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

[Filloz]

Dear Noteholders, our total claims are less than $278m, less than 8% of the total claims and we determine the whole outcome. SIAS has betrayed us and using the media to tell us to accept 75% loss.
https://www.hyflux.com/wp-content/uploads/2019/03/HL-List-of-Purported-claimants.pdf

Tonight, SIAS put up a show with Hyflux to generate the false impression that retail investors will get more money back. If they are bribed by such tiny increments, the more we should be united. https://www.businesstimes.com.sg/co...o-give-perp-pref-holders-more-recovery-upside

To think that we will also help retail investors by voting NO, now SIAS betrayed us and misled the retail investors to support. Let's just care for ourselves, we are too small (a group) to get any attention.

ATTENTION NOTEHOLDERS!!! - PLEASE READ AND SHARE. WE HAVE HOPE.

As long as all Hyflux noteholders vote "No" , we can make bankers beg us to support because we have the numbers in Senior Class. We call the shots, according to our representative lawyer. He said we have a high chance to recover 100% if we stay united. If we say no, nothing can proceed.

As long as we stay as a team and reject, everyone will pacify us and give us back 100% + penalty interests. I am serious. Our Akin Gump lawyers had briefed those who involved. We dominate the votes in unsecured class. Bankers can continue to enjoy their banking relationship with Hyflux, but we just want our 100% back. It is really possible. Don't fall to SIAS's and Hyflux's lies and accept the haircuts.

PLEASE PASS THE MESSAGE. Information in the media are merely speaking from the retail investors perspective. Do not fall for it.

 

[rushifa666]

If you are reading msm fake news then already you are a mental case.

 

[rushifa666]

"https://pbs.twimg.com/media/D0KpO5jU0AAwZ6G?format=jpg&name=large"

 

[FuckOttoke]

I got a feeling that we will see a change in government in the next General Election. Hyflux and GST increment will bring down PAP like Najib.

after AHTC , 70% will become 75% .

aljunied grc is definitely gone for wp .

 

[Empower]

The PUB said in a statement that TPL has been unable to fulfil various contractual obligations under the water purchase agreement since 2017
https://www.straitstimes.com/busine...-warns-will-take-control-of-plant-if-defaults

Why never flagged by auditors or highlighted by management?

 

[xebay11]

The PUB said in a statement that TPL has been unable to fulfil various contractual obligations under the water purchase agreement since 2017
https://www.straitstimes.com/busine...-warns-will-take-control-of-plant-if-defaults

Why never flagged by auditors or highlighted by management?

This is just an orchestrated ploy to make investors vote yes to Salim.

 

[FuckOttoke]

 

[Focus]

This is just an orchestrated ploy to make investors vote yes to Salim.

NEA must be begging ACRA and CAD not to take action because Hyflux will be defunct and NEA will not know how to operate these facilities.

 

[JustLikeThis]

Good morning, I am pleased to share with you that the third townhall is postponed, because someone went to lim kopi. Definitely not because they need a larger venue; the turnout application for third townhall is not really larger than the second townhall (Perps, pref and notes) as of last weekend. They lied again.

https://www.channelnewsasia.com/new...oming-town-hall-meeting-larger-venue-11333546

 

[JustLikeThis]

“We cannot rule out junior creditors preferring liquidation, which results in Tuaspring being taken over by PUB per the notice of default, if there is a possibility that PUB will offer a high compensation amount," analysts said.
https://www.channelnewsasia.com/new...turing-plan-retail-investors-experts-11332168​

 

[JustLikeThis]

I got a feeling that we will see a change in government in the next General Election. Hyflux and GST increment will bring down PAP like Najib.

If you examine the speeches made by our prominent politicians likely (LBW, Jo, Grace, etc), you realized how drifted apart the current leadership is, from the ground sentiments. The indifference towards Hyflux can be a catalyst like 1MDB, if PAP collapses.

In Hyflux's story, policymakers are just interested to cover trails of their past oversights, than to help the conned investors. Together with the media, they just want to silence investors and move on. They should be aware that the losses are years of savings from Singaporeans who invested in Singapore's strategic needs.

Hyflux's betrayal (policy failures) is alike awakening to the fact that HDB are not a store of wealth. Times have changed, people will not trust the government. I agree that if Mr Goh Keng Swee and Mr Lee Kuan Kew are still around, they will not let such unrest to go unresolved.

 

[Empower]

This is just an orchestrated ploy to make investors vote yes to Salim.

Investors Set to Lose Up to 90% on Singapore Water Debacle
By
David Yong
12 March 2019, 09:41 GMT+8

The catastrophic slump of Singapore’s much-vaunted water and power company, Hyflux Ltd., has stunned 34,000 retail investors who were lured by the promise of a 6 percent annual return forever from a company that seemed to have a gold seal of government approval.

At the heart of the debacle is Tuaspring, a desalination and power plant that cost S$1.1 billion ($809 million) and was heralded as one of the “national taps” for an island that had long depended on importing water and harvesting rainwater for survival. The company’s glowing prospects encouraged investors including Li Meicheng and Violet Seow to funnel some of their savings into S$900 million of junior debt to help fund the venture and group expansion.

Tuaspring was opened to great fanfare in September 2013, with the head of the Public Utilities Board and two government ministers flanking Prime Minister Lee Hsien Loong, who called the plant “the latest milestone in Singapore’s water journey,” praising its “unique and cost-efficient design.”

Commercial Matter
Many investors expected the government to step in and help a venture it had enthusiastically praised. But the authorities have rejected calls for intervention into what they call a “commercial matter.” The PUB served a notice of default on the Tuaspring plant owner for operational and financial lapses. Hyflux was given 30 days to make good on its obligations, or the state could terminate the contract and seize the plant.

“I’m very disappointed that the government has decided to take a tough stance instead of offering a helping hand to an iconic Singapore company,” said Li, a 42-year self-employed businessman who owns Hyflux perpetual notes and preference shares. “This is another dagger in the chest for retail investors.”


‘Feel Abandoned’
“The new investor isn’t a white knight when it only wants the assets but not the debt,” said Seow, a home-maker in her 50s who owns Hyflux shares and bonds, and intends to vote against the deal. Like many mom-and-pop investors who put their life savings into it, “we feel abandoned and sacrificed,” she said.

Hyflux on March 8 said it would alter its repayment plan to help retail investors, with staff getting a scaled-down incentive plan to complete projects, and senior lenders and creditors sharing some of their future payouts.

The changes “hardly moved the needle,” said Li. Hyflux may not even survive that long for retail investors to collect any recovery, Seow added.
Hyflux didn’t answer requests for comment, beyond referring to its stock-exchange filings.



Credit Risks
The company is the latest in a series of at least 15 corporate defaults since 2014 that highlight the risks in a dark corner of Singapore’s S$386 billion credit market -- unrated bonds paying junk-level yields in a near-zero interest-rate era. From a 77-year old millionaire in Rickmers Maritimeliquidation to a 71-year old former civil servant who felt cheated in Noble Group Ltd.’s implosion, retail investors have been battered by the failures.

“This episode is really a wake-up call for the Singapore financial sector, how we promote such novel and risky instruments, the role of financial intermediaries and the education of the investing public,” said Lawrence Loh, director of Centre for Governance, Institutions and Organizations at NUS Business School in Singapore.

“What they are offering to us is simply ridiculous,” said Christopher Ching, a construction industry consultant who bought S$250,000 of senior notes from the secondary market in late 2017. While he stands to recoup a higher percentage than the junior creditors, he’s prepared to fight with them for a better deal. “We might as well go down together.”
A spokesperson for the Monetary Authority of Singapore said in response to queries on Hyflux that all investments carry risks and that businesses can come under financial stress.

 

[Empower]

MAS said all investments carry risks and that businesses can come under financial stress???
Can LTA claim that crossing roads also carry risks, and that pedestrians can come under wheels of vehicles???

HYFLUX IS A CON JOB, LIKE AN SPEEDING VEHICLE ON ROAD.
CAD, ACRA, SGX and MAS REFUSING TO ACT.

 

[whoami]

I got a feeling that we will see a change in government in the next General Election. Hyflux and GST increment will bring down PAP like Najib.

Hate to disappoint u. If is other countries...yes...there may be a chg of garment. But if its sinkieland it will never happen. Cos sinkies r daft n no balls!

 

[thinkorsink]

this whole financial market is a scam of its kind. i seldom hear many winners but a lorry load of losers in the entire trading journey. my take on trading matter is this, no matter how savvy you are, there is element of luck in play and also cheating. you may win the first five years but you will probably lose it later. even funds are not spared, the average return of global funds is about 12% annually, i actually seen returns going at the rate of 24+% a year. how can that be and which elite fund management able to drive this kind of return? so realistically, cpf is the best bet although they are rather conservative on the interest of 4%. i know may sinkies want to withdraw cpf money to splurge like no tomorrow, you can take my word for it that whatever the government plan is for your own good and of course for themselves, and then for the whole.

 

[Focus]

Hate to disappoint u. If is other countries...yes...there may be a chg of garment. But if its sinkieland it will never happen. Cos sinkies r daft n no balls!

Then they deserved to be fucked.

 

[JustLikeThis]

Investors Set to Lose Up to 90% on Singapore Water Debacle
By
David Yong
12 March 2019, 09:41 GMT+8

The catastrophic slump of Singapore’s much-vaunted water and power company, Hyflux Ltd., has stunned 34,000 retail investors who were lured by the promise of a 6 percent annual return forever from a company that seemed to have a gold seal of government approval.

At the heart of the debacle is Tuaspring, a desalination and power plant that cost S$1.1 billion ($809 million) and was heralded as one of the “national taps” for an island that had long depended on importing water and harvesting rainwater for survival. The company’s glowing prospects encouraged investors including Li Meicheng and Violet Seow to funnel some of their savings into S$900 million of junior debt to help fund the venture and group expansion.

Tuaspring was opened to great fanfare in September 2013, with the head of the Public Utilities Board and two government ministers flanking Prime Minister Lee Hsien Loong, who called the plant “the latest milestone in Singapore’s water journey,” praising its “unique and cost-efficient design.”

Commercial Matter
Many investors expected the government to step in and help a venture it had enthusiastically praised. But the authorities have rejected calls for intervention into what they call a “commercial matter.” The PUB served a notice of default on the Tuaspring plant owner for operational and financial lapses. Hyflux was given 30 days to make good on its obligations, or the state could terminate the contract and seize the plant.

“I’m very disappointed that the government has decided to take a tough stance instead of offering a helping hand to an iconic Singapore company,” said Li, a 42-year self-employed businessman who owns Hyflux perpetual notes and preference shares. “This is another dagger in the chest for retail investors.”


‘Feel Abandoned’
“The new investor isn’t a white knight when it only wants the assets but not the debt,” said Seow, a home-maker in her 50s who owns Hyflux shares and bonds, and intends to vote against the deal. Like many mom-and-pop investors who put their life savings into it, “we feel abandoned and sacrificed,” she said.

Hyflux on March 8 said it would alter its repayment plan to help retail investors, with staff getting a scaled-down incentive plan to complete projects, and senior lenders and creditors sharing some of their future payouts.

The changes “hardly moved the needle,” said Li. Hyflux may not even survive that long for retail investors to collect any recovery, Seow added.
Hyflux didn’t answer requests for comment, beyond referring to its stock-exchange filings.



Credit Risks
The company is the latest in a series of at least 15 corporate defaults since 2014 that highlight the risks in a dark corner of Singapore’s S$386 billion credit market -- unrated bonds paying junk-level yields in a near-zero interest-rate era. From a 77-year old millionaire in Rickmers Maritimeliquidation to a 71-year old former civil servant who felt cheated in Noble Group Ltd.’s implosion, retail investors have been battered by the failures.

“This episode is really a wake-up call for the Singapore financial sector, how we promote such novel and risky instruments, the role of financial intermediaries and the education of the investing public,” said Lawrence Loh, director of Centre for Governance, Institutions and Organizations at NUS Business School in Singapore.

“What they are offering to us is simply ridiculous,” said Christopher Ching, a construction industry consultant who bought S$250,000 of senior notes from the secondary market in late 2017. While he stands to recoup a higher percentage than the junior creditors, he’s prepared to fight with them for a better deal. “We might as well go down together.”
A spokesperson for the Monetary Authority of Singapore said in response to queries on Hyflux that all investments carry risks and that businesses can come under financial stress.

Thanks for sharing. The whole world is reporting, even South China Morning Post & Yahoo.
Wait for The Straits Times & ChannelnewsAsia. If they don't dare to publish, I think policymakers are feels guilty about the mess.


Singapore water and power company Hyflux’s huge financial problems stun investors

• At one time, the company had seemed to have a gold seal of government approval and promised investors a 6 per cent annual return forever
• But as cash depleted and its liabilities approached the billions, it was forced to seek court protection from creditors to restructure

https://www.scmp.com/news/asia/sout...ater-and-power-company-hyfluxs-huge-financial
https://sg.finance.yahoo.com/news/i...ingapores-hyflux-water-debacle-023445823.html

 

[FuckOttoke]

auntie olivia cleaned up good !

she gambled with your money and lost , but still profited $60M !

 

[CoffeeAhSoh]

Lim Tean

.
Hyflux- Another Dagger Into The Chest Of Retail Investors! It is shameful that the PAP government will not take control of the insolvent water company Hyflux but would allow 34 000 retail investors be hung out to dry. These investors, many of whom invested their life-savings in a company which was highly touted by the PAP government stand to lose a combined $900 million. They are prey to the piranhas of foreign capitalism who want to take the assets of the company but not the debt, for a controlling stake of 60% in exchange for only a S$530 million injection. It is unconscionable for the PAP government to allow a company involved in such a strategic commodity as water to be acquired by foreigners. When the 30% water hike was imposed, did Chan Chun Sing not say that water was something existential to Singapore’s survival or words to that effect? And did Lee Hsien Loong not say that Tuaspring was the “ latest milestone in the journey for water in Singapore” ? Or were those only hollow words? A Peoples Voice Government would never allow any of our industries of strategic interest such as water to be bought or controlled by Foreigners. If GIC could have invested S$1 Billion this week in an Indian telco company which enjoyed only junk status with one of the rating agencies, why couldn’t the Government have bought over control of Hyflux and in the process repaid the good faith shown by the 34 000 retail investors when they invested in a Singapore company?

 

[JustLikeThis]

Lim Tean

.
Hyflux- Another Dagger Into The Chest Of Retail Investors! It is shameful that the PAP government will not take control of the insolvent water company Hyflux but would allow 34 000 retail investors be hung out to dry. These investors, many of whom invested their life-savings in a company which was highly touted by the PAP government stand to lose a combined $900 million. They are prey to the piranhas of foreign capitalism who want to take the assets of the company but not the debt, for a controlling stake of 60% in exchange for only a S$530 million injection. It is unconscionable for the PAP government to allow a company involved in such a strategic commodity as water to be acquired by foreigners. When the 30% water hike was imposed, did Chan Chun Sing not say that water was something existential to Singapore’s survival or words to that effect? And did Lee Hsien Loong not say that Tuaspring was the “ latest milestone in the journey for water in Singapore” ? Or were those only hollow words? A Peoples Voice Government would never allow any of our industries of strategic interest such as water to be bought or controlled by Foreigners. If GIC could have invested S$1 Billion this week in an Indian telco company which enjoyed only junk status with one of the rating agencies, why couldn’t the Government have bought over control of Hyflux and in the process repaid the good faith shown by the 34 000 retail investors when they invested in a Singapore company?

Thank you so much for sharing. Please let me have the link or source to LIKE or share it.