I lost a lot, enough to buy property. Taking clue from Noble Group, our government appears to be in cahoots and want to bury these scandals (Hyflux involved Simon Tay, NEA/PUB, wong partnership and kpmg). Hyflux involved more big shots than Noble Group. see how corrupted Singapore is.
https://splash247.com/noble-penalti...y-the-man-who-brought-the-trading-group-down/
The decline and fall of Noble came about from Vagner, an ex-employee turned whistleblower.
“The Singapore authorities’ decision has zero financial impact on the main perpetrators,” Vagner wrote in a post on the Iceberg Research site, suggesting that a number of people should have been prosecuted including from auditing firm E&Y.
“Stock exchange regulators are defined by the actions they take against major frauds.
Noble’s fraudsters will get away with no consequence in Singapore,” Vagner wrote.
While Vagner had many times compared Noble’s accounting practices to that of Enron, the bust American energy giant, he lambasted the Singapore Exchange’s (SGX) remedial actions.
“It’s widely believed that prosecuting Enron’s management and reinforcing the regulatory environment strengthened capital markets in the US along with their competitive position.
The Noble saga was an opportunity for the SGX to redeem itself. But its refusal to prosecute Noble’s fraudsters is the last straw for its already tarnished reputation,” Vagner wrote in his post published yesterday.
Speaking with
Splash, Vagner said: “
Singapore took seven years to conclude there was something wrong with the commodity contracts, which I explained to them at length in May 2015. The fine is ridiculous compared to the damage.
They don’t prosecute any managers. They won’t even publicly name the two directors they timidly warn. Most importantly, the retail investors who lost everything won’t get a penny. In summary, it’s a joke.”
