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

gummybear said:
She better go die. A bitch
Click to expand...

So disgusting, media is saying so much good things about her success story and how much she feels for retail investors, this weekend.

Ok, time for me to share the true history. Olivia Lum wasn't really the founder of Hydrochem (Hyflux). It was the Nanyang University professor and some students. The professor got cancer and she took over company and kicked out the other founding students. There were a lot of hypocrisy during that period. This woman is not that great, she just stole the power in Hyflux and glory. Today, she is doing the same again.

I never revealed these earlier but old Nanyang Universityt alumni in my batch can ascertain the truth that I shared. This is a dishonest woman.
 
Last edited:
JustLikeThis said:
Excellent piece from the gentlemen in the first post of this page-

Why Did So Many Singaporeans Invest in Hyflux - The Positive Image Illusion
https://sgdividends.blogspot.com/2019/02/why-did-so-many-singaporeans-invest-in.html

  • Olivia nominated as member of the Corporate Governance Council of Singapore - playing an advisory role to MAS, ACRA and SGX
  • Arguably Singapore's most celebrated female businesswoman
  • A poster child for Enterprise Singapore, which is a combination of two government agencies - International Enterprise Singapore and Spring Singapore
  • Hyflux featured in EDB ( Economic Development Board of Singapore) whose growth mirrors Singapore's water story
  • Participating in many National Day Parades
  • NEWater & Believing in the Singapore Water Story


It is a fact that many Merdeka and Pioneer Generations invested into Hyflux. These generations are the ones who saw through most of the ups and downs of Singapore development, from a swampy, forested area into the modern city we have now. They are the ones who faced the Konfrontasi with Malaysia and Indonesia, the ones who experienced first hand the separation of Singapore from Malaysia, the ones who experienced the racial riots and the ones who lived through the period where Singapore was threatened with water.

It is a fact that many of them can't read english and many are chinese educated. They didn't have much schooling like what the current generation is enjoying now. They grew up, believing in the Singapore story, believing in the vital importance of water to the very survival of Singapore. Without Water, there will be no Singapore.

It is utterly inconceivable to me that some people choose to label them as "greedy" investors and they deserve it for taking that risk. Many of them didn't buy shares. They bought the preference shares and the perpetual securities which came with a step-up date which many of them thought it refered to the redemption date, like the bond. They invested not so much on intellect but more on the emotional connection they have with the Singapore Story which they grew up with, and the trust in what they saw with their eyes. They believed in Olivia Lum, the one who was protrayed as one of the Heros of the Singapore Water Story, the one who built a Singapore company that we can be so proud of, the one who appeared so many times alongside the progress of the nation.
Click to expand...

I bet they also use same reason vote for PAP. :mad:
 
After reading all these can’t stop wondering how could a business base on cronyism, monopoly, government backing can go bust? Impossible, unless it’s premeditated going al out to cheat.
 
Empower said:
So disgusting, media is saying so much good things about her success story and how much she feels for retail investors, this weekend.

Ok, time for me to share the true history. Olivia Lum wasn't really the founder of Hydrochem (Hyflux). It was the Nanyang University professor and some students. The professor got cancer and she took over company and kicked out the other founding students. There were a lot of hypocrisy during that period. This woman is not that great, she just stole the power in Hyflux and glory. Today, she is doing the same again.

I never revealed these earlier but old Nanyang Universityt alumni in my batch can ascertain the truth that I shared. This is a dishonest woman.
Click to expand...

i share a bit more

If you are old enough, you know PAP incorporated Nanyang University into NUS in early 1980s. NUS had never really had really successful "incubator business" but the Nanyang University professor and his students were having breakthrough with water technology in late 1980s. Olivia was not even the pioneer batch or founding members, she was "pure" NUS. This women was scheming and took the opportunity when the professor had to exit because of his cancer.

NUS was desperate to have some achievement and water technology will get into Lee Kuan Yew's good books. It was something that NUS tried to call their own and used Olivia removed the senior students with Nanyang University background, so made younger Olivia the poster child.
 
Froggy said:
After reading all these can’t stop wondering how could a business base on cronyism, monopoly, government backing can go bust? Impossible, unless it’s premeditated going al out to cheat.
Click to expand...

Dear Admin, Can you help us pin this thread again? a lot of bad developments.

Please also help us change the thread title to "Almost 100% Loss of Hyflux and Noble Investors due to Regulatory Indifference". I hope we have a prominent online platform to create awareness.

Hyflux is really a con job, the media is still trying to make Hyflux investors look greedy by sharing the good deeds that Olivia done. Olivia needs to be jailed.
 
xebay11 said:
Someone should lodge a police report for fraud or else no way she is going to jail, Lim Suat Wa already resigned.
Click to expand...

I did write to Tharman (former MAS head) and Heng Swee Kiat (Finance Minister) about the accounting fraud.

They referred me to MAS Consumer Issues Division and replied "these are commercial issues, we regret that we are unable to intervene."
Template answers. Police sleeping on their jobs.
 
Empower said:
Dear Admin, Can you help us pin this thread again? a lot of bad developments.

Please also help us change the thread title to "Almost 100% Loss of Hyflux and Noble Investors due to Regulatory Indifference". I hope we have a prominent online platform to create awareness.

Hyflux is really a con job, the media is still trying to make Hyflux investors look greedy by sharing the good deeds that Olivia done. Olivia needs to be jailed.
Click to expand...

@Leongsam can you assist the above request?
 
cocobobo said:
If keppel or semcorp made the same move as salim would the authorities have allowed it? Ie buy hyflux instead of tuaspring?
Click to expand...

PAP bastards just know how to make money from Singaporeans. PUB blocked serious foreign buyers who are willing to pay a good price for Tuaspring and send Sembcorp to low-ball at 60-70% discount.

PAP dares to treat our people like that because they think they own this country. Hope Hyflux and other issues will make them lose power, FALL LIKE HYFLUX and frauds exposed.
 
I refer to this business times article: https://www.businesstimes.com.sg/co...pite-olivia-lums-sweetener-to-small-investors

I think inflating contingency liabilities will make it easier for the restructuring to pass through even if retail investors vote No. Earlier, I explained that we cannot trust Angela.



Extracts from article:

For illustrative purposes, EY has said that assuming 50 per cent of contingent claims are crystallised, their recovery will be about 29 per cent. Examples of contingent liabilities include banker's guarantees, performance bonds and liquidated damages in a construction project, if there are delays.

However, if the contingent claims do not crystallise, 80 per cent of their allocations (which will be held in escrow) will be distributed to note holders and banks.

The remaining 20 per cent will be distributed to the managers of the projects for which the contingent claim is extinguished, according to Hyflux's Feb 15 court affidavit. This is to incentivise project managers to complete projects on time so that more claims will not be called.

EY partner Angela Ee explained: "If you don't crystallise a contingent claim, more money will be spread amongst the remaining pot." In its affidavit, Hyflux produced a "non-exhaustive list of contingent claims". But actual dollar values were not disclosed.
 
Focus said:
Look at tonight's proposal from Falcon Energy for their 5.5% bonds.
https://links.sgx.com/FileOpen/FEG_...s_15Feb19.ashx?App=Announcement&FileID=543806

So much more sincere

a) Maturity date of the Notes is postponed to 19 September 2020 (“Extended Maturity Date”);

b) Increased redemption price payable on any outstanding amount of Notes on Extended Maturity Date to 105% of such outstanding principal amount;

c) Revised interest rate payable every two months:
i. 3.50% p.a. for 19 Sept 17 to 18 Sept 18
ii. 4.50% p.a. for 19 Sept 18 to 18 Sept 19
iii. 6.50% p.a. for 19 Sept 19 to 18 Sept 20

d) Assignment of proceeds from scrapping of vessels AC and T4, and an account charge over the charged account for the same;
e) Mortgage and assignment of insurances over vessel SS-8, and an
Click to expand...

Ya, this prosposal from Falcon Energy was just announced a few hours before Hyflux's
the insolvent O&G company is more serious about taking care of their investors.
 
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