PUB took a desalination plant built with your money for zero dollar, song bo?
https://www.straitstimes.com/business/pub-takes-over-tuaspring-desalination-plant-from-hyflux
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Regulators Refusing to Act - Hyflux & Noble Group's Decline
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PUB took a desalination plant built with your money for zero dollar, song bo?
https://www.straitstimes.com/business/pub-takes-over-tuaspring-desalination-plant-from-hyflux
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Let's go back to fundamentals
Who benefited from all these LNG contracts, denial of earlier overseas bidders, Tuaspring confiscation, Right-of-First Refusal for Singspring, etc?
PAP
Board of Director leaked their tail when they called investors as "noises". Who stopped the investigations against white horses Olivia and Hyflux directors like Simon Tay and Gay Chee Cheong?
PAP
Who benefited from all these LNG contracts, denial of earlier overseas bidders, Tuaspring confiscation, Right-of-First Refusal for Singspring, etc?
PAP
Board of Director leaked their tail when they called investors as "noises". Who stopped the investigations against white horses Olivia and Hyflux directors like Simon Tay and Gay Chee Cheong?
PAP
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Transaction flagged: https://www.businesstimes.com.sg/co...more-conditions-for-s1025b-chevron-house-sale
Under the end-April deal inked, buyer Golden Compass, which is wholly owned by the US-based real estate fund AEW, would buy the entire interest in its wholly-owned subsidiary, Oxley Beryl, and take over the existing bank loans for an aggregate value of up to S$1.025 billion. Golden Compass is to pay an initial S$210 million for "first completion", then pay the balance of the consideration and discharge Oxley Beryl's bank loans upon final completion, after some works that began on the asset on March 1 are complete, and after the retail and banking units in Chevron House have been divested.
On Thursday, Oxley revealed that the estimated amount of Oxley Beryl's bank loans outstanding after the completion of the AEI works, which the buyer is supposed to discharge upon final completion of the proposed sale, is about S$520 million, while S$295 million will be paid to the company on final completion.
That S$295 million is subject to adjustments based on the AEI works that began on March 1, and divestment of the retail and banking units, and after subtracting a retention sum.
Oxley said that if the actual construction costs for some alterations, additions and AEI works that Oxley started on March 1 are less than the agreed estimated amount, Oxley Beryl shall pay to its parent savings on construction cost, but if that exceeds the estimated amount, the parent will pay for the additional cost.
Asked about the "salient terms" for the divestment of the retail and banking units in Chevron House, Oxley said the process must be conducted by one or more rounds of public expression of interest conducted by a reputable marketing agency, commissions and fees must be borne by Oxley, and the consideration to be received by Oxley Beryl in connection with the asset divestment must be in cash.
Golden Compass will have the right to require Oxley to purchase any or all of the units which remain unsold as at a long-stop date agreed (but not announced) between the purchaser and the company.
Under the end-April deal inked, buyer Golden Compass, which is wholly owned by the US-based real estate fund AEW, would buy the entire interest in its wholly-owned subsidiary, Oxley Beryl, and take over the existing bank loans for an aggregate value of up to S$1.025 billion. Golden Compass is to pay an initial S$210 million for "first completion", then pay the balance of the consideration and discharge Oxley Beryl's bank loans upon final completion, after some works that began on the asset on March 1 are complete, and after the retail and banking units in Chevron House have been divested.
On Thursday, Oxley revealed that the estimated amount of Oxley Beryl's bank loans outstanding after the completion of the AEI works, which the buyer is supposed to discharge upon final completion of the proposed sale, is about S$520 million, while S$295 million will be paid to the company on final completion.
That S$295 million is subject to adjustments based on the AEI works that began on March 1, and divestment of the retail and banking units, and after subtracting a retention sum.
Oxley said that if the actual construction costs for some alterations, additions and AEI works that Oxley started on March 1 are less than the agreed estimated amount, Oxley Beryl shall pay to its parent savings on construction cost, but if that exceeds the estimated amount, the parent will pay for the additional cost.
Asked about the "salient terms" for the divestment of the retail and banking units in Chevron House, Oxley said the process must be conducted by one or more rounds of public expression of interest conducted by a reputable marketing agency, commissions and fees must be borne by Oxley, and the consideration to be received by Oxley Beryl in connection with the asset divestment must be in cash.
Golden Compass will have the right to require Oxley to purchase any or all of the units which remain unsold as at a long-stop date agreed (but not announced) between the purchaser and the company.
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Market Buzz: Creditor banks will be seeking to reduce debt exposure to Oxley by Dec 2019, putting strain on company's cashflow, as cash generated from core activities cover less than 10-20% of debt obligations. Eerily like Hyflux, Oxley is resorting to offload major assets in her portfolio to buy time, (eg. Hyflux selling office building and Chinese plants in the days before her suspension). The sale of Chevron House is expected to reduce debt-levels but not generate much free-cash due to it's "salient" underlying terms of it's sales & purchase agreement.
Like Hyflux's situation with Tuaspring, Buyers are also aware that Oxley is a desperate seller, with the $950m Novotel & Mercure hotel-buyers choosing not to pay the deposits https://www.businesstimes.com.sg/co...-deal-a-setback-for-oxleys-deleveraging-plans
https://www.straitstimes.com/busine...rs-come-under-scrutiny-after-hyfluxs-troubles
Like Hyflux's situation with Tuaspring, Buyers are also aware that Oxley is a desperate seller, with the $950m Novotel & Mercure hotel-buyers choosing not to pay the deposits https://www.businesstimes.com.sg/co...-deal-a-setback-for-oxleys-deleveraging-plans
https://www.straitstimes.com/busine...rs-come-under-scrutiny-after-hyfluxs-troubles
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Damn, read how joyous PAP is about swallowing Tuaspring. FUCK
https://www.straitstimes.com/singap...ing-desalination-plant-has-rehired-36-workers
https://www.straitstimes.com/singap...ing-desalination-plant-has-rehired-36-workers
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Looks like Oxley needs to offload other fixed assets in the next six months to meet the Dec 2019 target because Chevron House sale completion is in Jan-Mar 2020.
Chevron House sale to be completed by Q1 of 2020
https://www.businesstimes.com.sg/real-estate/chevron-house-sale-to-be-completed-by-q1-of-2020-oxley
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Why is lum n the board of directors not investigated for fraud? In HK ICAC will surely be inviting them to drink coffee
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Yes brother, that's why this thread is called "Regulators refusing to act"
Another related write-up this week: https://atans1.wordpress.com/2019/05/22/time-investors-to-put-pressure-on-hyfluxs-auditor
KPMG’s role in Hyflux
“When KPMG issued an unqualified opinion on the full year results for the Hyflux Group in March 2018, there were no events or conditions that individually or collectively, cast significant doubt on the going concern assumption as at the balance sheet date of 31 December 2017, or at the audit report date of 22 March 2018.”
Then according to Hyflux, everything went wrong when in May, there was a run on Hyflux by its banksters. Because of its bad (and unexpected?) Q12018 results announced on 9 May: “certain financiers expressed concerns over their ability to continue with existing credit exposures to the group.”* They tot halal Hyflux had transmuted into haram Hyflux.
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These longstanding directors also had various types of relationships with Hyflux which raise further questions about their independence.
https://www.businesstimes.com.sg/opinion/hyfluxs-board-ticked-boxes-but-let-down-stakeholders
Hyflux was re-designating directors from non-independent to independent, or vice versa and then back again, as if independence was an on-off switch, and was not transparent when doing such re-designations.
Christopher Murugasu, appointed to the board in February 2005, was formerly senior vice-president of corporate services at Hyflux. He first joined the board as an NINED, but was re-designated to an INED in 2010. His sister, Dr Deirdre Murugasu, was a long-time employee of Hyflux, having joined the company in 1996, and proceeding to hold positions of chief operating officer, deputy CEO and senior advisor to Ms Lum, before leaving the company in 2006. Dr Murugasu held as much as 3.13 per cent of the shares of Hyflux shortly after its listing. Given the close relationships between the Murugasus and the company, it's a valid question to ask if Christopher Murugasu is truly independent, regardless of how long ago he was a senior executive of Hyflux.
Two other INEDs - Lee Joo Hai and Teo Kiang Kok - have been on the board since December 2000, with Mr Teo serving as the lead independent director.
Over the years, there were other relationships between Hyflux and both Mr Teo and Mr Lee. Mr Teo's brother, Teo Yuan Cheng Casey, was vice-president of business development from May 2005 and was disclosed as an immediate family member of Teo Kiang Kok earning remuneration below S$250,000 until the 2008 annual report.
In the case of Mr Lee - a partner at BDO LLP from 1986 to 2013 - BDO Raffles provided internal audit services to the company amounting to S$186,000 between FY2005 and FY2008. While the amounts may not have crossed the annual S$200,000 threshold for payments for professional services under the Code, there is nevertheless at least perception of a conflict when a director or his firm is providing other services to the company.
Further, Mr Lee was, and remains, the chairman of the Audit Committee which is supposed to oversee the internal audit function. Since the internal audit is supposed to report directly to the Audit Committee and the committee is supposed to oversee the internal audit function, there is clearly a conflict. The internal audit is supposed to provide independent assurance over Hyflux's internal control and risk management, and the conflict could have hampered its effectiveness.
The Investment Committee, formed in FY2014, is chaired by Ms Lum herself. It is supposed to assist the board in overseeing the investment policy and strategy for Hyflux, including reviewing proposals on major investments and making recommendations to the board for approval. Given the role of Ms Lum as founder, controlling shareholder, executive chairman and CEO - plus chairman of the Investment Committee - she is likely to call the shots in investment decisions. It is of even greater concern that she may not have the expertise and experience in finance and investment.
https://www.businesstimes.com.sg/opinion/hyfluxs-board-ticked-boxes-but-let-down-stakeholders
Hyflux was re-designating directors from non-independent to independent, or vice versa and then back again, as if independence was an on-off switch, and was not transparent when doing such re-designations.
Christopher Murugasu, appointed to the board in February 2005, was formerly senior vice-president of corporate services at Hyflux. He first joined the board as an NINED, but was re-designated to an INED in 2010. His sister, Dr Deirdre Murugasu, was a long-time employee of Hyflux, having joined the company in 1996, and proceeding to hold positions of chief operating officer, deputy CEO and senior advisor to Ms Lum, before leaving the company in 2006. Dr Murugasu held as much as 3.13 per cent of the shares of Hyflux shortly after its listing. Given the close relationships between the Murugasus and the company, it's a valid question to ask if Christopher Murugasu is truly independent, regardless of how long ago he was a senior executive of Hyflux.
Two other INEDs - Lee Joo Hai and Teo Kiang Kok - have been on the board since December 2000, with Mr Teo serving as the lead independent director.
Over the years, there were other relationships between Hyflux and both Mr Teo and Mr Lee. Mr Teo's brother, Teo Yuan Cheng Casey, was vice-president of business development from May 2005 and was disclosed as an immediate family member of Teo Kiang Kok earning remuneration below S$250,000 until the 2008 annual report.
In the case of Mr Lee - a partner at BDO LLP from 1986 to 2013 - BDO Raffles provided internal audit services to the company amounting to S$186,000 between FY2005 and FY2008. While the amounts may not have crossed the annual S$200,000 threshold for payments for professional services under the Code, there is nevertheless at least perception of a conflict when a director or his firm is providing other services to the company.
Further, Mr Lee was, and remains, the chairman of the Audit Committee which is supposed to oversee the internal audit function. Since the internal audit is supposed to report directly to the Audit Committee and the committee is supposed to oversee the internal audit function, there is clearly a conflict. The internal audit is supposed to provide independent assurance over Hyflux's internal control and risk management, and the conflict could have hampered its effectiveness.
The Investment Committee, formed in FY2014, is chaired by Ms Lum herself. It is supposed to assist the board in overseeing the investment policy and strategy for Hyflux, including reviewing proposals on major investments and making recommendations to the board for approval. Given the role of Ms Lum as founder, controlling shareholder, executive chairman and CEO - plus chairman of the Investment Committee - she is likely to call the shots in investment decisions. It is of even greater concern that she may not have the expertise and experience in finance and investment.
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No malay as director thats why it faltered.
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Oxley backed by Lippo people right?
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Lippo is half dead. KPK (Indonesia's anti-corruption agency) whacked them last year. Now Jokowi won, he will resume raiding them.
https://www.bloomberg.com/news/arti...-push-ensnares-top-indonesia-ceos-before-vote
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Teaser 1: Utico offers 50% cash redemption for small PnP holders ($2000-3000) to buy headcounts in restructuring vote.
Teaser 2: Utico spoke to PUB and Hyflux but got fugged. PUB embarked on an extensive PR campaign to brainwash the public about Tuaspring takeover being a joyous occasion.
Teaser 3: Looks like Olivia really hindered Utico during the earlier restructuring days because SMI offered her to retain her throne. Utico is focusing on retail investors, citing senior creditors should have done their due diligence. That's true but the law stipulates that Senior creditors be fully paid before any Junior creditor (Retail PnPs). Let's see what Utico have for us in the days ahead.
https://www.channelnewsasia.com/new...ll-investors-part-cash-redemption-as-11567048
Teaser 2: Utico spoke to PUB and Hyflux but got fugged. PUB embarked on an extensive PR campaign to brainwash the public about Tuaspring takeover being a joyous occasion.
Teaser 3: Looks like Olivia really hindered Utico during the earlier restructuring days because SMI offered her to retain her throne. Utico is focusing on retail investors, citing senior creditors should have done their due diligence. That's true but the law stipulates that Senior creditors be fully paid before any Junior creditor (Retail PnPs). Let's see what Utico have for us in the days ahead.
https://www.channelnewsasia.com/new...ll-investors-part-cash-redemption-as-11567048
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Every PNP will get $1500 (50% of $3000), to buy your vote. Then hold your PNP in old Hyflux perpetually.
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Mr Menezes added that if PNP investors support Utico’s proposed deal, the middle eastern firm could consider listing in the country, and is indeed a “key player in the largest water market in the world today.”
One such investor is Patrick, a blogger for sgdividends.blogspot.sg, who called himself “a victim of the Hyflux episode” in an email to TISG. He wrote to TISG, “The ones who suffer are the retail investors. It kind of feels to me that the hardworking retail investors here are being milked while the companies are allowed to continue milking, by reason of the regulators not reining (sic) the latter in through effective deterrence and holding stakeholders accountable. The legal system here is out of reach of the common retail investor. The current system has to change.”
http://theindependent.sg/hyfluxs-34...-get-cash-redemption-from-white-knight-utico/
One such investor is Patrick, a blogger for sgdividends.blogspot.sg, who called himself “a victim of the Hyflux episode” in an email to TISG. He wrote to TISG, “The ones who suffer are the retail investors. It kind of feels to me that the hardworking retail investors here are being milked while the companies are allowed to continue milking, by reason of the regulators not reining (sic) the latter in through effective deterrence and holding stakeholders accountable. The legal system here is out of reach of the common retail investor. The current system has to change.”
http://theindependent.sg/hyfluxs-34...-get-cash-redemption-from-white-knight-utico/
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Meeting with Utico yielded 'no conclusive numbers' or binding agreement: Hyflux
Hyflux, clarified that the meeting with Utico was focused “on high-level views which entailed no conclusive numbers or percentages, or indeed any binding agreement, whether in respect of the (perpetual securities and preference shareholders) or any other stakeholder groups”.
It added: “Further, the company and its advisors understand that the statements … are exploratory in nature and are approaches currently contemplated by Utico."
https://www.channelnewsasia.com/new...eeting-yielded-no-conclusive-numbers-11571792
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