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

PAP government took over LNG terminal project and arguably caused LNG supply in Singapore to be in excess resulting in electricity production glut resulting in all Gencos but one being in the red.

Since government $$$ and LNG supply (use) promotion is in part responsible for Tuas Spring financial woes, isn't it then logical that Government should hereby take responsibility and take over the entire Hyflux Tuas Spring project as well?
"The LNG project was originally a private venture. But with the global financial crisis in 2008, the project became commercially non-viable and stalled. The Government then made a strategic decision to take over the project, so as to diversify our gas supply sources, and enhance our energy security. That was how I got involved in setting up an LNG company. "


From Minister Lawrence Wong FB account:
https://m.facebook.com/story.php?story_fbid=658114224229924&id=192130117495006
Absolutely delighted to see the official opening of our first Liquefied Natural Gas (LNG) terminal at Jurong Island yesterday!

I had set up the Singapore LNG Corporation in 2009 in my previous job at the Energy Market Authority (EMA). The LNG project was originally a private venture. But with the global financial crisis in 2008, the project became commercially non-viable and stalled. The Government then made a strategic decision to take over the project, so as to diversify our gas supply sources, and enhance our energy security. That was how I got involved in setting up an LNG company.

It was one of the biggest challenges I had to undertake in the civil service - recruiting people with LNG or related experiences (very hard to find!), assembling the project team, and building up the company from scratch. For 2 years, i ate, breathed and lived LNG. Fortunately, we had a very good team in EMA and SLNG - the board, CEO and management of the company, as well as the staff all worked very hard to get things going.

The team was also proactive in identifying potential risk areas. They worked closely with the contractor Samsung C&T to resolve issues before they flared up. That's how SLNG managed to build the terminal on time, within budget, and without any lost-time injury! I still remember how one of the site managers did an inspection and found some cracks in the construction support beams for the LNG tanks. The cracks were barely visible to the naked eye. But he noticed them. So we got the defected stuff changed early. Imagine if this had not happened - the cracks could have worsened over time, and resulted in delays and potentially more serious problems down the road.

So as we celebrate the opening of our first LNG terminal, let's also remember the many people who have worked hard behind the scenes to make this happen. The work they do are not always visible to the public eye. But they have all contributed to our energy security, and helped to make Singapore safer and more secure for all of us!
LHMlEhI.jpg
 
election should be on Sept 14 .

now they let hyfuck drag on and on , but after election it will suddenly be placed under Judicial Management.
 
This judge is very biased towards Olivia and Wong Partnership indeed.
https://www.businesstimes.com.sg/co...seven-parties-aims-to-pick-suitor-by-mid-june
Cosimo Borrelli of Borrelli Walsh, the financial adviser to certain bank lenders, had broken away from the group to engage with Utico unilaterally, and has been evasive about the contents of those discussions.

Mr Sandrasegara noted that Mr Borrelli has been very clear about his lack of confidence in Hyflux's board and management, and may undermine the restructuring effort. He said: "It's like sending the angel of death to meet the investors. He is not the right ambassador to meet the investor."

Justice Aedit said that he "strongly encourage(s)" all advisers to leave the details of negotiations to Hyflux, unless they strongly feel their clients' interests are affected.



The judge should have asked for Olivia Lum and her Board of Directors to be removed in exchange for granting the moratorium extension. Progress has been hindered by Olivia Lum. It is a cover-up. Olivia is the threat, not of value to Hyflux.
https://www.channelnewsasia.com/new...torium-extended-again-2-months-aug-2-11577100
 
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"The Government should buy over Hyflux, a key local company with strategic water treatment technology, and appoint a foreign "Jedi Master" who can help it compete globally. The money from hefty incentives used to lure foreign firms is better spent on such foreign "Jedi Masters" who can help run our local companies and take them global. "

Liu Fook Thim https://www.straitstimes.com/forum/...-needs-jedi-masters-not-jedi-master-companies
 
Hyflux saga stinks to the high heaven https://www.sgwealthbuilder.com/2019/06/hyflux-saga-stinks-to-the-high-heaven/

To be frank, I am not sure whether the prolonged Hyflux saga is a good thing for investors. It is not the first time that white knight had emerged and vowed to bring investors to the promised land. Indonesia’s SM Investments appeared out of nowhere to dangle a $530 million rescue mission in late last year. But more than a year later, the whole Hyflux saga remains in a shambolic mess and getting nowhere near the end of the tunnel. There were plenty of interest parties and talks of cash injections. But none of them were legal binding yet. Perhaps the botched deal of SM Investments had deterred interested parties from making a firm commitment.

Looking back, it must have been a nightmarish ride for Hyflux investors as many of them lost their pants investing in the perpetual bonds and preference shares. Many of them are retirees or accredited investors looking for high yield products to grow their wealth. So you can imagine their pains as they saw their life savings being vaporised with the implosion of the Hyflux bankruptcy protection. Indeed, the Hyflux saga has become such a national disgrace that it stinks to the high heaven. How did a former A-list homegrown company end up in such a wretched state is beyond me.
 
PAP government took over LNG terminal project and arguably caused LNG supply in Singapore to be in excess resulting in electricity production glut resulting in all Gencos but one being in the red.

Since government $$$ and LNG supply (use) promotion is in part responsible for Tuas Spring financial woes, isn't it then logical that Government should hereby take responsibility and take over the entire Hyflux Tuas Spring project as well?
"The LNG project was originally a private venture. But with the global financial crisis in 2008, the project became commercially non-viable and stalled. The Government then made a strategic decision to take over the project, so as to diversify our gas supply sources, and enhance our energy security. That was how I got involved in setting up an LNG company. "


From Minister Lawrence Wong FB account:
https://m.facebook.com/story.php?story_fbid=658114224229924&id=192130117495006
Absolutely delighted to see the official opening of our first Liquefied Natural Gas (LNG) terminal at Jurong Island yesterday!

I had set up the Singapore LNG Corporation in 2009 in my previous job at the Energy Market Authority (EMA). The LNG project was originally a private venture. But with the global financial crisis in 2008, the project became commercially non-viable and stalled. The Government then made a strategic decision to take over the project, so as to diversify our gas supply sources, and enhance our energy security. That was how I got involved in setting up an LNG company.

It was one of the biggest challenges I had to undertake in the civil service - recruiting people with LNG or related experiences (very hard to find!), assembling the project team, and building up the company from scratch. For 2 years, i ate, breathed and lived LNG. Fortunately, we had a very good team in EMA and SLNG - the board, CEO and management of the company, as well as the staff all worked very hard to get things going.

The team was also proactive in identifying potential risk areas. They worked closely with the contractor Samsung C&T to resolve issues before they flared up. That's how SLNG managed to build the terminal on time, within budget, and without any lost-time injury! I still remember how one of the site managers did an inspection and found some cracks in the construction support beams for the LNG tanks. The cracks were barely visible to the naked eye. But he noticed them. So we got the defected stuff changed early. Imagine if this had not happened - the cracks could have worsened over time, and resulted in delays and potentially more serious problems down the road.

So as we celebrate the opening of our first LNG terminal, let's also remember the many people who have worked hard behind the scenes to make this happen. The work they do are not always visible to the public eye. But they have all contributed to our energy security, and helped to make Singapore safer and more secure for all of us!
LHMlEhI.jpg

Bastards
 
Inaccuracies in the disclosure of directors’ remuneration under FRS24 in the notes to the financial statements since at least FY2011 as the total amounts disclosed as being paid to directors were lower than the lowest amounts possible based on the remuneration report in the corporate governance statement and the total fees paid to non-executive directors (and even disregarding the fair value of share options granted to non-executive directors).

It is also of concern that the directors who were responsible for administering the share option scheme and determining the amounts to be granted over much of the period were also the ones who received the most share options, including Gay, Teo, Lee and Murugasu. How did the committee decide on the number of options to be granted to each director and in a particular year? Even though directors are not supposed to be involved in determining their own remuneration, the committee members were certainly in a position to influence the amount of options granted to each other. Unfortunately, Hyflux was not transparent in how the number and allocation of options granted were determined.

http://governanceforstakeholders.com/author/mak-yuen-teen/
 
Wow.... how much they lost? Sorry to hear that..

$700,000 of life savings.
All gone. Time spent to save them, all gone.

What did Singapore government do for us? They robbed us of the $1.6billion dollars Tuaspring water plant to cover their asses.
BASTARDS.
 
$700,000 of life savings.
All gone. Time spent to save them, all gone.

What did Singapore government do for us? They robbed us of the $1.6billion dollars Tuaspring water plant to cover their asses.
BASTARDS.

WTF.... no words, hoping something good comes out of all these in the end..
 
You will come to pigs conclusion after this election. Cpf will then be increased to 70
 
Hi guys, our lawyers have been in touch with the buyer. Buyer feels that they have the industry talent to lead Hyflux but I understand that the talks did not go well because Olivia Lum refused to cede management control.

Lawyer said Buyer described Olivia as "nonchalant". Very likely the talks in stalemate or Olivia might found another local backer who will retain her.
Fingers crossed.
 
Hi guys, our lawyers have been in touch with the buyer. Buyer feels that they have the industry talent to lead Hyflux but I understand that the talks did not go well because Olivia Lum refused to cede management control.

Lawyer said Buyer described Olivia as "nonchalant". Very likely the talks in stalemate or Olivia might found another local backer who will retain her.
Fingers crossed.

I kind of expect it. Olivia forced us to accept Salim who will cover up for her and withdrew just right before the voting when she knew nobody support.
 
Hi guys, our lawyers have been in touch with the buyer. Buyer feels that they have the industry talent to lead Hyflux but I understand that the talks did not go well because Olivia Lum refused to cede management control.

Lawyer said Buyer described Olivia as "nonchalant". Very likely the talks in stalemate or Olivia might found another local backer who will retain her.
Fingers crossed.

Are you sharing this because you want to publicly force Olivia to accept before the deadline on Monday or MTN needs to form an alliance with retail PnPs for our common good against Olivia's bias?
 
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