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

[Filloz]

Such speedy investigation and trial for the billion dollar nickel scandal.
It is more ok to cheat money from the less well-off.

In Singapore, massive fraud ensnares members of growing wealthy class
https://www.scmp.com/week-asia/econ...ged-nickel-fraud-ensnares-members-its-growing

 

[Filloz]

almost no takers for oxley's new 6.9% bonds this week.
peddlers given damn fat commissions to move them.

 

[JustLikeThis]

Got new developments. Now, The Empress is last hurdle, otherwise we will be slaughtered next week.
Will be announced on this Friday if the Empress nods.

Pray.

 

[Filloz]

Got new developments. Now, The Empress is last hurdle, otherwise we will be slaughtered next week.
Will be announced on this Friday if the Empress nods.

Pray.

Unlikely. My MTN group thinks that they want to cover up, make it hard for legal (because NEA PUB are involved) and sweep Hyflux under the carpets and move on.

I hope you prove us wrong.

 

[JustLikeThis]

Unlikely. My MTN group thinks that they want to cover up, make it hard for legal (because NEA PUB are involved) and sweep Hyflux under the carpets and move on.

I hope you prove us wrong.

I am very sorry, false alarm. Keppel only bought Singspring, I thought it could be the whole Hyflux.
I am sorry.

https://links.sgx.com/1.0.0/corpora...nt - 7 July 2021 Divestment of SingSpring.pdf

 

[Dr Christopher Cheok C S]

Got new developments. Now, The Empress is last hurdle, otherwise we will be slaughtered next week.
Will be announced on this Friday if the Empress nods.

Pray.

I am very sorry, false alarm. Keppel only bought Singspring, I thought it could be the whole Hyflux.
I am sorry.

https://links.sgx.com/1.0.0/corporate-announcements/MHWLWR9W3FHZBGWX/673964_SGX Announcement - 7 July 2021 Divestment of SingSpring.pdf

Thanks for the news, love it man! any chance that this is just the starter dish to save us?

 

[JustLikeThis]

Thanks for the news, love it man! any chance that this is just the starter dish to save us?

I certainly hope so, but what I can gather is only skin-deep.

 

[frontier]

Seriously, PAP is going to let all of us die like this tomorrow.? They took Tuaspring for free and at the very last minutes acquired 30% of Singspring for merely $12m (valuing Singspring at just $40m). They got us into this shit and instead of helping, all they can think of, is to take advantage of our misfortunes?

 

[JustLikeThis]

Singapore’s Distressed Hyflux Faces Court Hearing on Liquidation​

https://www.bloomberg.com/news/arti...sed-hyflux-faces-court-hearing-on-liquidation

Hyflux Ltd.’s judicial manager will bring a plan to liquidate the Singapore company before a court on Monday, following a years-long saga in one of the city-state’s most high-profile distressed cases.

The hearing comes after the court-appointed manager in charge of the water treatment company since November applied last month to wind up the firm. Judicial manager Borrelli Walsh Ltd. said in a statement in June that “the remaining value” of the Hyflux Group is best realized in a liquidation.

The decision may cap a drawn-out saga around the company, which has left retail investors and creditors holding losses.

Bloomberg News had reported in June that sales in the liquidation process would likely bring in less than S$200 million, a fraction of the amount creditors are claiming.

 

[JustLikeThis]

Hyflux winding up hearing adjourned after intervention by Utico​

WHITE knight suitor Utico is making another last-ditch attempt to intervene in Hyflux's winding up process.

The Middle Eastern utility firm was looking to file an affidavit, which refutes what judicial managers (JMs) have asserted regarding the failure to proceed with certain negotiations for the restructuring of Hyflux, the Singapore High Court heard on Monday.

WHITE knight suitor Utico is making another last-ditch attempt to intervene in Hyflux's winding up process.

The Middle Eastern utility firm was looking to file an affidavit, which refutes what judicial managers (JMs) have asserted regarding the failure to proceed with certain negotiations for the restructuring of Hyflux, the Singapore High Court heard on Monday.

The court also heard that Utico is willing to put up a S$10 million non-refundable deposit but on the condition that it is given a period of 60 days to negotiate with the JMs on restructuring. This was, however, dismissed by Judge Aedit as he was not assured by what was offered by Utico. He said that he was willing to consider adjournment on those grounds if Utico had been able to put down money immediately for Hyflux's operations.

 

[JustLikeThis]

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.

I believe. This is a low class trick by Hyflux's Board of Directors today.

 

[Filloz]

I believe. This is a low class trick by Hyflux's Board of Directors today.

Olivia & BoDs 只是带路, in return, Utico will help her clear her liabilities in the restructuring by including the waivers (to sue her). Olivia knows where the remaining value of Hyflux are. Bear in mind that over $2.5billion disappeared from the books. Olivia is also likely to sit on board of Utico's New Hyflux after restructuring.

Utico wants Hyflux's assets to reduce their debt ratio (Assets to debts). They were jealous about Singspring's sales to Keppel Infrastructure Trust. Undervalued assets will be transfered to Utico to shore up their balance sheet and Utico is telling the creditors that they will setup separate entity to keep them in the books. Creditors wait 20 years, 30 years, 50 years for money-back

 

[JustLikeThis]

Olivia & BoDs 只是带路, in return, Utico will help her clear her liabilities in the restructuring by including the waivers (to sue her).

Not to forget Wong Partnership's responsibilities and the past auditors claiming the two billion value in balance sheet.

 

[JustLikeThis]

Utico proposes 4% for PnPs, 5% for seniors.
I don't think anyone will agree.

https://www.zaobao.com.sg/finance/singapore/story20210721-1171652

 

[JustLikeThis]

Algeria finding new partners for confiscated AEC project. Don't be surprised Keppel will beg for it.
https://www.africaintelligence.com/...to-save-its-desalination-plants,109680797-art

 

[Dr Christopher Cheok C S]

Slit the regulators' throats
Drain their blood

 

[Filloz]

Singapore Court Rules in Favor of Liquidating Hyflux in Hearing​

A Singapore court on Wednesday ruled in favor of liquidating Hyflux Ltd., following a years-long saga in one of the city-state’s most high-profile distressed cases.

The decision may cap a drawn-out saga around the company, which has left retail investors and creditors holding losses. Hyflux began a court-supervised debt restructuring process in May 2018 and faced about S$2.8 billion ($2.1 billion) of investor claims. It received multiple offers from several bidders along the way, none of which concluded.

https://www.bloomberg.com/news/arti...les-in-favor-of-liquidating-hyflux-in-hearing

 

[Filloz]

Sorry about it.

 

[JustLikeThis]

"I am grateful for all the assistance rendered by all parties," Justice Aedit Abdullah said on Wednesday during the Singapore court hearing, conducted through videoconferencing, as he granted approval to begin Hyflux’s winding up -- more than three years after the company filed for bankruptcy protection.
The hearing was originally set for July 12 but was adjourned as Utico, a utilities company from the United Arab Emirates, attempted to intervene in the company's liquidation. Utico had earlier proposed a restructuring plan, but Hyflux's judicial managers had said that Utico's offer did not meet the minimum acceptable conditions for them.

https://asia.nikkei.com/Business/St...of-Singapore-s-Hyflux-can-teach-entrepreneurs

Hello dear Judge, what have you been smoking? grateful to wong partnership and audit scammers?

 

[JustLikeThis]

"While Olivia was a brilliant entrepreneur, she lacked management skills to run a growing business," said Mak Yuen Teen, a corporate governance expert and associate professor at the National University of Singapore Business School. "And she failed to bring in the right people to address her own weaknesses."

Mak pointed out that Hyflux once filled a business development role with a family doctor and hospital registrar. It also put a hire with a sales and marketing background into a role requiring strong project management skills, Mak noted. As for Hyflux's independent directors, a number had relationships that raised questions about their independence, according to Mak.

Last month, Singapore's Securities Investors Association issued a statement that raises questions about Hyflux's entry into the electricity business. "Was proper due diligence performed?" the statement asks. "Was an exhaustive risk assessment conducted? How many directors voted in favor or against the move? Were investors adequately informed of the risks?"

Meanwhile, the company and its managers are being investigated for suspected false and misleading statements; they are also suspected of failing to meet disclosure requirements.

https://asia.nikkei.com/Business/St...of-Singapore-s-Hyflux-can-teach-entrepreneurs