ShareJunction - Member Posts

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Wa, this counter only started to revive a few weeks ago with some movement ! Now see the news :-

The Board of Directors of E3 Holdings Ltd (the “Company”) wishes to inform that the Company had

on 22 April 2010 lodged a police report against Kenneth Ngo Chin Chow (“Kenneth Ngo”), Orientus

(Asia) Holdings Limited (“OAH”) and Orientus Jilin Development Co Ltd (“OJ”) in respect of

application of the Company’s funds in connection with the Company’s acquisition of an interest in

Song Yuan Petrochemical Co. Ltd via the Company’s wholly-owned subsidiary, Englo Real Estate Pte

Ltd (“ERE”).

Kenneth Ngo was a director of ERE from July 2007 to March 2008. Kenneth Ngo is also the sole

shareholder and sole director of OAH. OAH is the sole shareholder of OJ and Kenneth Ngo is the

legal representative of OJ.

The Commercial Affairs Department of the Singapore Police Force is in the process of reviewing the

police report to decide if there is any basis to make further investigations.

The Company will make further appropriate announcements if there are material developments.

By Order of the Board

Sieh Li Huan

Executive Director

30 April 2010

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halted due to this reason?

they acquiring a wastewater treatment plant?

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jonathan wants peter to go to jail, peter scheming to get rid of jonathan, this is one very dirty company and very soon it will go bankrupt

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its already almost the 1st quater of the new year and where is the promise that E3 made? it all turned out to be nothing more than hot air. truth is, E3 is nothing more than a charity organisation, all the funds are used to pay for all the (highly unqualified) director's salary when they are not even doing any work! all efforts must be put to make sure peter ngo goes to jail and that useless ceo jonathan aw be fired!

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Ho Say Liao, CEO, Jonathan Ow says oil refinery could net US$11.3m; the $22.2 millions transfered to China is coming back ,,, E3 in black by year end ,, Horay,, Horay ,,

Cheong Liao ,,,

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E3 says it's healthy, pleads for patience

CEO, Jonathan Ow says oil refinery could net US$11.3m; receivables auditor is of good repute ,,

By CHEW XIANG , 21 Oct 2008

All E3 small investors, please open your eye big big to see the result promised by the CEO , if he can turn the E3 profitbale by end of 2008, he is never wrong to sack Liau Beng Chye as Liau Beng Chye led the E3 into " ho lang ", losing $$, in red, deluted shares, small investors bleedings since E3 IPO till now.

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If directors are not very ethical, dump the stock no point holding cut loss bah. Dun see any good future, if they are still running the company in this way. Short term pain Long term gain.

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Small investors in E3, you are great today. You demanded the disclosure of the $26 millions of our Sin investor $$$, return to our Singapore account. Great ,, well done all our fellow small investors.

We are out to save the company, save our investments, save ourselves, tell the big shareholders , CEO, Directors don't bully us ,, don't take us like suckers ,, don't operate the listed company like your family business ,, don't put the Sin Law under your arm

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$22.2 million, representing 'funds remitted to a PRC bank account of a PRC established entity alleged to be controlled by a brother of a director/ shareholder'.

How can ? A brother of a Director / Shareholder, a JP , operating E3 like your own family business. You breached the trust as a JP ,, ,, all investors call for investigation

knightrider ( Date: 20-Oct-2008 10:43) Posted:

Deloitte refuses to clear accounts of E3 Holdings

Auditors unable to get enough evidence to give audit opinion

By CHEW XIANG

(SINGAPORE) Deloitte & Touche are refusing to sign off on the accounts of listed E3 Holdings, saying that it has been unable to obtain sufficient evidence to provide an audit opinion.

Deloitte said there was a 'significant doubt' on E3's ability to continue as a going concern, after audited accounts showed its net loss for the year to June widened to $6.3m compared to $4.5m reported in the unaudited figures.

In a report to the company's board released on Saturday, Deloitte also said that there was a 'significant doubt' on the company's ability to continue as a going concern, after audited accounts showed E3's net loss for the year to June widened to $6.3 million, compared to the $4.5 million reported in the unaudited figures.

In its audited accounts, E3 showed net cash from operating activities of negative $5.9 million for the year. It held cash and cash equivalents of $1.8 million, with net asset value of 1.36 cent per share.

Earlier this year, E3 announced, in partnership with Jade Technologies, another Catalist listed company, a massive investment into an oil refinery and real estate project in China's Jilin province. Jade subsequently pulled out of the venture, and E3 has also decided not to proceed with the oil refinery project and is now focusing on developing a 3 sq km plot of land there into an oil and chemical production complex.

But the deals appear to have run foul of the auditors as well as others. The announcement comes just a day after the company said it had received seven poison pen letters alleging certain irregularities with its businesses, as well as the personal affairs of a third party. E3 has appointed Deloitte to investigate the letters.

The company has also had to push back its annual general meeting, now slated for Nov 4. It is not known if the delay was linked to the poison letters or the auditor's report.

Deloitte also flagged a number of accounts that it could not verify to its satisfaction. Its report said it had not been 'provided with adequate documentary evidence and explanations' as to a receivable account of $22.2 million, representing 'funds remitted to a PRC bank account of a PRC established entity alleged to be controlled by a brother of a director/ shareholder'. There were also other receivables totalling over $4 million for which Deloitte said they were not provided with sufficient evidence for audit purposes.

This sum includes receivables of a China incorporated E3 subsidiary whose accounts had been audited by a another firm to Chinese standards. 'We have not been able to carry out a review of the audit work ... accordingly we were unable to obtain sufficient appropriate audit evidence that the work of the other auditors is adequate for our purposes,' Deloitte said, meaning it could not determine the proper adjustments for consolidation into E3's group accounts.

Expenses totalling $392,000 to two Singapore entities, included in operating expenses, were also not properly accounted for, Deloitte said. It added that the company's withdrawal from its oil refinery deal may constitute a potential breach of contract 'from which legal liabilities may be incurred'.

Deloitte said that because of the significance of these matters, it was not in a position to express an opinion as to whether E3's accounts have been properly kept.

The board of E3 said that while it understood the auditor's reasons, it has reviewed with management the records required to be kept and that nothing has come to the board's knowledge that accounting and other records were not kept in compliance with the Companies Act and Singapore's financial reporting standards.

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"" $22.2 million, representing 'funds remitted to a PRC bank account of a PRC established entity alleged to be controlled by a brother of a director/ shareholder'. ""

Sucked all our fellow investors bloods and put in PRC ,, how can like that ,, fellow investors must be united and insist the $22.2 million to be recovered

knightrider ( Date: 20-Oct-2008 10:43) Posted:

Deloitte refuses to clear accounts of E3 Holdings

Auditors unable to get enough evidence to give audit opinion

By CHEW XIANG

(SINGAPORE) Deloitte & Touche are refusing to sign off on the accounts of listed E3 Holdings, saying that it has been unable to obtain sufficient evidence to provide an audit opinion.

Deloitte said there was a 'significant doubt' on E3's ability to continue as a going concern, after audited accounts showed its net loss for the year to June widened to $6.3m compared to $4.5m reported in the unaudited figures.

In a report to the company's board released on Saturday, Deloitte also said that there was a 'significant doubt' on the company's ability to continue as a going concern, after audited accounts showed E3's net loss for the year to June widened to $6.3 million, compared to the $4.5 million reported in the unaudited figures.

In its audited accounts, E3 showed net cash from operating activities of negative $5.9 million for the year. It held cash and cash equivalents of $1.8 million, with net asset value of 1.36 cent per share.

Earlier this year, E3 announced, in partnership with Jade Technologies, another Catalist listed company, a massive investment into an oil refinery and real estate project in China's Jilin province. Jade subsequently pulled out of the venture, and E3 has also decided not to proceed with the oil refinery project and is now focusing on developing a 3 sq km plot of land there into an oil and chemical production complex.

But the deals appear to have run foul of the auditors as well as others. The announcement comes just a day after the company said it had received seven poison pen letters alleging certain irregularities with its businesses, as well as the personal affairs of a third party. E3 has appointed Deloitte to investigate the letters.

The company has also had to push back its annual general meeting, now slated for Nov 4. It is not known if the delay was linked to the poison letters or the auditor's report.

Deloitte also flagged a number of accounts that it could not verify to its satisfaction. Its report said it had not been 'provided with adequate documentary evidence and explanations' as to a receivable account of $22.2 million, representing 'funds remitted to a PRC bank account of a PRC established entity alleged to be controlled by a brother of a director/ shareholder'. There were also other receivables totalling over $4 million for which Deloitte said they were not provided with sufficient evidence for audit purposes.

This sum includes receivables of a China incorporated E3 subsidiary whose accounts had been audited by a another firm to Chinese standards. 'We have not been able to carry out a review of the audit work ... accordingly we were unable to obtain sufficient appropriate audit evidence that the work of the other auditors is adequate for our purposes,' Deloitte said, meaning it could not determine the proper adjustments for consolidation into E3's group accounts.

Expenses totalling $392,000 to two Singapore entities, included in operating expenses, were also not properly accounted for, Deloitte said. It added that the company's withdrawal from its oil refinery deal may constitute a potential breach of contract 'from which legal liabilities may be incurred'.

Deloitte said that because of the significance of these matters, it was not in a position to express an opinion as to whether E3's accounts have been properly kept.

The board of E3 said that while it understood the auditor's reasons, it has reviewed with management the records required to be kept and that nothing has come to the board's knowledge that accounting and other records were not kept in compliance with the Companies Act and Singapore's financial reporting standards.

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Deloitte refuses to clear accounts of E3 Holdings

Auditors unable to get enough evidence to give audit opinion

By CHEW XIANG

(SINGAPORE) Deloitte & Touche are refusing to sign off on the accounts of listed E3 Holdings, saying that it has been unable to obtain sufficient evidence to provide an audit opinion.

Deloitte said there was a 'significant doubt' on E3's ability to continue as a going concern, after audited accounts showed its net loss for the year to June widened to $6.3m compared to $4.5m reported in the unaudited figures.

In a report to the company's board released on Saturday, Deloitte also said that there was a 'significant doubt' on the company's ability to continue as a going concern, after audited accounts showed E3's net loss for the year to June widened to $6.3 million, compared to the $4.5 million reported in the unaudited figures.

In its audited accounts, E3 showed net cash from operating activities of negative $5.9 million for the year. It held cash and cash equivalents of $1.8 million, with net asset value of 1.36 cent per share.

Earlier this year, E3 announced, in partnership with Jade Technologies, another Catalist listed company, a massive investment into an oil refinery and real estate project in China's Jilin province. Jade subsequently pulled out of the venture, and E3 has also decided not to proceed with the oil refinery project and is now focusing on developing a 3 sq km plot of land there into an oil and chemical production complex.

But the deals appear to have run foul of the auditors as well as others. The announcement comes just a day after the company said it had received seven poison pen letters alleging certain irregularities with its businesses, as well as the personal affairs of a third party. E3 has appointed Deloitte to investigate the letters.

The company has also had to push back its annual general meeting, now slated for Nov 4. It is not known if the delay was linked to the poison letters or the auditor's report.

Deloitte also flagged a number of accounts that it could not verify to its satisfaction. Its report said it had not been 'provided with adequate documentary evidence and explanations' as to a receivable account of $22.2 million, representing 'funds remitted to a PRC bank account of a PRC established entity alleged to be controlled by a brother of a director/ shareholder'. There were also other receivables totalling over $4 million for which Deloitte said they were not provided with sufficient evidence for audit purposes.

This sum includes receivables of a China incorporated E3 subsidiary whose accounts had been audited by a another firm to Chinese standards. 'We have not been able to carry out a review of the audit work ... accordingly we were unable to obtain sufficient appropriate audit evidence that the work of the other auditors is adequate for our purposes,' Deloitte said, meaning it could not determine the proper adjustments for consolidation into E3's group accounts.

Expenses totalling $392,000 to two Singapore entities, included in operating expenses, were also not properly accounted for, Deloitte said. It added that the company's withdrawal from its oil refinery deal may constitute a potential breach of contract 'from which legal liabilities may be incurred'.

Deloitte said that because of the significance of these matters, it was not in a position to express an opinion as to whether E3's accounts have been properly kept.

The board of E3 said that while it understood the auditor's reasons, it has reviewed with management the records required to be kept and that nothing has come to the board's knowledge that accounting and other records were not kept in compliance with the Companies Act and Singapore's financial reporting standards.

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, Smart deal , dropped to take profits ,,, just wait to see the profits ,,, E3 Holdings dropped its proposed acquisition of a 49% stake in Song Yuan Petrochemical Co Ltd (SYPC) .

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E3 Holdings has dropped its proposed acquisition of a 49% stake in Song Yuan Petrochemical Co Ltd (SYPC) which owns and operates an oil refinery in China. In a statement, E3 said that it had decided not to proceed with the proposed acquisition after considering the capital and management resources required. Jade Technologies Holdings had in May pulled out of a partnership with E3 to acquire the stake in SYPC.

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Jade dropped out of the oil refinery jv. But E3 is going it alone. This was in line with plans to boost its presence in Jilin and to grow its real estate and land development business in China.

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E3 just starting to run...safer

Jade ran quite a bit..last phase is to pass on to unsuspecting retailers.. risky..

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Speculating on E3, like no cheong-ing leh, better speculate on Jade and make a quick run.

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yeah..just as expected...

ozone2002 ( Date: 20-May-2008 15:29) Posted:

Jade move ....this joint company will also move in tandem... let's make big bucks!

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Jade move ....this joint company will also move in tandem... let's make big bucks!

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i believe he just stepped down as president but remains as a non executive director and he did not leave the company. Pse check sgx website.

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Dr Soh leaving E3 is bad for the company, he is the ideas man, the driving force behind it business. Hence, with him still at Jades, I don't think Jade shares will go much lower from the current level. Jade's shares must at least be worth more than 22.5 cents each intrinsicly for Dr Soh to offer to buy at that price. The fact they are now going for 6 or 7 cents each is due to public panic. Don't forget Merill Lynch is still holding about 200 million shares, and are obviously holding on to the rest for longer term. Most improtantly, the Opes collapse has brought about alot of bad press for Dr Soh, who still holds at least 150 million shares if not more indirectly, and it is not unreasonable to believe he would want to steer Jade to glory not for the sake of money but to win back his name and reputation which took him so many years to build. So, if you look at Jade share transactions currently, there are no big-chunk sellings but on the other hand, I believe smart investors are accumulating slowly.....and those who missed the chance now may regret later. At current price, what can one lose? Even if the price per share were to drop to 1 cent, Jade would become a good target for reversed takeover. Hence, there are those who believe that whether it goes up or down from the present heavily discounted price, one just can't lose!

guiren ( Date: 16-Apr-2008 10:49) Posted:

guiren ( Date: 16-Apr-2008 10:48) Posted:

Investment in China was signed in the name of the company but not individual, reaping profits as international oil price shoots up ,,