis]

Is Singapore better with PAP? Why they rescue Sembmarine for $1.5billion, SIA for $15billion but only "rescue" Tuaspring for $1?

Didn't Hyflux affect more Singaporeans than SIA and Sembmarine?

Silencing the investor can cover NEA's back. That's the priority.

 

[JustLikeThis]

Bloomberg:
Rift Between Hyflux, Suitor Remains With Offer Deadline Looming
https://www.bloomberg.com/news/arti...ux-suitor-remains-with-offer-deadline-looming