• IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here.

    The OTHER forum is HERE so please stop asking.

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

CAD and ACRA are obviously dragging their feet. Only JM can dig the scams committed by Olivia, Simon Tay and Gay Chee Cheong, after that we can sue them individually.

This is an article today about JM today.

https://www.businesstimes.com.sg/br...cy-laws-could-extend-lifelines-for-distressed

Money could become less of a hurdle under the Insolvency, Restructuring and Dissolution Act (IRDA), which came into force just a fortnight ago.

One of its key features is that the Act empowers liquidators and judicial managers to secure third-party funding to unwind unfair transactions in troubled firms and make directors face the music.

"This is important," remarks Mak Yuen Teen of the National University of Singapore's NUS Business School. "When a JM or liquidator is appointed, he may discover wrong done against a company. However, the company may have no funds to pursue any action and the culpable directors walk off scot-free with no personal liability. "With third party funding explicitly allowed, we could see more cases of JMs or liquidators being appointed after a company collapses and actions pursued against directors," he continues.

Ailing water treatment firm Hyflux, whose rescue by a white-knight has been drawn out and is facing a looming JM, has been covered by the debt moratorium since it filed for bankruptcy protection in 2018.
 
https://www.zaobao.com.sg/finance/singapore/story20200815-1077073


凯发的董事会和前董事涉嫌虚假与误导的陈述、违反信息披露规定,以及没遵循会计标准,正被商业事务局、新加坡金融管理局,以及会计与企业管制局联合调查。 不论调查结果如何,公司目前的董事成员是否仍适合继续领导凯发走出困境,无疑是个大问号。债权人对公司的重组愈来愈不具信心,不难理解。

长期关注凯发债务重组进程的新加坡国立大学治理制度与机构研究中心主任卢耀群副教授认为,情况已经恶化太久 。Thanks to the judge who wanted to make hyflux his career highlight.

凯发主席兼总裁林爱莲于去年提呈给高庭的一份宣誓书中披露,银行债权人的顾问香港保华顾问(Borrelli Walsh)曾建议,通过司法管理人以2亿元将凯发脱售给阿拉伯联合酋长国公用事业集团Utico,脱售价仅占Utico计划注资凯发4亿元的一半。 Wake up lah, Utico don't even have that kind of cash even if you give them 50% discount. Utico can only offer Senior Creditors worthless stakes in New Hyflux or some SPV. They can't fork out any money, get it?

一些持有凯发优先股和永久证券的散户投资者原本期望可以得到一些赔偿,恐怕要更加失望了,因为本地很少进入司法管理的公司能重获新生,凯发一旦清盘,他们更是分文得不到。 Retail investors still don't understand that the regulators' sole priority is to close case to cover up their shit, not to help you recover money.
 
7. The chance of a successful Utico deal is nil, he said, since the UWG and an informal steering committee of Hyflux medium-term note holders who together represent 73 per cent of Hyflux's senior unsecured debt have said that they will vote against the Utico deal.

Thank you Maybe and the MTN for always pulling Olivia's cheebye hair!
 
Pre-trial conference over soon.

Hope Court will issue the judgement date for JM, now the only party that can hinder this is CAD.
 
Anyone selling their sembcorp marine rights? It's only worth 0.3 cents per right share now. OMG! SCM share price is 21 cents. Shareholder has to pay 20 cents to convert each right into a share. KNN boh hwa.
 
Anyone selling their sembcorp marine rights? It's only worth 0.3 cents per right share now. OMG! SCM share price is 21 cents. Shareholder has to pay 20 cents to convert each right into a share. KNN boh hwa.

rightfully, should push up the Sembcorp marine share price on the last 48 hours, if not the rights will be worthless and Temasek got to eat up all of them, being the underwriter.
 
Anyone selling their sembcorp marine rights? It's only worth 0.3 cents per right share now. OMG! SCM share price is 21 cents. Shareholder has to pay 20 cents to convert each right into a share. KNN boh hwa.

I believe SembMarine's foreign investors are not subscribing for the rights and trying to exit their positions.
 
https://www.onlinecitizenasia.com/2...ation-what-does-this-mean-to-the-shareholders

The Singapore Academy of Law Journal cited that “the underlying principle behind restructuring or reorganisation proceedings is that a business may be worth a lot more if preserved, or even sold, as a going concern than if the parts are sold off piecemeal”.

In situations where the company’s financial distress is caused by the poor management of the company, judicial management may be an approriate debt restructuring method to go to as it seeks to rehabilitate a potentially viable company with the administration of an independent third-party.

The applicant of judicial management order will nominate an independent judicial manager who is not the auditor of the company. However, the Court can decline the applicant’s nomination and choose another person to take on the role of a judicial manager, who may not necessarily be a public accountant.

The appointed judicial manager will take control of the company’s affairs, business and property. As a result, the board of directors will lose their management powers and functions to the judicial manager. In fact, they are obliged to provide all the information needed by the judicial manager throughout the judicial management order.

According to Yahoo’s report, in the case where the judicial manager has mismanaged the company’s affairs, the company’s creditor or member can apply to the Court to have the order for judicial management discharged, with a proof that the judicial manager has unfairly prejudicial to:

The company’s creditors or members, in general;
Some part of the company’s creditors or members;
A single creditor representing 25 per cent in value of the claims against the company
As for the duration of the judicial management order, it will last for 180 days from the date that the order has taken into effect.

The judicial manager must apply to the Court to discharge the order if he or she has achieved the goals specified in the order, or has found that the goals are incapable of achievement. Additionally, the judicial manager can also apply to the Court for an extension of the order.
 
We need the white knights to step in! What happened to this?



I think this Johnny is acting on behalf of Oliva or Board of Directors. Got bank lawyers pointed out similarity of at least another prospect's offer as Johnny. Nothing tangible in his offer except emphasizing of Olivia and Board of Directors cannot be touched by CAD. Isn't that intervening criminal investigation?

Perhaps he is some sort of their friend or proxy cos he grew up in Singapore.
 
Affidavit filed against Hyflux’s UWG adviser Borelli Walsh for offering half-price side offer to unsecured lenders
https://www.onlinecitizenasia.com/2...g-half-price-side-offer-to-unsecured-lenders/

Earlier on 13 August, debt-laden water treatment firm Hyflux announced that the unsecured working group (UWG) of bank lenders has sought to place the firm under judicial management. The group – comprised of Mizuho, Bangkok Bank, BNP Paribas, CTBC Bank, KfW, Korea Development Bank, and Standard Chartered Bank – was granted to carve out of Hyflux’s debt moratorium by the High Court last month after it argued that Hyflux’s management is no longer reliable to lead any restructuring effort.

Meanwhile, an affidavit has been filed in the Court on 7 August which alledging Borelli Walsh – the adviser for Hyflux’s unsecured working group (UWG) of lenders – of offering Utico a half-price deal in May to sell the business and assets for less than S$200 million.

The Business Times’ report – which was published on 8 August – highlighted that the half-price deal was made through a sale by a judicial manager.

Though the affidavit may not affect Hyflux’s pending deal with Utico, Borelli Walsh denied there was ever a side-offer being made. The managing director of the restructuring, insolvency and forensic accounting firm, Cosimo Borelli has also refused to comment on the matter.

“We are not in a position to make any comment. We would be responding to the matter in Court when the time comes, and we will be denying that allegation,” he told the Business Times in a phone call..
 
JM is positive for investors.

If Hyflux is under JM, Olivia, Gay Chee Cheong, Lim Suat Wah and Simon Tay's dirty deeds will be exposed. Therefore, these four bastards will not let JM take place. Hyflux is clearly a replica of Enron and the bastards need time to bring their personal assets offshore legally due to Common Reporting Standards disclosure. It is believed that even some civil servants are involved in the scandal.
  • Just think about it, who got wind and led to the massive retail-bond selldown from Feb 2018 till suspension.
  • Think about it, why CPF board did not allow the 6% perpetual to be paid with CPF-OA when they allowed the CPF to be used for Preference Shares?
  • Investors were simply fooled to buy the 6% perpetuals so that DBS could bail out their AI investors who bought the earlier 5.75% and 4.8% preference shares.

Please ignore MAS's motherhood statement that DBS is innocent and Masago claiming that everything is commercial.

Did you realize that NEA stopped many investors to buy over Tuaspring in 2018 because they didn't want to open up the can of worms when (untrusted) new owners come in?
Confiscating Tuaspring for zero-dollar because it was not well-maintenance is a lame excuse to cover-up. If you rented house's toilet is leaking and can you confiscate the toilet from your landlord? The regulators are just trying to silent Hyflux's investors.

Do you understand why CAD is holding back from revealing Hyflux's findings for two bloody years? CAD do not want to be flagged for covering up the shit for Hyflux if they don't disclose everything. Therefore, CAD rather delay filing charges. Having JM will allow the motivated creditor-teams to raid the Hyflux's past records.

As such, I do believe that the closer we are to JM, the more likely that we will be bailed out.

There is nothing wrong with begging for a state bailout.

Every investor should write to the Prime Minister and Minister of Finance personally, because saving Hyflux is a tiny fraction of the money they used for SIA and 10% of the funds that Temasek put aside for Keppel earlier. All we need is the PM and Finance Minister to forward your emails to their subordinates with just three letters, "FYA" and we will be saved.
 
JM is positive for investors.

If Hyflux is under JM, Olivia, Gay Chee Cheong, Lim Suat Wah and Simon Tay's dirty deeds will be exposed. Therefore, these four bastards will not let JM take place. Hyflux is clearly a replica of Enron and the bastards need time to bring their personal assets offshore legally due to Common Reporting Standards disclosure. It is believed that even some civil servants are involved in the scandal.
  • Just think about it, who got wind and led to the massive retail-bond selldown from Feb 2018 till suspension.
  • Think about it, why CPF board did not allow the 6% perpetual to be paid with CPF-OA when they allowed the CPF to be used for Preference Shares?
  • Investors were simply fooled to buy the 6% perpetuals so that DBS could bail out their AI investors who bought the earlier 5.75% and 4.8% preference shares.

Please ignore MAS's motherhood statement that DBS is innocent and Masago claiming that everything is commercial.

Did you realize that NEA stopped many investors to buy over Tuaspring in 2018 because they didn't want to open up the can of worms when (untrusted) new owners come in?
Confiscating Tuaspring for zero-dollar because it was not well-maintenance is a lame excuse to cover-up. If you rented house's toilet is leaking and can you confiscate the toilet from your landlord? The regulators are just trying to silent Hyflux's investors.

Do you understand why CAD is holding back from revealing Hyflux's findings for two bloody years? CAD do not want to be flagged for covering up the shit for Hyflux if they don't disclose everything. Therefore, CAD rather delay filing charges. Having JM will allow the motivated creditor-teams to raid the Hyflux's past records.

As such, I do believe that the closer we are to JM, the more likely that we will be bailed out.

There is nothing wrong with begging for a state bailout.

Every investor should write to the Prime Minister and Minister of Finance personally, because saving Hyflux is a tiny fraction of the money they used for SIA and 10% of the funds that Temasek put aside for Keppel earlier. All we need is the PM and Finance Minister to forward your emails to their subordinates with just three letters, "FYA" and we will be saved.

Last night I read what you wrote, I felt so sad.
This picture is our regulators. This picture says it all.
What do you see?

angels-and-demons-illusion.jpg.optimal.jpg
 
Last edited:
HYFLUX IS VERY CHEAP , ONLY S$1,000,000,000 !
JUST TAKE THE S$1 BILLION FROM TAXPAYER'S CPF !

HO JINX CAN LET SIA AND KEPPEL AND SEMBCORP GO BANKRUPT , HYFLUX IS MORE IMPORTANT !
 
STROKE HENG CAN JUST RAISE GST TO 9% TOMORROW , TAKE THE S$1 BILLION FROM THE 61% !
 
JM is positive for investors.

If Hyflux is under JM, Olivia, Gay Chee Cheong, Lim Suat Wah and Simon Tay's dirty deeds will be exposed. Therefore, these four bastards will not let JM take place. Hyflux is clearly a replica of Enron and the bastards need time to bring their personal assets offshore legally due to Common Reporting Standards disclosure. It is believed that even some civil servants are involved in the scandal.
  • Just think about it, who got wind and led to the massive retail-bond selldown from Feb 2018 till suspension.
  • Think about it, why CPF board did not allow the 6% perpetual to be paid with CPF-OA when they allowed the CPF to be used for Preference Shares?
  • Investors were simply fooled to buy the 6% perpetuals so that DBS could bail out their AI investors who bought the earlier 5.75% and 4.8% preference shares.

Please ignore MAS's motherhood statement that DBS is innocent and Masago claiming that everything is commercial.

Did you realize that NEA stopped many investors to buy over Tuaspring in 2018 because they didn't want to open up the can of worms when (untrusted) new owners come in?
Confiscating Tuaspring for zero-dollar because it was not well-maintenance is a lame excuse to cover-up. If you rented house's toilet is leaking and can you confiscate the toilet from your landlord? The regulators are just trying to silent Hyflux's investors.

Do you understand why CAD is holding back from revealing Hyflux's findings for two bloody years? CAD do not want to be flagged for covering up the shit for Hyflux if they don't disclose everything. Therefore, CAD rather delay filing charges. Having JM will allow the motivated creditor-teams to raid the Hyflux's past records.

As such, I do believe that the closer we are to JM, the more likely that we will be bailed out.

There is nothing wrong with begging for a state bailout.

Every investor should write to the Prime Minister and Minister of Finance personally, because saving Hyflux is a tiny fraction of the money they used for SIA and 10% of the funds that Temasek put aside for Keppel earlier. All we need is the PM and Finance Minister to forward your emails to their subordinates with just three letters, "FYA" and we will be saved.

I fear that Hyflux's govt-linked management reached some kind of undertable agreement with NEA to not pursue NEA's misleading demand projections.
 
Back
Top