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

[JustLikeThis]

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

Utico expects the revised offer, which also seeks the immediate resignation of Hyflux’s board if approved, to be passed by investors.

“We are more confident now that the proposal, the only one in court, will be approved by all the stakeholders,” Richard Menezes, Utico’s managing director, said in a text message. “We don’t see any reason for the court to reject the proposal once the investors approve it.”

Utico’s initial deal in November last year to invest a total of S$400 million ($287 million) is the only one with a definite timeframe. Spain’s FCC Aqualia SA and Longview International Holdings Pte separately announced their interest in investing in the Singaporean company earlier this year, while little-known Aqua Munda Pte in December offered to purchase debt of Hyflux noteholders and unsecured creditors.

The prolonged process has compounded frustrations for about 34,000 retail investors in Hyflux.

 

[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.

 

[Filloz]

1. The investigations give all MPs a convenient excuse when they face this voters asking them to bailout Hyflux like PIL, SIA, SembMarine, in the upcoming elections.
2. It also means that government don't intend to anything to bail out Hyflux if they continue to govern the country.
3. Based on the announcement below, I guess General Elections will be before 27th July.
https://www.businesstimes.com.sg/co...g-for-hyflux-lenders-to-take-place-on-july-27

 

[Filloz]

A legal-trained investor from MTN group shared the following in whatsapp:


Hin Leong boss was poorly advised by Rajah Tann. There was no need for the Senior Lim to own up anything. Hin Leong has no paperwork for most deals, only a few know the type and quantity of oil stored in each vessel. Many transactions and bribery for overseas officials are in bags of cash. No doubt that the Lim family falsified accounts, their auditors will also not be charged because they use the numbers from the company's declarations. Auditors don't do valuations.

Enterprise Singapore is very desperate to bailout Hin Leong because Singapore's bunkering sector will be crippled if Hin Leong's assets fall into foreign ownership. However, the stupid Rajah Tann lawyer told Senior Lim to take the blame for his daughter and son, now it is harder for Enterprise Singapore to help Hin Leong.

On the other hand, our government is very reluctant to help Hyflux. Taking clue from Hin Leong's wrong move, having the regulators to take action on Hyflux now, is to make it harder to even discuss about getting any state bailout. Investors will stop pestering the MPs about this issue in upcoming elections. If I am correct, Hyflux's auditor will also not be punished like Hin Leong's and Hyflux's whitehorse management can get off lightly as long as they don't plead guilty to any charges. Thereafter, Hyflux investors can be silenced and buried under the sands.

 

[Revenger]

100% judicial management and liquidation after GE in July .

 

[Dr Christopher Cheok C S]

100% judicial management and liquidation after GE in July .

more likely liquidation, then management need not answer anything.

 

[Dr Christopher Cheok C S]

A legal-trained investor from MTN group shared the following in whatsapp:


Hin Leong boss was poorly advised by Rajah Tann. There was no need for the Senior Lim to own up anything. Hin Leong has no paperwork for most deals, only a few know the type and quantity of oil stored in each vessel. Many transactions and bribery for overseas officials are in bags of cash. No doubt that the Lim family falsified accounts, their auditors will also not be charged because they use the numbers from the company's declarations. Auditors don't do valuations.

Enterprise Singapore is very desperate to bailout Hin Leong because Singapore's bunkering sector will be crippled if Hin Leong's assets fall into foreign ownership. However, the stupid Rajah Tann lawyer told Senior Lim to take the blame for his daughter and son, now it is harder for Enterprise Singapore to help Hin Leong.

On the other hand, our government is very reluctant to help Hyflux. Taking clue from Hin Leong's wrong move, having the regulators to take action on Hyflux now, is to make it harder to even discuss about getting any state bailout. Investors will stop pestering the MPs about this issue in upcoming elections. If I am correct, Hyflux's auditor will also not be punished like Hin Leong's and Hyflux's whitehorse management can get off lightly as long as they don't plead guilty to any charges. Thereafter, Hyflux investors can be silenced and buried under the sands.

Evan Lim is the one who knows English, not his father. His father only speaks Hokkien. Of course, Evan is the one who will be held responsible.

https://business.financialpost.com/...has-no-future-as-an-independent-company-pwc-2

 

[Soul]

Hi all, I wish to share a sad post from Telegram group:

-------------------


Hi everyone, I would like to share this to those who were burnt in this Hyflux saga, especially the elderly. My dad was once featured on the chinese news paper for being the “victim” of this grieved episode with Hyflux. Unfortunately, he passed on due to Covid19 on 29 March 2020. His case was not traceable. He was case 109. My intention in sharing my dad’s story was because there are many elderly who may not even know if they will live tomorrow, due to old age. But they are badly burnt financially due to the wrongdoings of evil and greedy people who manipulated the trusts of gullible elderly who bought into the Temasek backup behind Hyflux. My dad received this advice from his banker. He got him badly burnt. This Hyflux matter was the last item that was weighing his heart before he got COVID-ed.



The above is a tribute made to dad for all the misfortunes which he met...

The bottom line is dad has always wondered if his prayers to recover his money will come true. But time is not on his side, due to old age.

It is not just for my dad

 

[Soul]

Deepest condolences to the deceased's family. This election is our last chance to be heard.

 

[Dr Christopher Cheok C S]

Hi all, I wish to share a sad post from Telegram group:

-------------------


Hi everyone, I would like to share this to those who were burnt in this Hyflux saga, especially the elderly. My dad was once featured on the chinese news paper for being the “victim” of this grieved episode with Hyflux. Unfortunately, he passed on due to Covid19 on 29 March 2020. His case was not traceable. He was case 109. My intention in sharing my dad’s story was because there are many elderly who may not even know if they will live tomorrow, due to old age. But they are badly burnt financially due to the wrongdoings of evil and greedy people who manipulated the trusts of gullible elderly who bought into the Temasek backup behind Hyflux. My dad received this advice from his banker. He got him badly burnt. This Hyflux matter was the last item that was weighing his heart before he got COVID-ed.



The above is a tribute made to dad for all the misfortunes which he met...

The bottom line is dad has always wondered if his prayers to recover his money will come true. But time is not on his side, due to old age.

It is not just for my dad

RIP Uncle, hope Uncle will find peace.

 

[Porfirio Rubirosa]

A legal-trained investor from MTN group shared the following in whatsapp:


Hin Leong boss was poorly advised by Rajah Tann. There was no need for the Senior Lim to own up anything. Hin Leong has no paperwork for most deals, only a few know the type and quantity of oil stored in each vessel. Many transactions and bribery for overseas officials are in bags of cash. No doubt that the Lim family falsified accounts, their auditors will also not be charged because they use the numbers from the company's declarations. Auditors don't do valuations.

Enterprise Singapore is very desperate to bailout Hin Leong because Singapore's bunkering sector will be crippled if Hin Leong's assets fall into foreign ownership. However, the stupid Rajah Tann lawyer told Senior Lim to take the blame for his daughter and son, now it is harder for Enterprise Singapore to help Hin Leong.

On the other hand, our government is very reluctant to help Hyflux. Taking clue from Hin Leong's wrong move, having the regulators to take action on Hyflux now, is to make it harder to even discuss about getting any state bailout. Investors will stop pestering the MPs about this issue in upcoming elections. If I am correct, Hyflux's auditor will also not be punished like Hin Leong's and Hyflux's whitehorse management can get off lightly as long as they don't plead guilty to any charges. Thereafter, Hyflux investors can be silenced and buried under the sands.

OK Lim now being represented by top lawyer in Singapore and probably Asia as well, Davinder Singh.

All sorts of clever tricky tactics being used now...

 

[Filloz]

OK Lim now being represented by top lawyer in Singapore and probably Asia as well, Davinder Singh.

All sorts of clever tricky tactics being used now...

He definitely can afford. His operation overheads is $50m a month at least. The purpose of my sharing was to highlight that the timing of the investigations checkmated Hyflux investors during elections.

Only Mdm Ho Ching can help us now, can more people try reaching out to her on Facebook messenger?

 

[Filloz]

Hi all, I wish to share a sad post from Telegram group:

-------------------


Hi everyone, I would like to share this to those who were burnt in this Hyflux saga, especially the elderly. My dad was once featured on the chinese news paper for being the “victim” of this grieved episode with Hyflux. Unfortunately, he passed on due to Covid19 on 29 March 2020. His case was not traceable. He was case 109. My intention in sharing my dad’s story was because there are many elderly who may not even know if they will live tomorrow, due to old age. But they are badly burnt financially due to the wrongdoings of evil and greedy people who manipulated the trusts of gullible elderly who bought into the Temasek backup behind Hyflux. My dad received this advice from his banker. He got him badly burnt. This Hyflux matter was the last item that was weighing his heart before he got COVID-ed.



The above is a tribute made to dad for all the misfortunes which he met...

The bottom line is dad has always wondered if his prayers to recover his money will come true. But time is not on his side, due to old age.

It is not just for my dad

Sorry to hear about that. May Mr Chung rest in peace and bless his family.
一路好走

 

[Soul]

Only Mdm Ho Ching can help us now, can more people try reaching out to her on Facebook messenger?

I agree on this. We should write to Madam Ho for help. Last week, I wrote to ACRA, they got back to me yesterday that CAD will make an announcement soon. Whatever the announcement, I fear that it will seal our fate. We should ask Temasek for help before the announcement.

 

[Revenger]

EVEN HO JINX DID NOT BUY THAT CRAP STOCK .

 

[Gigo88]

Hi all, I wish to share a sad post from Telegram group:

-------------------


Hi everyone, I would like to share this to those who were burnt in this Hyflux saga, especially the elderly. My dad was once featured on the chinese news paper for being the “victim” of this grieved episode with Hyflux. Unfortunately, he passed on due to Covid19 on 29 March 2020. His case was not traceable. He was case 109. My intention in sharing my dad’s story was because there are many elderly who may not even know if they will live tomorrow, due to old age. But they are badly burnt financially due to the wrongdoings of evil and greedy people who manipulated the trusts of gullible elderly who bought into the Temasek backup behind Hyflux. My dad received this advice from his banker. He got him badly burnt. This Hyflux matter was the last item that was weighing his heart before he got COVID-ed.



The above is a tribute made to dad for all the misfortunes which he met...

The bottom line is dad has always wondered if his prayers to recover his money will come true. But time is not on his side, due to old age.

It is not just for my dad

RIP Uncle.

I agree on this. We should write to Madam Ho for help. Last week, I wrote to ACRA, they got back to me yesterday that CAD will make an announcement soon. Whatever the announcement, I fear that it will seal our fate. We should ask Temasek for help before the announcement.

Look forward to the announcement by CAD. Hopefully, it is before polling date.

 

[Dr Christopher Cheok C S]

The new guy Johnny Wijaya is very fishy, made an offer with the underlying condition that Board of Directors must not be charged. hahaha WTF? Play until so smelly.

And no indonesia will call themselves Johnny Wijaya, there must be another bahasa first or second name. The banker guarantee from Indonesia is worthless because don't know from what bank. Our local banks don't even trust Indonesian banker' guarantee or Letters of Credit.

This kind of offer letter, not even drafted by lawyer lor.

https://www.businesstimes.com.sg/companies-markets/hyflux-receives-letter-from-potential-investor

 

[ftan42]

the whole team of management make what is Hyflux today, what is the motivate to keep the whole management and cannot be removed, are they preparing for 2nd round of bailout?

 

[Dr Christopher Cheok C S]

Our education taught us that water is important. The patriots invested in our water future and the government stole Tuaspring from us. It cost $1.2 billion to build at least.

What kind of logic is this. You rent an office and the lights are not working at times, this gives you the right to confiscate the office?

 

[Filloz]

The government checkmated us now by using police investigations as an excuse. There is nothing we can do now except voting for a completely new government to help us. Last chance.