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

[JustLikeThis]

Details here, they truly have no money. Utico needs Hyflux to reduce their debt ratios.
https://www.singaporelawwatch.sg/He...or-Hyflux-2-days-after-winding-up-application

Under the latest proposal, Mr Menezes said, Hyflux's unsecured senior creditors will receive five cents on the dollar while retail investors in Hyflux's preference shares and perpetual securities (PnP) will receive four cents. Mr Menezes has agreed to place S$50 million of his personal shares in Utico in escrow to guarantee the deal. This will be followed by S$50 million in cash once an agreement has been signed.

Triple confirmed Utico has no money.

https://links.sgx.com/FileOpen/SGX ...and Utico.ashx?App=Announcement&FileID=670785
The Judicial Managers also wish to address recent press reports in respect of Utico. The Judicial Managers had previously terminated discussions with Utico as Utico was unable to meet the conditions required by the Judicial Managers to consider any offer from Utico. Utico has contacted the Judicial Managers following the filing of the Winding Up Application. Utico remains unable to meet the minimum conditions required by the Judicial Managers and Utico’s recent contact and the associated press reports have no impact on the Winding Up Application.

 

[Dr Christopher Cheok C S]

Police don't catch thieves.
JAIL CAD

 

[frontier]

That article was written by Reuters. Local press will not dare to remind you that "Authorities launched investigation" and no outcome.

This government can't be trusted. 34000 investors scammed by PAP.

 

[JustLikeThis]

This government can't be trusted. 34000 investors scammed by PAP.

It depends who is your godfather. Heliconia is from Temasek.

The swift, silent restructuring of Pacific International Lines​

https://www.businesstimes.com.sg/op...-restructuring-of-pacific-international-lines
Amid the highly-publicised, long-drawn restructuring efforts of Hyflux and the bleak prospects facing creditors of the once-mighty Hin Leong Trading, the successful conclusion of PIL's restructuring stands out for having been completed swiftly and with minimal fanfare.

ON March 31, the world's 12th largest liner company and South-east Asia's largest carrier Pacific International Lines (PIL) announced the completion of the US$600 million investment by Heliconia Capital Management. The investment resulting in Heliconia becoming the majority shareholder in the PIL group marked the completion of PIL's US$3.3 billion debt restructuring, which involved a US$1.1 billion scheme of arrangement and an out-of-court restructuring of PIL's remaining debts.

Two of Heliconia's management, Gay Chee Cheong, Cynthia Chia are from Hyflux.

 

[Dr Christopher Cheok C S]

immature kids laughing at us
https://forums.fuckwarezone.com.sg/...ed-106-refund-how-is-the-progress-now.6536670

Who else to blame except our own government who conned us?

 

[JustLikeThis]

$2.8billion vanished overnight from books.
cooked accounts.

Singapore’s Hyflux May Fetch Under $151 Million in Liquidation​

https://www.bloomberg.com/news/arti...ux-may-fetch-under-151-million-in-liquidation

Asset sales in a liquidation process at Hyflux Ltd., Singapore’s highest-profile distressed company, would likely bring in less than S$200 million ($151 million), a person familiar with the matter said.

There’s no specific timeline to sell these assets, but the judicial manager aims to do so as soon as possible, according to the person, who asked not to be identified because the matter is private.

Proceeds of that size from the liquidation would confirm creditors’ concerns that they may get little back from the company, which began a court-supervised debt restructuring process in 2018 and faced about S$2.8 billion in total investor claims. Investors in the once-high flying firm include about 34,000 individuals who put money in products including perpetual notes and preference shares.

One of the bidders for Hyflux assets is Singapore’s Keppel Infrastructure Trust, according to the person. It’s interested in the TuasOne waste-to-energy plant and the remaining 30% stake in the SingSpring desalination plant that it doesn’t own already, the person said.

Keppel Infrastructure has contractual rights to acquire the 30% stake in the SingSpring plant and to take over the operations, and that’s unaffected by the liquidation proceedings, the firm’s spokesperson said in an email response to Bloomberg queries. The company is unable to comment further due to ongoing confidential discussions with Hyflux’s judicial manager, the spokesperson said.

 

[Dr Christopher Cheok C S]

 

[frontier]

I can't find the Hyflux PNP committee telegram group anymore. What happened to this group? Why they stopped us from gathering together in strength?

Yesterday's townhall was non-event. Actually the attendance was low, nothing special announced. The telegram group closed because the PNP committee members were at odds with each other, and there were two moles MT and WC L in the main chatgroup discouraging the rest. The chatgroup owner Sgdividends was very disheartened because there was no common ground. Here's Sgdividends coverage in the past 3 years:

1) Considerations about Hyflux
2) The fate of Hyflux
3)Will Hyflux recover? The billion dollar question
4) Hyflux-Treatmeat of perpetual share holders- Ezion
5) Hyflux - loans and borrowings - Pacific Radiance
6)A happy ending for retail perpertual securities holders - Tiger Air and Hyflux
7) The Very Curious Case of Sharebuybacks- Hyflux
8)What did the founder/Chairwoman/CEO do to help hyflux throughout the years
9) Moving forwards at the Townhall meetings with Hyflux - Part 1
10) Moving forward at the Townhall meeting with Hyflux - Part 2
11)The Lucky Accredited Investors of Hyflux's Perpetual Securities - Part 3
12) The Peculiar Case of HyfluxShop - Question 12
13)Uncovering the Real Motivations Behind the HyfluxShop
14) High Level Staff Movement Indication of Red Flags -Hyflux
15)An industry comparison of Hyflux compared with its peers - Question 15
16)What other Water Companies did that Hyflux didn't - Question 16
17)Why a debt to equity option for retail investors is not right
18) Consolidated Questions For Hyflux Townhall Meeting on 19 and 20 July 2018 - Hyflux
19)Consolidated Questions For Hyflux Townhall Meeting on 19 and 20 July 2018 - Hyflux- continued
20)Informal Steering Committee for the Reorganisation Process - Hyflux
21) What happened to other Debt Restructuring Exercises - Ausgroup
22)What happened to other Debt Restructuring Exercises - Nam Cheong
23) My layman views of the so-called " White Knights of Hyflux"
24) The Unsecured Working Group (UWG) are against the retail investors - Hyflux
25)Where to find money to pay back retail investors?
26)What happened at Hyflux's Second Townhall Meeting
27) Another bomb to the retail investors of Hyflux
28)The Underrated Importance of Regulatory Risk - Hyflux
29)The Overlooked Importance of Another Regulatory Risk - Hyflux
30)Why did so many Singaporeans invest in Hyflux - The positive image illusion
31)On Why The Rich Get Richer And Poor Gets Poorer - The Hyflux Proposal is Out!
32)The " not spoken much" dirty little thing about the Restructuring Proposal - the $33 million - Hyflux
33) The Failure of the much touted Public-Private-Partnership Model in Singapore - Hyflux
34)The Curious and Disturbing Default Notice of PUB- Hyflux
35) Why i Am Still Voting No to the Revised Offer - Hyflux
36) The Wrong Impression of the Revised Offer- Hyflux
37)When Exactly Did Tuaspring's Operational Problems Start? - Hyflux
38) The Illusion of High,Recurring Profits and Low Debt - Hyflux
39) Just what is Considered True and Fair? - Hyflux
40)How Effective are SGX Listing Rules Really ? - Hyflux
41)The Liquidation of California Fitness and the case of Hyflux
42) Protection of Retail Investors in Singapore - Hyflux and Noble

 

[JustLikeThis]

Bad article by gutter journalist The Business Times, Stephanie Yeo who tried to blame that Hyflux stakeholders for dragging their feet.

1. In the first place, Hyflux called for restructuring because insider Simon Tay wanted to give his company Wong Partnership more business.
2. Secondly, Hyflux's management were not apprehended for over $2.8billion asset value that disappeared due to false accounting practices.
3. Thirdly, DBS repackaged Hyflux's debts to sell to retail investors, in order to bail out their accredited investor who earlier invested in secondary market bonds of Hyflux and failed to disclose about the Tuaspring massive exposure in the electricity market.

Dear Ms Stephanie Yeo,
At least $2.8billion went missing from the balance sheet, Hyflux's failure was due to fraud and regulator's PUB and MAS's cover-up. It was not because that stakeholders were dragging their feets. I wished you had read up more and not exploit Hyflux's case study to suit your article. Otherwise, please do not rub on our wounds.

Do you dare to publish the above-mentioned? You don't.
Like Ng Yat Chung, you are just another good for nothing.

https://www.businesstimes.com.sg/opinion/opportunity-for-corporate-restructuring-amid-pandemic
The attempted restructuring of Hyflux is one example. The first proposal presented to stakeholders was a S$530 million investment offer from SM Investment in October 2018. This was subsequently reduced to S$400 million in the offer by Utico in November 2019. However, the deals never completed and the restructuring continued to drag. As of June 7, 2021, two days after a winding up application was filed by the judicial managers of Hyflux, the offer on the table has been sharply reduced to S$50 million. Hyflux's failure underscores the reality that in most restructurings, there is typically only a small window to achieve a successful restructuring.

 

[Empower]

Bad article by gutter journalist The Business Times, Stephanie Yeo who tried to blame that Hyflux stakeholders for dragging their feet.

1. In the first place, Hyflux called for restructuring because insider Simon Tay wanted to give his company Wong Partnership more business.
2. Secondly, Hyflux's management were not apprehended for over $2.8billion asset value that disappeared due to false accounting practices.
3. Thirdly, DBS repackaged Hyflux's debts to sell to retail investors, in order to bail out their accredited investor who earlier invested in secondary market bonds of Hyflux and failed to disclose about the Tuaspring massive exposure in the electricity market.

Dear Ms Stephanie Yeo,
At least $2.8billion went missing from the balance sheet, Hyflux's failure was due to fraud and regulator's PUB and MAS's cover-up. It was not because that stakeholders were dragging their feets. I wished you had read up more and not exploit Hyflux's case study to suit your article. Otherwise, please do not rub on our wounds.

Do you dare to publish the above-mentioned? You don't.
Like Ng Yat Chung, you are just another good for nothing.

https://www.businesstimes.com.sg/opinion/opportunity-for-corporate-restructuring-amid-pandemic
The attempted restructuring of Hyflux is one example. The first proposal presented to stakeholders was a S$530 million investment offer from SM Investment in October 2018. This was subsequently reduced to S$400 million in the offer by Utico in November 2019. However, the deals never completed and the restructuring continued to drag. As of June 7, 2021, two days after a winding up application was filed by the judicial managers of Hyflux, the offer on the table has been sharply reduced to S$50 million. Hyflux's failure underscores the reality that in most restructurings, there is typically only a small window to achieve a successful restructuring.

SPH is really no standard. Why the journalist never mention ACRA, MAS, CAD dragging their feet on Hyflux investigation?

 

[Dr Christopher Cheok C S]

Bad article by gutter journalist The Business Times, Stephanie Yeo who tried to blame that Hyflux stakeholders for dragging their feet.

1. In the first place, Hyflux called for restructuring because insider Simon Tay wanted to give his company Wong Partnership more business.
2. Secondly, Hyflux's management were not apprehended for over $2.8billion asset value that disappeared due to false accounting practices.
3. Thirdly, DBS repackaged Hyflux's debts to sell to retail investors, in order to bail out their accredited investor who earlier invested in secondary market bonds of Hyflux and failed to disclose about the Tuaspring massive exposure in the electricity market.

Dear Ms Stephanie Yeo,
At least $2.8billion went missing from the balance sheet, Hyflux's failure was due to fraud and regulator's PUB and MAS's cover-up. It was not because that stakeholders were dragging their feets. I wished you had read up more and not exploit Hyflux's case study to suit your article. Otherwise, please do not rub on our wounds.

Do you dare to publish the above-mentioned? You don't.
Like Ng Yat Chung, you are just another good for nothing.

https://www.businesstimes.com.sg/opinion/opportunity-for-corporate-restructuring-amid-pandemic
The attempted restructuring of Hyflux is one example. The first proposal presented to stakeholders was a S$530 million investment offer from SM Investment in October 2018. This was subsequently reduced to S$400 million in the offer by Utico in November 2019. However, the deals never completed and the restructuring continued to drag. As of June 7, 2021, two days after a winding up application was filed by the judicial managers of Hyflux, the offer on the table has been sharply reduced to S$50 million. Hyflux's failure underscores the reality that in most restructurings, there is typically only a small window to achieve a successful restructuring.

 

[Filloz]

Keppel Corp and Sembcorp Marine in Trading Halt

 

[Filloz]

Here's a quote from MTN chatgroup member:
BW is Kroll. Kroll is the trusted company engaged for internal audits and scandal in major GLC. I can cite many examples.

Trusted for years, because they serve the interests of their paymaster and will not disclose actual details to public (including GLC shareholders) and wipes out the paper trail. It is likely that we were fooled when court appointed them. They used Kroll to protect the elites in Hyflux.

 

[Filloz]

Here's a quote from MTN chatgroup member:
BW is Kroll. Kroll is the trusted company engaged for internal audits and scandal in major GLC. I can cite many examples.

Trusted for years, because they serve the interests of their paymaster and will not disclose actual details to public (including GLC shareholders) and wipes out the paper trail. It is likely that we were fooled when court appointed them. They used Kroll to protect the elites in Hyflux.

Continues...

For example, remember the disgraced Jurong GRC ivan lim from keppel? Keppel reported that kroll went to investigate the corruption in Brazil (which resulted in massive fines and cover-up). The whole objective was to whitewashed Ivan and the management of keppel. They never report the findings to stakeholders but the hole was reportedly much larger than the fines in Brazilian courts. Thereafter, if you noticed Keppel profits went into a long-term slide because of the write-offs and baggage.

 

[JustLikeThis]

In yesterday’s SGX filing, BW revealed that they “also identified areas which may warrant investigations” in FAQ 6.
Here’s the insights and details.


Instead of going after Olivia Lum, Lim Suat Wah, Gay Chee Cheong, it looks like the investigations are focusing on Simon Tay’s role on bringing his Wong Partnership onboard which triggers the self-destruction of Hyflux. A far cry from Olivia Lum’s claim that the episode was a “flu”, Simon Tay’s hasty attempt to recommend his firm seemed to have the opposite effect.

On surface, management shared multiple Singapore and China prospects who were willing to offer near-a-billion for Tuaspring. The largest creditor bank, Maybank, also tried to rope in Khazanah. However, the fraudulent valuations and the non-disclosure of Tuaspring bleeds in energy market forced Lim Suat Wah to break ranks after Simon Tay, Gay Chee Cheong and Olivia Lum and took her sabbatical leave.

These earlier prospects include SMI, who realized that Hyflux’s inflated accounts was a gigantic sinkhole and misrepresentations by PUB in their direct discussions.

BW will not be touching on extent and role-played in the cover up, and self-serving interests of the High Court, ACRA, CAD, PUB (NEA) and MAS in the saga. Hyflux’s auditor KPMG and advisor E&Y had also extensive relationship with other companies that Gay Chee Cheong (Heliconia Capital) and Simon Tay oversee.

DBS’s objectives were simple. An Executive Director and two SVPs were lauded for peddling of Hyflux’s securities to the market for years and 2016 retail perpetual bonds offerings was a successful attempt to bail out senior politicians in Singapore (including GCT) holdings in maturing secondary market Hyflux bonds. BW did reflect these to MAS, but MAS reasoned that DBS met disclosures and underwriting obligations.

CDP withheld the release trading data of the final weeks before shares suspension, which could provide data to identify individuals relating to Simon Tay and Wong Partnership management were involved in the earlier disposal of Hyflux shares and bonds.

Specifically, the so-called “areas which may warrant investigations” appears to be limited to a small part of the criminal investigation and slap token fines on a few directors for their oversights and steer clear of exposing the false accounting practices that will spook the regulators and Hyflux insiders.

 

[Dr Christopher Cheok C S]

Thank you @JustLikeThis and @Maybe for your inputs.

I am very sad because the government sacrificed us like that. Family lost a lot, we couldn't move on.
Thanks to this forum, the truth get enshrined for the world to see. Thank you Boss Sam and fellow moderators for giving us a chance to expose the wrongdoings of the elites.

 

[jw5]

Thank you @JustLikeThis and @Maybe for your inputs.

I am very sad because the government sacrificed us like that. Family lost a lot, we couldn't move on.
Thanks to this forum, the truth get enshrined for the world to see. Thank you Boss Sam and fellow moderators for giving us a chance to expose the wrongdoings of the elites.

You are most welcome. Stay positive.

 

[Filloz]

In yesterday’s SGX filing, BW revealed that they “also identified areas which may warrant investigations” in FAQ 6.
Here’s the insights and details.


Instead of going after Olivia Lum, Lim Suat Wah, Gay Chee Cheong, it looks like the investigations are focusing on Simon Tay’s role on bringing his Wong Partnership onboard which triggers the self-destruction of Hyflux. A far cry from Olivia Lum’s claim that the episode was a “flu”, Simon Tay’s hasty attempt to recommend his firm seemed to have the opposite effect.

On surface, management shared multiple Singapore and China prospects who were willing to offer near-a-billion for Tuaspring. The largest creditor bank, Maybank, also tried to rope in Khazanah. However, the fraudulent valuations and the non-disclosure of Tuaspring bleeds in energy market forced Lim Suat Wah to break ranks after Simon Tay, Gay Chee Cheong and Olivia Lum and took her sabbatical leave.

These earlier prospects include SMI, who realized that Hyflux’s inflated accounts was a gigantic sinkhole and misrepresentations by PUB in their direct discussions.

BW will not be touching on extent and role-played in the cover up, and self-serving interests of the High Court, ACRA, CAD, PUB (NEA) and MAS in the saga. Hyflux’s auditor KPMG and advisor E&Y had also extensive relationship with other companies that Gay Chee Cheong (Heliconia Capital) and Simon Tay oversee.

DBS’s objectives were simple. An Executive Director and two SVPs were lauded for peddling of Hyflux’s securities to the market for years and 2016 retail perpetual bonds offerings was a successful attempt to bail out senior politicians in Singapore (including GCT) holdings in maturing secondary market Hyflux bonds. BW did reflect these to MAS, but MAS reasoned that DBS met disclosures and underwriting obligations.

CDP withheld the release trading data of the final weeks before shares suspension, which could provide data to identify individuals relating to Simon Tay and Wong Partnership management were involved in the earlier disposal of Hyflux shares and bonds.

Specifically, the so-called “areas which may warrant investigations” appears to be limited to a small part of the criminal investigation and slap token fines on a few directors for their oversights and steer clear of exposing the false accounting practices that will spook the regulators and Hyflux insiders.

How did you gather these info? If these are really the JM's final plans, what do we benefit from knowing them? Where do you see we go from here?

 

[JustLikeThis]

How did you gather these info? If these are really the JM's final plans, what do we benefit from knowing them? Where do you see we go from here?

Fight another day. I don't want fellow investors to self-blame or despair. We are victims.

It is outrageous that the Court, NEA, ACRA and CAD are misleading us on a lot of shit. In BW's internal report, Hyflux fell because a group of dishonest management and regulators got even more dishonest during the restructuring. BW's leak merely asserted that a plan of actions were in plan to protect the regulators and elites. Just watch it unfolds in the sequence that I shared.

Most, if not all the leaks shared in this thread were accurate and derail the efforts by the authorities to demoralize us in the past three years. Hyflux's demise is not a simple affair but an elaborated state cover up.

 

[Filloz]

In yesterday’s SGX filing, BW revealed that they “also identified areas which may warrant investigations” in FAQ 6.
Here’s the insights and details.


Instead of going after Olivia Lum, Lim Suat Wah, Gay Chee Cheong, it looks like the investigations are focusing on Simon Tay’s role on bringing his Wong Partnership onboard which triggers the self-destruction of Hyflux. A far cry from Olivia Lum’s claim that the episode was a “flu”, Simon Tay’s hasty attempt to recommend his firm seemed to have the opposite effect.

On surface, management shared multiple Singapore and China prospects who were willing to offer near-a-billion for Tuaspring. The largest creditor bank, Maybank, also tried to rope in Khazanah. However, the fraudulent valuations and the non-disclosure of Tuaspring bleeds in energy market forced Lim Suat Wah to break ranks after Simon Tay, Gay Chee Cheong and Olivia Lum and took her sabbatical leave.

These earlier prospects include SMI, who realized that Hyflux’s inflated accounts was a gigantic sinkhole and misrepresentations by PUB in their direct discussions.

BW will not be touching on extent and role-played in the cover up, and self-serving interests of the High Court, ACRA, CAD, PUB (NEA) and MAS in the saga. Hyflux’s auditor KPMG and advisor E&Y had also extensive relationship with other companies that Gay Chee Cheong (Heliconia Capital) and Simon Tay oversee.

DBS’s objectives were simple. An Executive Director and two SVPs were lauded for peddling of Hyflux’s securities to the market for years and 2016 retail perpetual bonds offerings was a successful attempt to bail out senior politicians in Singapore (including GCT) holdings in maturing secondary market Hyflux bonds. BW did reflect these to MAS, but MAS reasoned that DBS met disclosures and underwriting obligations.

CDP withheld the release trading data of the final weeks before shares suspension, which could provide data to identify individuals relating to Simon Tay and Wong Partnership management were involved in the earlier disposal of Hyflux shares and bonds.

Specifically, the so-called “areas which may warrant investigations” appears to be limited to a small part of the criminal investigation and slap token fines on a few directors for their oversights and steer clear of exposing the false accounting practices that will spook the regulators and Hyflux insiders.

Are you also aware that the Utico was brought in by Hyflux's management? Win win for both sides if Utico restructuring goes through, Utico will protect Olivia by getting everyone to waive their rights to sue the management and Utico can reduce their gearing ratios with "almost free" Hyflux's assets injected into their balance sheet.