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

[Filloz]

hahahahaha FYA!!! Good points. Anyway, an important announcement is coming.

Aqua Munda right?

 

[JustLikeThis]

New 'wrongful trading' provision that removes the requirement for a criminal conviction before civil liability can be imposed. A company 'trades wrongfully' if it incurs debts or liabilities without reasonable prospect of meeting them in full when the company is insolvent, or becomes insolvent as a result of the incurrence of such debt or liability.

https://www.lexology.com/library/detail.aspx?g=88c9559d-549d-43ff-95d0-356342e4edc7

 

[JustLikeThis]

Aqua Munda right?

You heard about it too?

 

[Dr Christopher Cheok C S]

Utico offer also expired yesterday. I hope they fuck off for good.

 

[JustLikeThis]

Aqua Munda right?

Their offer is ready, but Hyflux didn't announce. I suspect it got to do with the judge.

 

[Dr Christopher Cheok C S]

Their offer is ready, but Hyflux didn't announce. I suspect it got to do with the judge.

judge? don't talk halfway reh

 

[JustLikeThis]

judge? don't talk halfway reh

You see, initially the Judge thought that this case could be his career highlight.
Then somemore, his colleague's daughter is the one in charge of Hyflux in Wong Partnership.

JM will send a group of real investigators into Hyflux. JM will either send them to jail and trigger Directors & Officers' Liabilities, or reveal NEA's misdeeds. Therefore Judge trying to avoid JM for 2 years (Hin Leong in JM + sued within a few months).

Now, I assume there are a few untouchable ones on board. The judge and CAD have been waiting for each other to be the bad guy, nobody dares to act first.

 

[Filloz]

Bastard Utico playing with words.

Under the latest proposal, the return to both the unsecured senior creditors and the retail investors of Hyflux’s preference shares and perpetual securities (PnP) will be “more than 10 per cent” higher than what had been available under the restructuring agreement inked on Nov 26 last year, Utico said.
https://www.straitstimes.com/busine...eadline-for-hyflux-to-accept-its-rescue-offer

Let's say you get 4 cents for each dollar (96% loss)
10% more is not 14 cents
10% more is 4.4 cents, you still lose 95.6%

Next, bear in mind Utico has no money. During my discussions with the MTN lawyer, there are indications that if Utico is successful, they will likely need to take tangible assets from Hyflux to borrow money. This is their ultimate game; take over hyflux without much money and use Hyflux to borrow more money. Indian snakes.

 

[Dr Christopher Cheok C S]

Where got Agua munda offer? u all listen from who

 

[JustLikeThis]

SOME buyers of Oxley Holdings' The Peak, a mixed-use development in Cambodia, are banding together to withhold completing payment for the retail units that have been handed over to them, because of what they see as patchy transparency on the developer's part. https://www.businesstimes.com.sg/co...in-cambodia-withhold-final-payment-in-protest

 

[JustLikeThis]

Where got Agua munda offer? u all listen from who

Hyflux didn't announce it or Aqua Munda told them not to.
I don't know why.

 

[JustLikeThis]

Bastard Utico playing with words.

Under the latest proposal, the return to both the unsecured senior creditors and the retail investors of Hyflux’s preference shares and perpetual securities (PnP) will be “more than 10 per cent” higher than what had been available under the restructuring agreement inked on Nov 26 last year, Utico said.
https://www.straitstimes.com/busine...eadline-for-hyflux-to-accept-its-rescue-offer

Let's say you get 4 cents for each dollar (96% loss)
10% more is not 14 cents
10% more is 4.4 cents, you still lose 95.6%

Next, bear in mind Utico has no money. During my discussions with the MTN lawyer, there are indications that if Utico is successful, they will likely need to take tangible assets from Hyflux to borrow money. This is their ultimate game; take over hyflux without much money and use Hyflux to borrow more money. Indian snakes.

Yes, Utico is crap. Utico's deal is not a rescue deal, they are here to steal.

 

[calwong84]

Found this video on JM...gd for us to know more about the pros and cons of JM. I think in the case of Hyflux...investors may suffer more under JM. My two cents la.

https://www.linkedin.com/posts/cydj...t-judiciary-activity-6710069968500867072-e3_x

 

[Dr Christopher Cheok C S]

So many people affected by Hyflux but investor activism is non-existing. It just goes to show that the majority of those affected are retirees.

Look at Sabana Reit, they setup website and even place ads online.
www.savesabanareit.com

 

[Dr Christopher Cheok C S]

Pison didn't disclose the value of the debts that were tendered to them, just mentioned 158 individuals and entities.
https://www.straitstimes.com/busine...nders-from-hyflux-creditors-puzzles-over-uwgs
So I assume the value of the debts tendered are very very low. Eg. less than 10% of the total debts.

 

[Filloz]

Pison didn't disclose the value of the debts that were tendered to them, just mentioned 158 individuals and entities.
https://www.straitstimes.com/busine...nders-from-hyflux-creditors-puzzles-over-uwgs
So I assume the value of the debts tendered are very very low. Eg. less than 10% of the total debts.

Yes, you are correct. They don't dare to mention the exact value tendered by the 158.

Their letter last night don't even have a letter head and senior creditors can get about 25% back in JM if they offload remaining assets separately, so why should they bother with their 9% back.

It is just an insincere distraction to buy time for olivia.

 

[JustLikeThis]

Olivia and the board of directors operated like a typical Malaysian ponzi scheme such as Sunshine Empire, by collecting money from later investors to pay off the earlier ones. It doesn't bother them if the business is sustainable because all they need is to paint a rosy picture and cook the books to justify the company value.

They also try to look very creditable by getting featured in media and press with government officials, and even sent marching contingent during NDP.

 

[Filloz]

Dear Noteholders, breaking update here

There are now plans by the banks to sue Wong Partnership and Simon Tay during JM. There are evidences that Simon Tay and the CFO convinced Hyflux's board to default two years ago. Simon is from Wong Partnership. The initial plan allows Wong Partnership stood to gain a good 8-digits payout from the restructuring.

The banks project that the recovery from Wong Partnership and Simon Tay could be massive for the senior creditors.
https://www.straitstimes.com/busine...s-out-as-hyflux-lawyer-debt-reprieve-extended
https://www.wongpartnership.com/people/detail/simon-tay

If the lamp is not lit, we will not know the plot. Now, we understand why Hyflux suddenly committed suicide in 2018 and why Wong Partnership and Simon Tay walked away from Hyflux.

What a deception. They revel an illusion.
Truth is absurd and cruel.

If the banks succeed, the junior creditors can take clue from it.



PS: The lady from Wong Partnership in charge of Hyflux, is also the daughter of the colleague of Hyflux case Judge. If the restructuring goes through, not only Wong Partnership and Simon get a hefty payout, it will look good on the judge's resume. I am not saying banks will sue the court, but everyone knows that the court have been taking side with the management (unlike similar false accounting cases such as Hin Leong, Hantop, Zenrock, etc)

 

[Dr Christopher Cheok C S]

Dear Noteholders, breaking update here

There are now plans by the banks to sue Wong Partnership and Simon Tay during JM. There are evidences that Simon Tay and the CFO convinced Hyflux's board to default two years ago. Simon is from Wong Partnership. The initial plan allows Wong Partnership stood to gain a good 8-digits payout from the restructuring.

The banks project that the recovery from Wong Partnership and Simon Tay could be massive for the senior creditors.
https://www.straitstimes.com/busine...s-out-as-hyflux-lawyer-debt-reprieve-extended
https://www.wongpartnership.com/people/detail/simon-tay

If the lamp is not lit, we will not know the plot. Now, we understand why Hyflux suddenly committed suicide in 2018 and why Wong Partnership and Simon Tay walked away from Hyflux.

What a deception. They revel an illusion.
Truth is absurd and cruel.

If the banks succeed, the junior creditors can take clue from it.



PS: The lady from Wong Partnership in charge of Hyflux, is also the daughter of the colleague of Hyflux case Judge. If the restructuring goes through, not only Wong Partnership and Simon get a hefty payout, it will look good on the judge's resume. I am not saying banks will sue the court, but everyone knows that the court have been taking side with the management (unlike similar false accounting cases such as Hin Leong, Hantop, Zenrock, etc)

Actually I feel sad reading this post.

The rich and banks are so smart and capable. We, retail investors are helpless.

 

[Dr Christopher Cheok C S]

Found this video on JM...gd for us to know more about the pros and cons of JM. I think in the case of Hyflux...investors may suffer more under JM. My two cents la.

https://www.linkedin.com/posts/cydj...t-judiciary-activity-6710069968500867072-e3_x

I think if @Maybe is right about big boys going after Simon Tay and Wong Partnership for their collusion, we can also benefit from it. I feel that we are like Parti Liyani fighting against Liew Mun Leong. CAD and ACRA not taking action after so long. Our jurisdiction's credibility is in doubt.