Chitchat Sweiber under quiet investigation

scroobal · Aug 11, 2016

Swiber under quiet investigation

Looks like there is more to the sudden "6 weeks implosion" claimed by DBS CEO and rightly rejected by anyone with a brain. Understand, MAS and CAD are looking into the company for withholding material information and not disclosing it to SGX in a timely manner. Major contract worth $700m previously announced in 2014 to commence in 2015 was deferred by the client but not reported by Sweiber amongst other things.

Even more interesting is that only DBS has massive exposure while the Merrill Lynch and Citi had stopped much earlier in view of the industry troubles with decline in oil prices. Company though in the engineering business is run by 3 accountants who appear to be spending more time on financial wizardry than engineering.

Raymond God is also a PAP member and Patron and former chairman of CCC. I believe it is Punggol North.

Was DBS put in a difficult position?

CoffeeAhSoh · Aug 11, 2016

scroobal said:
Looks like there is more to the sudden "6 weeks implosion" claimed by DBS CEO and rightly rejected by anyone with a brain. Understand, MAS and CAD are looking into the company for withholding material information and not disclosing it to SGX in a timely manner. Major contract worth $700m previously announced in 2014 to commence in 2015 was deferred by the client but not reported by Sweiber amongst other things.

Even more interesting is that only DBS has massive exposure while the Merrill Lynch and Citi had stopped much earlier in view of the industry troubles with decline in oil prices. Company though in the engineering business is run by 3 accountants who appear to be spending more time on financial wizardry than engineering.

Raymond God is also a PAP member and Patron and former chairman of CCC. I believe it is Punggol North.

Was DBS put in a difficult position?

Hmmm...Smelled like a replay of Abalone King Saga ??? If so then i worried. :(

virus · Aug 11, 2016

They will release report months after main actors hv long absconded from scene n as usual they will cite no extradition treaty as reason for zhuo both lan

zhihau · Aug 11, 2016

Re: Swiber under quiet investigation

Money, money, money!
Must be funny! In a rich man's world.

halsey02 · Aug 11, 2016

virus said:
They will release report months after main actors hv long absconded from scene n as usual they will cite no extradition treaty as reason for zhuo both lan

It is called "window dressing"...they sure roast ' the turkey' early this year...& it is not even thanksgiving..... It is damn good to be Members, member of this & that especially it has two or four letters of the Alphabet...in them, PA...PA...& PA_.....& N____...."member"???

aerobwala · Aug 11, 2016

Swiper no swiping.

blissquek · Aug 11, 2016

Re: Swiber under quiet investigation

Raymond God is also a PAP member and Patron and former chairman of CCC. I believe it is Punggol North.

Was DBS put in a difficult position?[/QUOTE]

You have heard of ownself check ownself...

In this case why DBS is so light with its purse is.......Ownself lend ownself...

Pinkieslut · Aug 11, 2016

Re: Swiber under quiet investigation

Growing oil glut shows investors there's nowhere to go but down

Chevron leads oil production expansion

Money managers have never been more certain that oil prices will drop.

They increased bets on falling crude by the most ever as stockpiles climbed to the highest seasonal levels in at least two decades, nudging prices toward a bear market. The excess supply hammered the second-quarter earnings of Exxon Mobil Corp. and Chevron Corp. Inventories are near the 97-year high reached in April as oil drillers boosted rigs for a fifth consecutive week.

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"The rise in supplies will add more downward pressure," said Michael Corcelli, chief investment officer at Alexander Alternative Capital LLC, a Miami-based hedge fund.

"It will be a long time before we can drain the excess."

It's looking a grim future for the oil market.
It's looking a grim future for the oil market. Photo: Hasan Jamali
Hedge funds pushed up their short position in West Texas Intermediate crude by 38,897 futures and options combined during the week ended July 26, according to the Commodity Futures Trading Commission. It was the biggest increase in data going back to 2006. WTI dropped 3.9 per cent to $US42.92 a barrel in the report week, and traded at $US41.19 at 8:23 a.m.

WTI fell by 14 per cent in July, the biggest monthly decline in a year. It's down by 19 per cent since early June, bringing it close to the 20 per cent drop that would characterise a bear market.

US crude supplies rose by 1.67 million barrels to 521.1 million in the week ended July 22.
US crude supplies rose by 1.67 million barrels to 521.1 million in the week ended July 22.
US crude supplies rose by 1.67 million barrels to 521.1 million in the week ended July 22, according to US Energy Information Administration data. Stockpiles reached 543.4 million barrels in the week ended April 29, the highest since 1929. Gasoline inventories expanded for a third week to 241.5 million barrels, the most since April.

"The flow is solidly bearish," said Tim Evans, an energy analyst at Citi Futures Perspective in New York. "It reflects a recognition that the market is, at least for the time being, oversupplied."

Gasoline inventories expanded for a third week to 241.5 million barrels, the most since April.
Gasoline inventories expanded for a third week to 241.5 million barrels, the most since April.
Exxon and Chevron missed profit and production estimates last quarter, earnings data showed July 29. The biggest US energy companies followed Royal Dutch Shell Plc and BP Plc in posting lower profits as crude's collapse continued to weigh on the industry.

Rig Count

US oil explorers have boosted the number of active rigs by 58 since the start of June to 374, with three added last week, Baker Hughes said July 29. American producers have expanded drilling in recent weeks after idling more than 1,000 oil rigs since the start of last year.

Money managers' short position in WTI rose 28 per cent to 180,134 futures and options, CFTC data show. Longs, or bets on rising prices, increased 0.9 per cent, while net longs tumbled 23 per cent to the lowest since February.

In the Brent market, money managers trimmed bullish bets by 9,072 contracts in the week, according to data from ICE Futures Europe. Bets that prices will rise outnumbered short positions by 288,536 lots, the least since February, the London-based exchange said.

In other markets, net-bearish bets on gasoline surged to a record 5,078 contracts. Gasoline futures fell 2.2 per cent in the report week. Net-long wagers on US ultra low sulfur diesel dropped 23 per cent to 12,742 contracts, the lowest since May. Futures slipped 4.2 per cent.

US refineries cut operating rates in the week ended July 22, the EIA said. The processors usually don't begin to curb output until August as the summer driving season nears its end. The crack spread, a measure of profit margins from refining crude into fuel, fell the past four months, data compiled by Bloomberg show.

Refineries typically slow during September and October to perform maintenance. Over the past five years, their demand for oil has dropped an average of 1.2 million barrels a day from July to October.

"Money managers are net short gasoline by a record amount," Evans said. "I wouldn't be surprised if the net shorts increased for another week, but on an intermediate perspective, you have to watch out. Gasoline looks oversold given its historic behavior."

Bloomberg

scroobal · Aug 12, 2016

Re: Swiber under quiet investigation

Latest, SGX, MAS and CAD under pressure if there is an official investigation. No party is prepared to confirm. One individual has submitted to authorities a on what is material disclosure in the NY stock exchange especially when it comes to details of major contracts and why SGX is not following the same standard. Question about bond prospectus is now an issue. 4 key people that resigned on the day the application to liquidate are in the top 5 in the company and 3 are founders.

Word is Raymond Goh called a senior cabinet member. Bankers agree that no bank would have allowed the cash injection to meet bond payments not once but twice in industry that is clearly showing signs of distress since late 2015 without collateral of some sort. Speaking to a firm that is keen to invest is a ridiculous cover offered by the CEO of DBS.

Glenn Knight was charged in court amongst other for telling Ng Ser Miang that he had backers for his Bintan venture in order to entice Ng to invest. Ng testified that in court.

CoffeeAhSoh · Aug 12, 2016