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

[ftan42]

GIC buys US railroad company for US$6.4B

https://www.channelnewsasia.com/new...t-railroad-genesee-wyoming-singapore-11679786

 

[Leongsam]

Part of the buy high sell low winning strategy.

 

[JustLikeThis]

Stay-tuned for breaking news this week

 

[garlic]

Stay-tuned for breaking news this week

break it here now first lah...

 

[JustLikeThis]

break it here now first lah...

Good morning,

An important offer was received and got people excited. I do not know the terms of the offer. The reason that I am sharing is that, I do not want it to be filtered by the tyrant and goes unannounced.

 

[Huatable]

Man on the street no longer trusts the SGD bonds.

Demand for SGD bonds from individuals collapsed after the Hyflux & other SGD bonds fallout, while the amount of local fixed deposits has increased by S$13 billion since the start of the year. https://www.businesstimes.com.sg/banking-finance/fixed-deposits-beat-out-singapore-savings-bonds

 

[Filloz]

Good morning,

An important offer was received and got people excited. I do not know the terms of the offer. The reason that I am sharing is that, I do not want it to be filtered by the tyrant and goes unannounced.

Are you saying that it is good for us and bad for her?

 

[frontier]

many signs point to SembCorp Industries becoming the ultimate white knight for Hyflux
https://www.sgwealthbuilder.com/2019/07/hyflux-to-sink-or-swim-with-sembcorp-industries-2/

So PUB had taken over Tuaspring Desalination Plant in May 2019. Since then, affected investors never had a good sleep. But that does not really mark the end of Hyflux saga. While the spotlight had been on the Tuaspring Desalination Plant, it is important to note that Hyflux is more than just Tuaspring alone.

In my view, many signs point to SembCorp Industries becoming the ultimate white knight for Hyflux. Firstly, PUB’s role as regulator is to oversight water operators and develop policies. The function of PUB is not to operate water plants like Tuaspring. Secondly, why should Singapore taxpayers fund the staff salaries and maintenance of Tuaspring? Henceforth, it is only a matter of time that Tuaspring be transferred to a local operator.

In Singapore, SembCorp Industries remains the leading homegrown player in the utility sector, with business segments in power and water treatment. Thus, it will make sense for Temasek Holdings to rescue Hyflux via SembCorp Industries because of the opportunities of scaling for the latter. Incidentally, SembCorp Industries has both power plants and water treatment plants in Singapore, China and the Middle East. So in terms of synergies, SembCorp Industries also has the best fit with Hyflux.

 

[Huatable]

I have only stated the facts in this thread, time can prove. Hyflux is an elaborated cover-up by the government and Hyflux Board of Directors.

If you are the government,
Using ACRA or CAD to investigate will open a can of worms, such as DBS issuing debts to retail investors to bail out Accredited ones, force-feeding Hyflux with LNG and NEA's disqualifying China SOE from buying Tuaspring at near $1.5 billion, etc. Therefore, regulators will not intervene and government have to focus on expediting the demise of Hyflux and sweep the investors under the carpet because elections are coming. This is why the police (NEA) went on to kill the rape victim by confiscating Tuaspring.

If you are Olivia & Board of Directors
You just want a new investor who will continue to give you control over Hyflux. In this way, no one can pursue your false-accounting practices. It is not about finding someone who will bail-out the creditors and investors.

If you are the Creditor or Investor,
You aim to jail Olivia Lum & Board of Directors because that is the only way to remove them from the management. While the jailbirds can still vote in EGM or AGM through proxies, they can't stop forensic investigations about their past wrongdoings.


Hyflux – Singapore’s Enron

Hyflux, one of Singapore’s most iconic businesses, saw its market capitalisation peak above $2 billion in recent years with rapid growth in Singapore and global business. In 2011, Olivia Lum also became the first Singaporean women to be crowned Ernst & young World Entrepreneur of the Year award.

In a cruel mockery, Ernst & Young is now appointed as financial advisor to Hyflux’s debt restructuring, peddling a >90% loss-absorption scheme for perpetual bondholders and preference shareholders according to a leak from Debtwire in late Nov 2018 and rewarding Olivia and her team with a 3% stake of the enlarged share-capital. It allocated merely $39million in exchange for approximately $900million of perpetual bonds and preference shares.

$39million was not enough to fund the cumulative interest of the above-mentioned subordinated debts. While the proposal is not final, Hyflux is expected to post at least $800m to $1 billion of annual losses in the current FY which will erode almost all of Hyflux’s subordinated debts overnight.

Now, let’s turn back time to another US power generation company, Enron in 2001. Not just Enron was in the same utilities industry as Hyflux, Enron was also the largest bankruptcy reorganization in US history (back then) and biggest audit failure, dragging down Arthur Andersen.

Like Hyflux, Enron’s complex financial statements confused shareholders and analysts though false-accounting practices. It appears that both companies adopted accounting limitations to misrepresent past-earnings and asset-values in balance sheets to indicate favourable performance for fund-raising.

Over the years, Hyflux was able to attract overwhelming funding support from retail investors to fund their questionable business model; concealing its true performance through a series of risk-assessment, accounting and financing manoeuvres and hyped its leverage to unsustainable levels.

The sudden recognition of valuation-losses, cost over-runs, projects-losses since the Hyflux’s suspension, is the consequences of past reckless standards in audits without properly reviews. Looks like Hyflux has a habit of not making sufficient provisions for potential project disruptions, legal disputes and unrealistic valuations of assets.

I am still young and I can work still work for you all” said Olivia Lum in the first Townhall Meeting. In the past 12 months, Hyflux issued a stream of failed promises and assurances. Olivia further described the press conference with potential Indonesian investors as “a happy day” despite the underlying requirements for massive debt write-off.

These comments and mismanagement behind Hyflux’s fall reflects the management’s hubris, and lack of corporate social-responsibility. Retail investors funded Hyflux because of its political and strategic importance to Singapore. Short of a government bailout, along with regulatory oversights and indifference of political leaders, Hyflux’s retail investors are now trapped with no-one on their side.

The cover up is shitty, PUB is either very naive or full of themselves.

Example a company leases a commercial van from Goldbell Leasing (car leasing company) for $2000 a month. The van is still serviceable but one day, the company suddenly claimed that for a few years the van broke down a few days every month. They filed a massive compensation demand with Goldbell and confiscated the van for $0 because they presented a case that even if they scrap the whole van, it is not enough to cover their loss-of-use for a few days, every month.

Goldbell paid fully for the van, like Hyflux for Tuaspring.

Hyflux is about fake accounts and Singapore regulators' policy failures. If the same situation happens in China (where people don't vote for the government), I believe that the Chinese government will intervene to resolve this issue amicably for their citizen to avoid social unrest. In Singapore, our government just whitewashed the issue and presented themselves as saviours by claiming that PUB helped to reduce Hyflux's losses by taking over and crippling the $1.5billion Tuaspring.

There will be a lot of explanations to be made in the years ahead when the ruling party's powers are weaken.

 

[JustLikeThis]

The cover up is shitty, PUB is either very naive or full of themselves.

Example a company leases a commercial van from Goldbell Leasing (car leasing company) for $2000 a month. The van is still serviceable but one day, the company suddenly claimed that for a few years the van broke down a few days every month. They filed a massive compensation demand with Goldbell and confiscated the van for $0 because they presented a case that even if they scrap the whole van, it is not enough to cover their loss-of-use for a few days, every month.

Goldbell paid fully for the van, like Hyflux for Tuaspring.

Hyflux is about fake accounts and Singapore regulators' policy failures. If the same situation happens in China (where people don't vote for the government), I believe that the Chinese government will intervene to resolve this issue amicably for their citizen to avoid social unrest. In Singapore, our government just whitewashed the issue and presented themselves as saviours by claiming that PUB helped to reduce Hyflux's losses by taking over and crippling the $1.5billion Tuaspring.

There will be a lot of explanations to be made in the years ahead when the ruling party's powers are weaken.

Every vote matters for PAP. Seek the support of your friends and relatives about your plight in Hyflux. A change of government guarantees justice for Hyflux investors.
Vote Wisely.

 

[Revenger]

its obvious that nobody will be paid anything back .

drag until your grandson is an old man .

 

[Dr Christopher Cheok C S]

Every vote matters for PAP. Seek the support of your friends and relatives about your plight in Hyflux. A change of government guarantees justice for Hyflux investors.
Vote Wisely.

retired civil servants are screwed hard. The trust is gone. Such things will not happen if LKY is still around.

 

[Huatable]

Good morning,

An important offer was received and got people excited. I do not know the terms of the offer. The reason that I am sharing is that, I do not want it to be filtered by the tyrant and goes unannounced.

Tell us at least it is local GLC or foreign?

 

[JustLikeThis]

Tell us at least it is local GLC or foreign?

Yes, one local, a china SOE and Utico is also trying to JV. It got everyone excited and it will be so dirty that if these are not announced and brushed aside being "incomplete or inaccurate". I hope Debtwire will leak the details to us.

 

[Soul]

I am sorry to share these. The Hyflux investors are very mean towards us. I am also an investor of Hyflux but I am very ashamed of their posts.

They don't appreciate what our people here had done. Sometimes things happened for a reason, and perhaps these are the very people who blindly believed in the system and got conned. Worst of all, these cowards only dare to vent their angers at people like us who are trying to bring transparency and shed light, instead of the wrongdoers in the establishment. Perhaps the truth hurts.

I urge @JustLikeThis to delete this thread.
What they wrote is injustice to you.

 

[Soul]

I also choose to believe that Hyflux and the restructuring team planned moles into the Hyflux telegram discussion to discredit us. In the past one year, Olivia Lum and the Board of Directors were the liars, no us. All we did was to gather information and expose their evil intents.

 

[JustLikeThis]

I am sorry to share these. The Hyflux investors are very mean towards us. I am also an investor of Hyflux but I am very ashamed of their posts.

They don't appreciate what our people here had done. Sometimes things happened for a reason, and perhaps these are the very people who blindly believed in the system and got conned. Worst of all, these cowards only dare to vent their angers at people like us who are trying to bring transparency and shed light, instead of the wrongdoers in the establishment. Perhaps the truth hurts.

I urge @JustLikeThis to delete this thread.
What they wrote is injustice to you.

I agree that it is quite pointless. I spoke to that person Alex Alex during the Hong Lim protest. Maybe our moderators @Leongsam @zhihau @Froggy or @jw5 can help us unpin and delete this thread.

 

[Huatable]

I am sorry to share these. The Hyflux investors are very mean towards us. I am also an investor of Hyflux but I am very ashamed of their posts.

They don't appreciate what our people here had done. Sometimes things happened for a reason, and perhaps these are the very people who blindly believed in the system and got conned. Worst of all, these cowards only dare to vent their angers at people like us who are trying to bring transparency and shed light, instead of the wrongdoers in the establishment. Perhaps the truth hurts.

I urge @JustLikeThis to delete this thread.
What they wrote is injustice to you.

This is humiliating. Hyflux folks deserve the shit they are in, if this is their attitude towards life.

 

[Focus]

I agree that it is quite pointless. I spoke to that person Alex Alex during the Hong Lim protest.

That guy Alex is a CAQ faggot.

He is biased against us because sammyboy is not pro-LGBT. He abused his his moderator status in the telegram group to get back at people against his sexual orientation.

That's him wearing a mask at Hong Lim.

 

[Focus]

This is humiliating. Hyflux folks deserve the shit they are in, if this is their attitude towards life.