Chitchat MAS - Lack of Courage and Candour

[borom]

.......Singapore Exchange has warned investors to pay attention to the financial irregularities that are emerging among the listed companies here with operations in China.
Several of these companies have recently announced significant and perplexing changes in their financial positions, usually the in form of write-offs over questionable customer claims and bad loans, SGX chief regulatory officer Tan Boon Gin said ........
"Others involved the company extending prolonged credit terms to customers and reporting dwindling sales, while making significant prepayments to suppliers for raw materials and deposits for capital expenditure and expansion, only to write off these significant amounts," .....

These situations have caused a massive erosion of the companies' cash, assets or reserves, which gave the companies an excuse to, in turn, made impairment provisions on assets such as factories and land. .....

"Some of these impairment decisions may be questionable......

The article did not name these companies, but noted that they are in the textile, manufacturing, heavy industries, retail and chemical sectors, among others.......

In his article, Mr Tan said SGX expects companies to conduct their due diligence, such as ensuring controls and seeking independent professional advices, before the write-offs are made.

"Investors should note SGX's concerns and monitor these risks closely when making their investment decisions. In addition, SGX may raise questions to the board of these companies," Mr Tan added.

http://www.straitstimes.com/business/companies-markets/sgx-flags-financial-irregularities-at-s-chips

Many S chips are obviously out to cheat and yet SGX dare not even name them and only may raise questions with them.(set the trend for SGH hepatisgate?)
If the China companies cook their books, how would investors find out they are fake?
How about the auditors-how did these companies passed the audit?-same for the BSI, why the auditors did not flag the latest irregularities early to the regulators and warn the investing public/depositors ?
Why are these S chips mentioned by SGX above continued to be listed on the SGX ?

I do not remember MAS ( as the supervisor overseeing all financial institutions in Singapore, including the stock exchange ) even issuing any statements on the matter, not to talk about bringing the crooks to justice.

Workers Party and international corporate lawyer Chen Show Mao , Where Art Thou?
Would CSJ or Kenneth R raise these issues?
Anyway 70% are happily waiting for their new parks, walkways ect2.
Corporate Governance?......what's that since I'm busy collecting cardboards for exercise .

 

[scroobal]

Don't get me going on S chip firms. How is SGX going to control Chinese firms. Due diligence even before IPO is already a joke.

Many S chips are obviously out to cheat and yet SGX dare not even name them and only may raise questions with them.(set the trend for SGH hepatisgate?)
If the China companies cook their books, how would investors find out they are fake?
How about the auditors-how did these companies passed the audit?-same for the BSI, why the auditors did not flag the latest irregularities early to the regulators and warn the investing public/depositors ?
Why are these S chips mentioned by SGX above continued to be listed on the SGX ?

I do not remember MAS ( as the supervisor overseeing all financial institutions in Singapore, including the stock exchange ) even issuing any statements on the matter, not to talk about bringing the crooks to justice.

Workers Party and international corporate lawyer Chen Show Mao , Where Art Thou?
Would CSJ or Kenneth R raise these issues?
Anyway 70% are happily waiting for their new parks, walkways ect2.
Corporate Governance?......what's that since I'm busy collecting cardboards for exercise .

 

[halsey02]

Don't get me going on S chip firms. How is SGX going to control Chinese firms. Due diligence even before IPO is already a joke.

That is an interesting presumption, you can compare the SChips & SGX with the CLOB saga & SIMEX trading of Japanese Bonds, all these were done with due diligence. When KLSE etc..pull the plug....."there were darkness"...not that had not being warned.

My point is, where there is money to make...heads can turn 360 degrees.....no need diligence, or control...just "show me the money"....it is the small fry investors, gets toasted, roasted & burn to a crisp...diligence?, control?..

ha ha ha ha

 

[po2wq]

... My point is, where there is money to make...heads can turn 360 degrees.....no need diligence, or control...just "show me the money"....it is the small fry investors, gets toasted, roasted & burn to a crisp...diligence?, control?..

ha ha ha ha

n dey wil tel daft sinkies u wen in wif ur i's opened ...

 

[aurvandil]

An interesting turn of events. Should the lamb be allowed to flee to Malaysia? Unlike other high profile cases, the msm has pointedly not published any pictures of the lamb. He could cross the Causeway on a Malaysian passport and no one would be the wiser.

If the lamb is allowed to flee, there would be the benefit of having "done something" while doing an ASEAN abang a huge favor.

If the lamb flees to Malaysia, what will be his fate? Will he enjoy wealth and fortune? Or will he find himself in an oil drum buried in concrete?

Ex-BSI banker Yeo Jiawei granted bail of $600,000 but will stay in remand until June 1

http://www.straitstimes.com/business/ex-banker-yeos-bail-stayed-till-june-1-in-1mdb-linked-probe

SINGAPORE - Ex-BSI wealth planner Yeo Jiawei, who now faces nine charges for the key role he played in facilitating transactions involving scandal-hit state fund 1Malaysia Development Berhad (1MDB), was granted bail of S$600,000 by the district court on Thursday (May 26).

But Yeo, who has been in remand for the past 41 days, will stay in remand until June 1, after prosecution said it will file an application for criminal revision challenging the bail order in High Court.

Defence lawyer Harry Elias had suggested that a bail of between S$200,000 and S$400,000 be set for Yeo. He also asked for "unhindered, free access" to Yeo, saying "the way we have seen our client in last 40 days is appalling".

But Second Solicitor-General Kwek Mean Luck argued that Yeo had violated the terms of a previous bail order after he was arrested on March 17, and released on bail the next day.

Prosecution had said Yeo contacted "no less than five different witnesses and told them the time had come to 'collaborate' stories to provide a 'consistent response' to CAD if questioned".

"It is likely he will intervene with witnesses if he is released on bail," Mr Kwek argued.

 

[Papsmearer]

An interesting turn of events. Should the lamb be allowed to flee to Malaysia? Unlike other high profile cases, the msm has pointedly not published any pictures of the lamb. He could cross the Causeway on a Malaysian passport and no one would be the wiser.

If the lamb is allowed to flee, there would be the benefit of having "done something" while doing an ASEAN abang a huge favor.

If the lamb flees to Malaysia, what will be his fate? Will he enjoy wealth and fortune? Or will he find himself in an oil drum buried in concrete?

Ex-BSI banker Yeo Jiawei granted bail of $600,000 but will stay in remand until June 1

http://www.straitstimes.com/business/ex-banker-yeos-bail-stayed-till-june-1-in-1mdb-linked-probe

SINGAPORE - Ex-BSI wealth planner Yeo Jiawei, who now faces nine charges for the key role he played in facilitating transactions involving scandal-hit state fund 1Malaysia Development Berhad (1MDB), was granted bail of S$600,000 by the district court on Thursday (May 26).

But Yeo, who has been in remand for the past 41 days, will stay in remand until June 1, after prosecution said it will file an application for criminal revision challenging the bail order in High Court.

Defence lawyer Harry Elias had suggested that a bail of between S$200,000 and S$400,000 be set for Yeo. He also asked for "unhindered, free access" to Yeo, saying "the way we have seen our client in last 40 days is appalling".

But Second Solicitor-General Kwek Mean Luck argued that Yeo had violated the terms of a previous bail order after he was arrested on March 17, and released on bail the next day.

Prosecution had said Yeo contacted "no less than five different witnesses and told them the time had come to 'collaborate' stories to provide a 'consistent response' to CAD if questioned".

"It is likely he will intervene with witnesses if he is released on bail," Mr Kwek argued.

frankly, I am very surprised that it has gone this far. They are taking a big chance by trying Yeo. As he aided and abetted the transfer of funds from 1MDB to najib, the last thing that the PAP/MAS and Najib want to see is this guy go into a court in a highly publicized trial and spill the beans. He can name names, and point to all the skeletons in the closet. Does the PAP and Najib really want this?

I can just imagine him in court, when asked why he let all these transaction take place to Malaysian accounts, saying "The MAS did not have a problem with it at that time, why are they having a problem now? They could have killed the transactions at that time but did not". Basically, the Swiss banking authorities are saying that Yeo and other BSI executives like Yak Yew Chee:

The Swiss banking regulator found that BSI had failed to identify possible money-laundering over a four-year period until April 2015, especially when dealing with “politically exposed persons” whose dubious transactions involving hundreds of millions of dollars were not satisfactoriy scrutinised. It did not identify the people involved.

basically the swiss are saying that Hundreds of millions of dollars in large transactions were send to Najib, and that BSI did not identify this as money laundering. Well, neither did MAS. MAS knows everything that goes out especially when it comes to very large transactions going to political figures in Malaysia. They were probably told at that time to turn a blind eye and let it go. Now the hypocrites want to come and whack these guys? MAS is playing with fire here.