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

[Focus]

Singapore bonds face contagion fears from Lippo probe
https://www.businesstimes.com.sg/companies-markets/singapore bonds face contagion-fears-from-lippo-probe

Indonesians con big big

Hello Uncle, what you trying to hint? Medco and Salim also indonesians ok?
Everyone also saying Indonesians ripping off the Hyflux preference and perpetuals investors.

Where got such thing called honest indonesian chinese? Hyflux really shit this time.

 

[JustLikeThis]

Indonesians con big big

Hello Uncle, what you trying to hint? Medco and Salim also indonesians ok?
Everyone also saying Indonesians ripping off the Hyflux preference and perpetuals investors.

Where got such thing called honest indonesian chinese? Hyflux really shit this time.

The Medco/Salim deal guarantees massive losses for the retail preference shareholders and perpetual bondholders. Without any form of capital-protection for the retail investors, having the Indonesians on board is as good as getting retail investors killed.

The Indonesians are having the best benefits and with their super-priority status in debt restructuring, they have the lowest risk and Olivia is sufficiently bribed by the offer.

Hyflux was last traded at about $100m market cap. They lost more than $100m since last traded because of the restructuring costs, operating losses, lost of their project in Africa, >$80m project over-runs for TuasOne. Effectively, company NTA is negative in accounting context now.

Situation
- Preference shares and Perpetual bonds are valued at $900m. Last done for ordinary shares market cap is $100m
- TuasOne's project cost increased by $87m now. The project value is $750m over the contract period. With a 75% stake, offloading TuasOne will easily fetch more money (hundreds of millions) from the funding from Medco/Salim. Unlike Tuaspring, TuasOne can be sold to investors of any nationality (although the government contradicts their position by denying foreigners to bid for Tuaspring, but allowing Indonesians to be the ultimate owner.)

Proposed Solution:
In short, retail investors lose everything to the Indonesians, without a chance to recover in future.

By converting preference shares and perpetual bonds to shares (90% stake in New Hyflux) + 10% for existing shareholders, Hyflux's capital increased on paper and cost of financing reduced. The sale of TuasOne will also fetch the extra fundings required to run all operations smoothly, giving the preference shareholders and perpetual bondholders a chance to reap long-term returns from the company. No need for the Indonesian vultures.

 

[JustLikeThis]

Insolvency, Restructuring and Dissolution Bill - Singapore as an International Centre for Debt Restructuring?
https://www.lexology.com/library/detail.aspx?g=738c9694-0678-450b-8e71-8b36d2940d8f

The Omnibus Bill is now expected to come into force in the coming months once it receives presidential assent and a commencement date is appointed. In simple terms, this law force may contain several features to force-feed creditors to accept write-offs and nulls some of their legal and financial rights in a traditional bankruptcy; denying creditors the right to intervene in the running of the company with the objective of recovering funds or asset seizure.


Is Hyflux buying time to enjoy the new Singapore insolvency and debt restructuring law, so that everyone has to accept debt-reduction, without a vote?

 

[Focus]

There are too much similarities between Noble and Hyflux.

There must be false accounting and false financial statement involved. All of the sudden, the can of worms opened. Money just gone, valuations for existing projects are fake, and even project over-runs can explode suddenly overnight. In addition, look at their fake assurances and misleading statements, who are they trying to kid?

 

[JustLikeThis]

There are too much similarities between Noble and Hyflux.

There must be false accounting and false financial statement involved. All of the sudden, the can of worms opened. Money just gone, valuations for existing projects are fake, and even project over-runs can explode suddenly overnight. In addition, look at their fake assurances and misleading statements, who are they trying to kid?

MAS and SGX failed to make adequate checks on Hyflux and what is particularly shocking is that the SGX and the MAS have allowed Hyflux to raise more money from the public retail investors. For months, the regulators did not arrest any wrongdoers in Hyflux despite ex-coupon defaults, fraudulent valuations and projections being wrote-down since suspension.

What's more bewildering is that the repeated court extensions for Hyflux, despite no progress of salvation for bank creditors and investors.

Noble is one step ahead of Hyflux and Hyflux is taking clue from Noble. Just 3 months ago, Noble's defiance management don't give a shit for creditors and it appears that Hyflux's management is now engineering the same path taken by Noble. Hyflux will sink in a perfect storm, and retail investors and bondholders will be treated roughly according to Debtwire's leaks, hinting 95% losses and debt-for-equity swaps.

 

[JustLikeThis]

SIAS's work is to silence you. Elements are planted in discussion channels to silence the investors.

[B]Mak Yuen Teen[/B]‏ @[B]YTMak59[/B] Dec 6
What basis did SIAS have for saying that? Oh, they looked at media and analyst reports and the share price went up. That’s very sophisticated...


[IMG]https://pbs.twimg.com/profile_images/476342162095755265/0PqX8Ab6_bigger.jpeg[/IMG][B]Mak Yuen Teen[/B]‏ @[B]YTMak59[/B]

By Aug 2015, after Iceberg had issued 3 reports, I had already written 2 letters and a commentary in Business Times. Noble was fobbing off shareholders at the AGM, its CG was terrible and I said Yancoal was a smoking gun. It was bad and recalcitrant.

 

[Hypocrite-The]

Indonesians con big big

Hello Uncle, what you trying to hint? Medco and Salim also indonesians ok?
Everyone also saying Indonesians ripping off the Hyflux preference and perpetuals investors.

Where got such thing called honest indonesian chinese? Hyflux really shit this time.

Indon Chinese are mostly fuckeins...so to find a honest one is like finding Santa Claus. Might as well say they don't exist

 

[Focus]

KUDOS TO OUR FORUM FOR PINNING THIS THREAD ON TOP.

There are also popular Hyflux threads in HWZ, Sharejunction and other forums. Hope our readers will also help to convince other forums to pin the Hyflux threads on top to create awareness and force CAD and MAS to act.

Everybody please help. Make Ourselves Heard!

 

[rushifa666]

Hwz is sph shit.

 

[Hypocrite-The]

MAS and SGX failed to make adequate checks on Hyflux and what is particularly shocking is that the SGX and the MAS have allowed Hyflux to raise more money from the public retail investors. For months, the regulators did not arrest any wrongdoers in Hyflux despite ex-coupon defaults, fraudulent valuations and projections being wrote-down since suspension.

What's more bewildering is that the repeated court extensions for Hyflux, despite no progress of salvation for bank creditors and investors.

Noble is one step ahead of Hyflux and Hyflux is taking clue from Noble. Just 3 months ago, Noble's defiance management don't give a shit for creditors and it appears that Hyflux's management is now engineering the same path taken by Noble. Hyflux will sink in a perfect storm, and retail investors and bondholders will be treated roughly according to Debtwire's leaks, hinting 95% losses and debt-for-equity swaps.

That is why it's good to do biz. All sorts of tricks etc to be rich. Boss Sam is right. Being boss is best

 

[Focus]

Hwz is sph shit.

Then see if SPH is willing to be people's voice this time.

 

[eatshitndie]

Then see if SPH is willing to be people's voice this time.

no hope. all insiders with conflict of interest.

 

[Focus]

That is why it's good to do biz. All sorts of tricks etc to be rich. Boss Sam is right. Being boss is best

CAD please raid Hyflux's offices. Confirm there's false accounting judging from the deterioration.

 

[Hypocrite-The]

CAD please raid Hyflux's offices. Confirm there's false accounting judging from the deterioration.

Than let the cat out of the bag....y pinky want to do tat?

 

[Focus]

http://investors.hyflux.com/newsroom/20181214_150132_600_WLA8G49IDI1W60HT.1.pdf

Hyflux refers to its news release dated 6 April 2018 in relation to a contract (“Contract”) awarded by Asia Water Development Engineering Company (“AWDEC”) to HIPL for the design, manufacture and supply of a seawater reverse osmosis desalination package in Bandar Abbas, Iran. The Company further refers to its news release dated 10 July 2018 on its receipt of a Letter of Intent from AWDEC for a 2 second contract (“Second Contract”) for a seawater reverse osmosis desalination package in Bandar Abbas, Iran. Following from the United States’ (“US”) decision to withdraw from the Joint Comprehensive Plan of Action (“JCPOA”) and to reinstate the US sanctions that were in force before the implementation of the JCPOA, the Company is unable to maintain the requisite banking support to receive payment from AWDEC for works to be performed under the Contract. Consequently, and following from discussions with AWDEC, the Company, on 11 December 2018, formally notified AWDEC of the Company’s decision to suspend the Contract with effect from 16 October 2018.

The suspension of the Contract is expected to have a material adverse effect on the financial performance of the Group.

 

[JustLikeThis]

http://investors.hyflux.com/newsroom/20181214_150132_600_WLA8G49IDI1W60HT.1.pdf

Hyflux refers to its news release dated 6 April 2018 in relation to a contract (“Contract”) awarded by Asia Water Development Engineering Company (“AWDEC”) to HIPL for the design, manufacture and supply of a seawater reverse osmosis desalination package in Bandar Abbas, Iran. The Company further refers to its news release dated 10 July 2018 on its receipt of a Letter of Intent from AWDEC for a 2 second contract (“Second Contract”) for a seawater reverse osmosis desalination package in Bandar Abbas, Iran. Following from the United States’ (“US”) decision to withdraw from the Joint Comprehensive Plan of Action (“JCPOA”) and to reinstate the US sanctions that were in force before the implementation of the JCPOA, the Company is unable to maintain the requisite banking support to receive payment from AWDEC for works to be performed under the Contract. Consequently, and following from discussions with AWDEC, the Company, on 11 December 2018, formally notified AWDEC of the Company’s decision to suspend the Contract with effect from 16 October 2018.

The suspension of the Contract is expected to have a material adverse effect on the financial performance of the Group.

Another example of misrepresentation on Hyflux's part.
This is simply non-disclosure during the court hearings for extension. It didn't happen overnight.

Time to jail the management indeed.

 

[JustLikeThis]

Than let the cat out of the bag....y pinky want to do tat?

Huge scandal

 

[JustLikeThis]

no hope. all insiders with conflict of interest.

Singapore courts did nothing and let Noble run road to Bahamas after failing in UK.
Now Hyflux has plenty of time to join Noble to Bahamas

 

[eatshitndie]

Singapore courts did nothing and let Noble run road to Bahamas after failing in UK.
Now Hyflux has plenty of time to join Noble to Bahamas

the other bombshell about shell employees, foreigners and sinkies stealing over $130m worth of gasoil from their refineries at bukom is hid from the pubic for too long, but now picha lobang.

 

[JustLikeThis]

the other bombshell about shell employees, foreigners and sinkies stealing over $130m worth of gasoil from their refineries at bukom is hid from the pubic for too long, but now picha lobang.

This is called Bunkering in Singapore, if you understand the industry. All make easy money like the Shell court case or when they transfer fuel pump to vessels, eg. Ship owners buy 10000 litres, they pump only 6969 litres. From refinery to vessels, the meters are tampered by the bunkering companies at every stage.

Worst of all, Singapore also got smell reputation for vessel inspection. Shipowners who send "auditors" from Singapore to check ships' sailing records (mileage and fuel usage) when their ships stopover in Singapore. Our local ah-beng auditors will threaten the ship captains to let them siphon fuels from vessels or they will sign the clearance. Again the stolen fuels are passed to bunkering companies.