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

[JustLikeThis]

Johnny Widjaja, an Indonesian magnate, has expressed interest in investing as much as S$300 million ($215 million) in Hyflux as quickly as possible, the troubled water company said in a filing to SGX Friday. Among other stipulations, Widjaja said the current management, including CEO Olivia Lum, must remain in place and no part of the group could be placed in judicial management or liquidation. Widjaja was previously the head of consumer goods and chemical maker Tira Austenite, as well as having roles at Menara Duta and Widjajatunggal Sejahtera, according to Bloomberg data.

In a memo dated 4 June, which Hyflux filed to SGX, the water company said its medium-term noteholders planned to reject the revised offer because they wanted cash and not equity. The Securities Investors Association (SIAS) also continued to have concerns about the offer, Hyflux said

The deeply indebted water player had filed for court protection from creditors in May 2018, after an oversupply of gas in Singapore resulted in depressed electricity prices, leading to losses for the company. Hyflux’s unsecured debt load stands at nearly S$3 billion.

https://www.dealstreetasia.com/stories/hyflux-gets-fresh-lifeline-194784/

 

[JustLikeThis]

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

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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

My warm and heartfelt sympathy. It must be a very difficult time for the family with all these happening, please be strong.

 

[Revenger]

SMI = S$500 MILLION
UTICO = S$400 MILLION
WIDJAJA = S$300 MILLION

SEE THE PATTERN ?

 

[Dr Christopher Cheok C S]

I hope the five largest opposition parties can help us create more awareness about our plight.

PSP - 24 candidates
WP - 21 candidates
SDP - 11 candidates
PV - 10 candidates
NSP - 10 candidates

 

[JustLikeThis]

Hyflux's update followed a pre-trial conference in the morning, which saw the High Court setting out some revised dates for parties to file and serve affidavits and any submissions ahead of the July 27 hearing. On July 27, Justice Aedit Abdullah will hear the applications by an unsecured working group (UWG) of banks and by ESR-Reit to be carved out of the moratorium. The UWG comprises Mizuho, KfW, Bangkok Bank, BNP Paribas, Standard Chartered Bank, CTBC Bank and Korea Development Bank.

According to Hyflux's update on Thursday, the court has directed Hyflux and other creditors, if any, to file and serve their unredacted substantive reply affidavits on the UWG's application by July 11. Hyflux must also file and serve its unredacted substantive reply affidavit on ESR-Reit by that date.

By July 12, Hyflux and other creditors, if any, are to serve their redacted substantive reply affidavits on the creditors and other interested parties.

ESR-Reit and the UWG will file and serve their respective unredacted response affidavits by July 21. If a carve-out is approved, the UWG plans to file an application to appoint judicial managers to oversee Hyflux in place of the present management.

https://www.businesstimes.com.sg/co...ding-with-hyflux-moratorium-carve-out-request
https://links.sgx.com/FileOpen/SGX Announcement - 2 July 2020.ashx?App=Announcement&FileID=622410

 

[Revenger]

Hyflux's update followed a pre-trial conference in the morning, which saw the High Court setting out some revised dates for parties to file and serve affidavits and any submissions ahead of the July 27 hearing. On July 27, Justice Aedit Abdullah will hear the applications by an unsecured working group (UWG) of banks and by ESR-Reit to be carved out of the moratorium. The UWG comprises Mizuho, KfW, Bangkok Bank, BNP Paribas, Standard Chartered Bank, CTBC Bank and Korea Development Bank.

According to Hyflux's update on Thursday, the court has directed Hyflux and other creditors, if any, to file and serve their unredacted substantive reply affidavits on the UWG's application by July 11. Hyflux must also file and serve its unredacted substantive reply affidavit on ESR-Reit by that date.

By July 12, Hyflux and other creditors, if any, are to serve their redacted substantive reply affidavits on the creditors and other interested parties.

ESR-Reit and the UWG will file and serve their respective unredacted response affidavits by July 21. If a carve-out is approved, the UWG plans to file an application to appoint judicial managers to oversee Hyflux in place of the present management.

https://www.businesstimes.com.sg/co...ding-with-hyflux-moratorium-carve-out-request
https://links.sgx.com/FileOpen/SGX Announcement - 2 July 2020.ashx?App=Announcement&FileID=622410

O$P$ !
ESR-REIT WANTS HYFLUX TO PAY-UP THEIR RENTAL !

 

[Dr Christopher Cheok C S]

Olivia Lum mentioned in the first townhall that Hyflux was told about the 8million population projection that's that there was a need for Tuaspring.

Ok, Tuaspring down for a few days, PUB confiscated it for $0.
PUB gave fake projections (confirmed by Heng and Vivian), can Hyflux confiscate PUB for $0?

 

[Filloz]

To the 50000 "mum and dad" retail investors of Hyflux, this is the only time that you will be heard. Rally your family and friends to vote a resounding NO to PAP. This time, you are the judge.

Remember how your MPs ignore your pleads while GIC bailed out Singtel in India, Temasek saving SembMarine, Olam, SIA and losing billions overseas. All we need is a state bailout for a strategic asset but our country choose to confiscate it from us at zero dollar.

No only this time but we shall perpetually vote NO to PAP until we get our money back.

 

[Filloz]

Non-event, please ignore this time waster. He is just helping Olivia to buy time.

https://www.dealstreetasia.com/stories/utico-hyflux-2-196515

UAE-based utility operator Utico FZC said Thursday it increased its bid for Singapore water utility to S$485 million ($384.48 million) in a cash and stock deal, up from a previous offer of around S$400 million.

 

[Filloz]

Board of Directors is getting shell companies to buy time for them. The new suitor has no history to speak off. The priority is to bail out the guilty board of directors. Period.
https://www.straitstimes.com/busine...tors-surface-for-hyflux-as-threat-of-judicial

Hyflux said it had received a letter of interest from Unilegend Investments, a Singapore investment holding company, with an unnamed client interested in exploring the possibility of investing in the group, in a Singapore Exchange filing on Thursday night (July 9). Unilegend also said it would not consider making this investment if founder Olivia Lum and her current management and board are removed, or if the Hyflux group is placed into judicial management or liquidation. It said it looks forward to conducting more in-depth discussions as soon as possible

 

[Dr Christopher Cheok C S]

Get ready to be slaughtered after GE.

 

[ftan42]

what their reasons for trying to protect the management and board when making huge losses?

 

[Filloz]

what their reasons for trying to protect the management and board when making huge losses?

Utico used said the board of directors were hindrance.

Two way to define hindrance:
1. Means the board of directors are good for nothing.

Or more likely

2. Means board of directors demand to be retained (and not subjected to criminal charges) for any new proposal to go through because Olivia is also the largest shareholder.

 

[Dr Christopher Cheok C S]

Good job people. I agree that our families will not vote for PAP until we get our money back. Hyflux is a state cover up.

I believe we accounted for much of the swing votes in GE2020. People need to wake up to stop the government from bullying us.

 

[JustLikeThis]

Good job people. I agree that our families will not vote for PAP until we get our money back. Hyflux is a state cover up.

I believe we accounted for much of the swing votes in GE2020. People need to wake up to stop the government from bullying us.

Based on the fight between strong PAP GRC team and weakest opposition team in AMK GRC, the support fell 8-9% from the last GE. Without the inclusion of political stars (like Jamus or Tan Cheng Bock) in AMK opposition team, we can attribute three main reasons for this broad-based drop:

1. Unhappiness over influx of Foreigners reduced the support from youth.
2. Retirees, ex-civil servants who are Hyflux investors, voted for opposition for the first time.
3. Cotton's humiliation of locals.

 

[Dr Christopher Cheok C S]

3. Cotton's humiliation of locals.

hahaha, cotton!

 

[laksaboy]

Based on the fight between strong PAP GRC team and weakest opposition team in AMK GRC, the support fell 8-9% from the last GE. Without the inclusion of political stars (like Jamus or Tan Cheng Bock) in AMK opposition team, we can attribute three main reasons for this broad-based drop:

1. Unhappiness over influx of Foreigners reduced the support from youth.
2. Retirees, ex-civil servants who are Hyflux investors, voted for opposition for the first time.
3. Cotton's humiliation of locals.

I would say that support didn't really fall, but rather reverted back to normal. GE2015 was a one-off freak event: SG50 freebies and LKY's overhyped death.

In fact, the pandemic probably saved the PAP from losing more votes as there were no physical rallies: good luck getting HSK to give a rally speech.

 

[Dr Christopher Cheok C S]

Why auditors are failing the system
https://omny.fm/shows/money-fm-893/why-auditors-are-failing-the-system
As a result of a recent spate of corporate governance scandals that includes Wirecard, oil trading companies Hin Leong, ZenRock, and also Hyflux, accounting and auditing firms have been put into the spotlight and all for the wrong reasons. Mak Yuen Teen, Associate Professor of Accounting, NUS Business School shares how the conflict of interest may arise in a relationship between an auditor and a client and what more can be done to prevent fraud.

 

[JustLikeThis]

No rescue offer for PnP retail investors from new white knights of Hyflux
https://www.straitstimes.com/busine...il-investors-from-new-white-knights-of-hyflux

SINGAPORE - None of the new potential white knights for beleaguered Hyflux have lodged rescue offers for the 34,000 investors of its failed perpetual securities and preference shares (PnP) who have been waiting over two years to recoup their losses, Singapore's investor watchdog noted.

No offer has been put on the table by potential investors - Pison Investments, Unilegend Investments, Aqua Munda, Longview International Holdings and FCC Aqualia - to the 34,000 retail PnP investors, who are owed $900 million in total.

Pison and Unilegend have both stated that they will not consider making an investment if founder Olivia Lum and her management and board are removed or if Hyflux goes into judicial management or liquidation.

On July 27, the High Court will hear applications by an unsecured working group (UWG) of banks and by ESR-Reit that they be carved out of Hyflux's debt moratorium, which has been extended until July 30. If this is approved, the UWG plans to file an application to appoint judicial managers to oversee Hyflux in place of the present management.

 

[Dr Christopher Cheok C S]

At the second round of town hall meetings held by Hyflux on 18 Jan last year with security holders, Hyflux CEO Olivia Lum seemed to claim that the PAP government had “given instructions” for her company to plan for 8 million population.

In any case, the followings were recorded in its Q&A session at the second round of town hall meetings last year. This was published on Hyflux’s website:


https://www.onlinecitizenasia.com/2...-company-to-prepare-for-8-million-population/