Reuters Code: LION.SI
Company: INVESTOR CENTRAL: LionGold Corp Ltd
Slug: Why is it raising funds through a person barred by US Securities and Exchange Commission?

Date of Report: 30/11/2013
Producer: Ashish Saxena



The founder of Jett Capital has been barred by US SEC on grounds of his indulgence in US$350 mln fraud in US in 1990s. Read the full story for 15 questions that need to be asked.




30/11/2013 ? The crash in the stock price of LionGold on October 4 has now had an impact on its financials.

While the authorities are investigating the matter, LionGold claims it's business as usual, except for a big fair value loss on its investments in other companies with which it shares directors and shareholders.

It reported Q2 FY14 earnings on November 12:

Revenue: +52.2% to S$45.7 mln
Net Profit / (Loss): (S$48.7 mln) vs (S$1.5 mln)
Fair value gain/(loss) on financial assets: (S$49 mln) vs S$1 mln
Cash flow from operations: (S$0.4 mln) vs S$16.4 mln
Dividend: Nil
Order book: Not disclosed

While the Q2 earnings period ended on September 30, the Board of Directors of LionGold decided to value the financial assets as on November 8.

Investor Central. We keep your investments honest.

1. Where are S$5.6 mln worth of 'property, plant and equipment' on its books?

In its Q2 FY14 earnings (page 6), LionGold claims its 'property, plant and equipment' dropped to S$53.7 mln on September 30 compared to S$60.2 mln on March 31.

During the six months period, it made the following changes to 'property, plant and equipment': charged depreciation of S$4.9 mln, wrote-off assets worth S$59,000, bought new assets worth S$4.4 mln and sold assets for S$1.5 mln at a gain of S$1.1 mln (refer pages 8 & 9 of the Q2 earnings report).

So taking into account all of the above changes, the 'property, plant and equipment' of LionGold works out to be S$59.3 mln as on September 30.

That's S$5.6 mln more than the closing balance on September 30 as per the balance sheet of LionGold on page 6 of its Q2 earnings report.

Likewise, the numbers for 'mining properties' of the company don't add up for us.

2. Where are S$700,000 worth of 'mining properties'?

According to the Q2 earnings report (page 6), LionGold had S$9.3 mln worth of 'mining properties' on March 31 which has now dropped to S$7.2 mln on September 30.

During the six months period, LionGold amortised S$6.8 mln and added S$5.4 mln to its 'mining properties' (refer pages 8 & 9 of the Q2 earnings report).

Accordingly, the balance of 'mining properties' on September 30 should have been S$7.9 mln.

That's S$0.7 mln more than closing balance as per Q2 balance sheet (page 6).

3. Where did it record a S$12.6 mln 'exploration and evaluation expenditure'?

LionGold's 'exploration and evaluation expenditure' dropped to S$140.4 mln on September 30 from S$141.2 mln on March 31 (page 6 of Q2 earnings report).

But during the six months period, LionGold spent S$11.8 mln on 'exploration and evaluation expenditure' (page 9 of Q2 earnings report).

So in the absence of any impairment charge, LionGold's 'exploration and evaluation expenditure' should have been S$153 mln on September 30.

Now that's S$12.6 mln more than the closing balance on September 30 as per Q2 earnings report (page 6).

4. Has LionGold's acceptance of shares, instead of cash, for assets sold backfired on minority shareholders?

LionGold Corp claims to have amassed its entire portfolio of 'financial assets' (current assets) by way of marketable securities it received in consideration for the disposals of its interests in Industrial Power Technology Pte Ltd, Think Greenergy Ltd and Think Environmental Ltd (page 15 of Q2 earnings report).

According to LionGold's 2013 annual report (page 107), it acquired S$31.6 mln worth of financial assets (current) during FY13.

All of these quoted securities came to it from Mr Wan Nizamuddin Bin Wan Sulaiman (who acquired LionGold's 21% stake in Think Environmental Ltd (TE) for S$8.6 mln, and 21% of Think Greenergy Ltd (TGE) for S$16 mln) and SGX-listed Annica Holdings Ltd (which bought LionGold's 60% stake in Industrial Power Technology Pte Ltd for S$10 mln).

Investor Central had first reported on both the above deals on April 3 and October 21.

As already highlighted in our October 21 story, LionGold and Mr Wan Sulaiman agreed the entire consideration would be paid in cash.

But as it turned out later, LionGold accepted a large part of the consideration in the form of a 3.44% stake in SGX-listed Innopac Holdings Ltd.

Innopac Holdings Ltd's stock price has crashed from 26 cents to 3 cents.

LionGold's conduct in the case of disposal of a 60% stake in Industrial Power Technology Pte Ltd to SGX-listed Annica Holdings Ltd wasn't very different than that with Mr Sulaiman.

While it was agreed that Annica Holdings Ltd would pay S$10 mln consideration in cash, LionGold later accepted S$10 mln worth of quoted securities instead.

Apparently, these quoted securities were shares in other listed companies in the network.

Interestingly, in an SGX filing on December 28, 2012, Annica Holdings Ltd claimed the entire S$10 mln consideration was paid in cash to LionGold.

In another announcement on the same day, Annica Holdings Ltd claimed to have paid the entire cash proceeds of S$4 mln it raised from a placement issue to LionGold.

However, in its 2012 annual report (page 58), Annica Holdings Ltd claims to have paid just S$7.5 mln 'non-cash consideration' for acquiring the 60% stake in Industrial Power Technology Pte Ltd.

So many contradictions in an apparently simple deal make us curious.

But whatever happened, the shareholders of LionGold are the ones at the losing end.

First, LionGold never received the cash for the assets it sold.

And now LionGold seems to have lost most of the money after its 'financial assets', which it received in lieu of cash, crashed on October 4.

5. Where is the S$2.5 mln cash from the sale of 38 Kallang Place?

Annica Holdings Ltd had also agreed to acquire from LionGold a property at 38 Kallang Place in Singapore, for S$2.5 mln in cash.

As the sale was not completed in FY13, LionGold classified the property as 'assets held for sale' in its balance sheet on March 31, 2013 (pages 64 & 115 of the 2013 annual report).

The sale was finally completed on July 15.

But to our surprise, LionGold didn't record any cash inflow from disposal of 'assets held for sale' in its H1 FY14 cash flow statement, even as the asset no longer appears on the balance sheet on September 30 (pages 6 & 9 of Q2 earnings report).

Moreover, LionGold didn't record any gain on disposal of 'assets held for sale', even though the property was to be sold for S$2.5 mln against the book value of S$1.4 mln.

So, why did it not record a S$1.1 mln gain on disposal of 'assets held for sale' during H1 FY14?

Did LionGold agree to sell the property at book value, instead of the earlier agreed price of S$2.5 mln?

Or, did it forget to account for the gain in its income statement and cash flow statement for H1 FY14?

6. Why did it repay S$4 mln long-term loan within a quarter of borrowing it?

According to page 7 & 9 of LionGold's Q1 earnings report, it borrowed S$4 mln in non-current loans during the first quarter of FY14.

However, according to its Q2 earnings report (pages 7 & 9), LionGold repaid S$7.2 mln worth of loans during Q2, including S$6.7 mln non-current loans.

The S$6.7 mln non-current loans repaid during Q2 included S$4 mln loan LionGold borrowed in Q1.

Therefore that makes us wonder why LionGold repaid long-term loans especially as the S$4 mln loan was only taken out a couple of months earlier.

Who was the lender of S$4 mln loan in Q1?

7. Where is the S$ 2 mln in cash from the sale of escrow shares?

According to the Q2 earnings report (page 9), LionGold received S$2.2 mln cash proceeds from sale of escrow shares.

The escrow shares relate to LionGold's acquisition of Vista Gold Antigua Corp from ASX-listed Republic Gold Ltd.

In essence, Republic Gold transferred 25% of LionGold's newly-issued shares to an Escrow Agent for 36 months.

Investor Central first reported on the deal on October 16.

In an announcement on June 14, 2013, Republic Gold informed its shareholders that it had ordered the Escrow Agent to sell 2 mln shares of LionGold.

But surprisingly, Republic Gold said it did so on the instructions of LionGold.

To settle the acquisition of Vista Gold Antigua Corp, Republic Gold paid the entire sale proceeds of those 2 mln shares to LionGold.

Unfortunately, we can't find an announcement where LionGold disclosed this development to its shareholders.

In essence, LionGold issued 2 mln new shares to Republic Gold, locked them in an escrow account, and sold them in the market to earn cash.

Now, companies issue new shares for cash all the time, but this route is a little more circuitous than usual.

Maybe LionGold would argue that it had expenses, for which the 2 mln share proceeds were used.

But then, what's even more curious is that LionGold's Q1 earnings report (ending June 30, 2013) didn't highlight such cash flow from Republic Gold.

Therefore that makes us wonder if the shares were not sold before June 30.

But now that LionGold's H1 FY14 cash flow statement records the cash inflow from the sale of escrow shares, it seems the shares were sold after June 30 ? more than two weeks after Republic Gold announced it had done so.

The Q2 earnings report doesn't highlight where in the income statement or the balance sheet LionGold recorded the sale of escrow shares.

We are scratching our heads to figure it out.

8. Is LionGold's leadership to blame for a S$49 mln loss?

LionGold recorded a S$49 mln 'fair value loss on financial assets at fair value through profit and loss' during Q2 (page 4 of Q2 earnings report).

This sounds like a harmless, non-cash charge.

The problem is that LionGold accepted more than S$30 mln worth of quoted securities in lieu of cash on the disposal of assets.

In other words, the shareholders are S$30 mln cash poorer than they need have been (maybe more, if Annica handed over quoted securities for the Kallang Place property).

LionGold sold just S$6.3 mln worth of quoted securities in the quarter ended September 30 (page 9 of Q2 earnings report).

And after the crash of October 4, the quoted securities are worth just S$7.8 mln as on November 8 (page 6 of Q2 earnings report).

The quoted securities were worth S$61.9 mln on June 30 (page 6 of Q1 earnings report).

Clearly, LionGold had all the time to recover its principal investment of about S$30 mln.

Now, it has not only lost the gains but also about half of its principal investment.

We are also curious if there is a timing correlation between LionGold's sale of S$6.3 mln worth of quoted securities during Q2, which is when it repaid S$4 mln long-term loan it borrowed in Q1.

9. Where did it spend S$7 mln on 'care and maintenance expenses' during H1 FY14?

LionGold says the amount was spent on operations at Owere Mines Limited and Minera Nueva Vista SA (refer page 16 of Q2 earnings report).

The company has expensed the entire amount to the income statement instead of capitalising as 'exploration and evaluation expenditure'.

Apparently, it doesn't expect to recover the expense.

Therefore, on what things did it spend the S$7 mln?

10. Will Ng Su Ling resign from LionGold's board?

On November 18, Ms Ng Su Ling resigned as an independent director on the Board of Blumont Group Ltd.

The announcement said she resigned to 'focus on her other personal commitments'.

But a Business Times article on November 19 said Ms Ng has filed a suit against Goldman Sachs International and Goldman Sachs Singapore and she decided to leave Blumont Group to focus on the suit.

Ms Ng also said that she might have to make frequent trips in relation to the suit to London.

Ms Ng didn't reveal to the Business Times the reasons for which she was suing Goldman Sachs, as her solicitors were still working on the suit.

But a few days later, an article in The Edge Singapore, revealed Ms Quah Su Ling (not Ng Su Ling) ? the CEO of Ipco International Ltd ? was also suing Goldman Sachs.

In essence, Ms Quah opened a private wealth management account with UK-incorporated Goldman Sachs International in February 2013, with the intention of taking a loan to buy shares in LionGold.

Initially, she pledged three million Asiasons shares as collateral for the credit facility.

With the help of that facility from Goldman Sachs, Ms Quah bought shares of LionGold for S$12.4 mln which were worth S$61 mln on October 1.

The trouble began, as Ms Quah claims, when Goldman Sachs agreed to loan her money for subscribing to the rights issue of Blumont Group on October 1 but recalled the loan the next morning.

Goldman Sachs asked her to repay the loan by 1:30pm on October 2, claims Ms Quah.

As Ms Quah missed the deadline, she claims, Goldman Sachs off-loaded her pledged shares of Asiasons, Blumont and LionGold in the market on October 2, 3, 4 and 7.

Based on the documents filed with the court, Reporter Frankie Ho at The Edge wrote Goldman Sachs also issued loan-recall notices to James Hong ? the Executive Director of Blumont ? and Ms Ng Su Ling ? the former independent director of Blumont and currently the independent director of LionGold.

Commenting on the resignation as an independent director of Blumont Group, Ms Ng told Edge Singapore that she resigned to focus on her legal practice.

While choosing which board to resign from, Ms Ng says " It was really a toss between Blumont and LionGold" .

" Where Blumont is concerned, I figure that a lot of things are happening and I do not want to have to take leave every now and then from the board to concentrate on my personal matters. If I do that, things may not get done because we like to have all the independent directors agree and consent to whatever that company wants to do" , she added.

While Ms Ng told the Business Times that she was resigning from Blumont's board because of the suit against Goldman Sachs, The Edge Singapore quotes her saying the resignation was because she wanted to focus on her legal practice, in general.

But the bigger question is why Ms Ng chose to resign after the October 4 crash and after most of her shares were sold in forced-selling?

Also if she couldn't have devoted proper time to the Blumont's Board, which is why she resigned, how will she manage to contribute to LionGold's Board?

11. Why did Ms Ng Su Ling not disclose stake sales were forced?

Ms Ng told The Edge Singapore that she signed a margin financing agreement with Goldman Sachs in June 2013.

Ms Ng sold 1 mln shares of Blumont on October 2 for S$2.38 mln and 335,333 shares of LionGold on October 4 for S$393,983.

Investor Central had first reported on Ms Ng's stake sales in our earlier report titled " What prompted independent director to sell, just before the dramatic sell-off?" (October 8).

Interestingly, Ms Ng told The Edge Singapore that the sale of shares of Blumont and LionGold on October 2 & 4 wasn't a voluntary, but a forced-sale.

But then why didn't Ms Ng declare the forced sale in the announcements filed on the SGX on October 3 & 7?

12. What prompted Ms Quah Su Ling to buy shares in LionGold, when her company IPCO was already a shareholder?

According to The Edge Singapore article, Ms Quah Su Ling opened a private wealth management account with UK-incorporated Goldman Sachs International in February 2013, with the intention of taking a loan to buy shares in LionGold.

But IPCO International Ltd ? of which Ms Quah is the CEO ? was already a shareholder of LionGold Corp Ltd.

According to LionGold's 2012 annual report (page 106), Friendship Bridge Holding Company Private Ltd ? a wholly-owned subsidiary of IPCO International Ltd ? was a shareholder of LionGold as on June 29, 2012.

Also, according to LionGold's 2013 annual report (page 157), Sun Spirit Group Ltd ? another wholly-owned subsidiary of IPCO International Ltd ? was a shareholder of LionGold as on June 25, 2013.

Also, Ms Quah Su Ling was the seventh largest warrant-holder of LionGold as on June 25, 2013 (page 158 of 2013 annual report).

Just ahead of Ms Quah was Nueviz Investment Private Limited, another wholly-owned subsidiary of IPCO International Ltd, as the sixth largest warrant-holder on June 25, 2013.

Therefore that makes us wonder if it is appropriate for the CEO of IPCO International Ltd to buy shares and warrants of LionGold in which IPCO already held a stake.

That also makes us curious about the warrant-holders who exercised their warrants to convert them into shares of LionGold during the months prior to the October 4 crash.

Did Ms Quah Su Ling convert her warrants into LionGold's shares before the crash of October 4?

13. Which entities are 'related' to B& C Gold Pty Ltd?

On November 21, LionGold announced an agreement with B& C Gold Pty Ltd in which Owere Mines Ltd ? a subsidiary of LionGold in Ghana ? would procure and process 'gold bearing waste tailings' from B& C Gold.

'Gold bearing waste tailings' are the remains of previous gold mining operations and may pose a threat to the environment if the waste leaches into ground water.

According to the agreement, Owere Mines will purchase a minimum of one million dry metric tonnes of gold bearing tailings from B& C Gold.

B& C Gold will be responsible for all costs and approvals associated with the mining, extraction, blending and delivery of the tailings to Owere Mines.

Owere Mines will pay B& C Gold an aggregate purchase price (in two tranches) based on the amount of dry tonnes delivered, grade of tailings, monthly average gold price, and grade factor.

Owere Mines will treat and process the waste tailings and recover gold.

According to the press release, B& C Gold has entered into environmental clean-up agreements with Ghana's Apragya Stool Council and Nyafoman Stool Council to remove all gold bearing waste tailings from river and stream systems within the councils' land.

In essence, Owere Mines will buy waste from B& C Gold and try its luck finding gold in it.

Not to forget, Owere Mines will bear the cost of treating other harmful and poisonous contents in the tailings.

B& C Gold seems to be in an enviable sweet spot that it didn't have to process the waste tailings and yet it would make money by selling the waste to LionGold's subsidiary Owere Mines.

Owere Mines will begin procuring the waste tailings in March 2014, for a period of three years.

However, the agreement between Owere Mines and B& C Gold is to be renewed annually.

According to LionGold's press release, " B& C [Gold Pty Ltd], an Australian registered company, and its related entities have had over 8 years of experience within Ghana in operating and exploring gold mining and related business opportunities" .

But according to Australian Companies' register, B& C Gold Pty Ltd was only incorporated in Australia on June 5, 2013.


So, it must be the 'related' entities of B& C Gold which must have such long history.

Which 'related' entities are they?

14. Who owns B& C Gold Pty Ltd?

We have already highlighted LionGold's loss-making acquisition in Ghana in our earlier report titled Where did LionGold's S$6 mln investment in Mornington Offshore end up?.

In that report, we revealed how LionGold paid S$6 mln to Avalon Ventures Corporation which seems related to Dato' John Soh Chee Wen.

Therefore that makes us curious about the owners of B& C Gold Pty Ltd.

15. Why are LionGold, Blumont, Innopac and Asiasons raising funds through a person barred by US Securities and Exchange Commission (SEC)?

LionGold has resumed fund-raising talks with New York based Platinum Partners Value Arbitrage Fund LP.

According to a November 15 announcement, LionGold has signed agreements with Wintercrest Advisors LLC, Mr Stephen Yeo Mah Ai and Mr Sia Ah Kheng to raise S$18 mln by issuing 98.186 mln new shares.

WinterCrest Advisors LLC is wholly-owned by Platinum Partners Value Arbitrage Fund LP.

But this is not the first time that LionGold is attempting to raise funds through Platinum Partners.

On August 14, LionGold announced a proposed placement of 180 mln new shares and 135 mln new warrants to raise S$194 mln.

The placees were: Carnegie Hall Group LLC, Platinum Partners Liquid Opportunities Fund and Spring Road Advisors LLC.

However, after the stock price crash of October 4, LionGold terminated the proposed placement on October 11.

Other than Platinum Partners, there is another common factor about the proposed placements of August 14 and November 15.

On both occasions, Jett Capital Advisors LLC introduced the subscribers to LionGold.

Also, in August, Jett Capital introduced Platinum Partners to SGX-listed Innopac Holdings Ltd.

Jett Capital also introduced investors (which included Platinum Partners) to SGX-listed Asiasons Capital Ltd in September.

In October, Jett Capital acted as the sole global manager to SGX-listed Blumont Group Ltd's US$200 mln fund-raising from Platinum Partners.

Joseph Jett is the founder of Jett Capital Group.

In 1990s, Joseph Jett was alleged to have faked US$350 mln trading profits at Kidder Peabody, one of Wall Street's oldest and richest banks during those days.

In essence, Joseph Jett was alleged to have booked fictitious gains on forward trading contracts at the government bond trading desk at the bank.

Though Joseph Jett won the arbitration against his employer, Kidder Peabody, as he managed to show that his bosses knew of, and even encouraged, his dubious trading strategy.

In August 1998 a second case brought by the SEC again cleared Jett of fraud, but fined him over $8 million on the grounds of bookkeeping violations.

Both Jett and the SEC appealed against this decision.

Finally, on September 7, 2007, a US District Court delivered the following verdict:

" The United States District Court for the Southern District of New York entered a judgment enforcing the March 5, 2004 Opinion and Order of the Securities and Exchange Commission directing that Orlando Joseph Jett pay disgorgement of $8.21 million and a $200,000 civil penalty, and ordering Jett to cease and desist from future violations of certain provisions of the federal securities laws.

The Commission's Opinion and Order of March 5, 2004 found that Jett, while a government bond trader, managing director, and senior vice president of Kidder, Peabody & Co., then a registered broker-dealer, had, with fraudulent intent, exploited an anomaly in Kidder's automated trading records system to book non-existent profits of approximately $264 million, when in fact Jett's trading activities caused Kidder losses of $75 million. It further found that Jett's actions constituted a scheme to defraud under Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and that Jett's actions had violated the " books and records" provisions of Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-3(a)(2) thereunder."

The verdict added, " The Commission's Opinion and Order barred Jett from association with any registered broker-dealer, directed Jett to cease and desist from future violations of these provisions of the federal securities laws, and ordered Jett to disgorge the $8.21 million in bonuses Jett had received as a result of his fraudulent transactions and pay a civil penalty of $200,000" .

Apparently, Joseph Jett is barred from associating with any registered-broker dealer.

In 2000, a BBC report described Mr Jett as a brilliant mathematician and a scholarship student at Harvard and MIT.

But Wikipedia adds the following about Joseph Jett:

" Jett has claimed to operate a hedge fund called Cambridge Matrix Funds, domiciled in the British Virgin Islands. However, the BVI Financial Services Commission, the regulator of such funds, has no listing for Cambridge Matrix in its comprehensive list of funds domiciled in the BVI.

In July 2008, the French news channel France 24 televised a feature following the Jerome Kerviel [a French trader who caused Société Générale a trading loss of ?4.9 bln in 2008] trading losses, which featured an extensive interview with Jett. In it, Jett said that because of legal costs he has no money left to pay the SEC fines, and that he was living in the basement of an ex-girlfriend's house in Princeton, New Jersey. The France24 reporter said that Jett is running a financial consultancy domiciled offshore, which conducts its business from hired conference suites in New Jersey. The show televised Jett meeting with a client who was trying to raise $9 million for a business venture. At the conclusion of the report, the commentator said she believed that Jett was trying to use the France 24 program to show the SEC that he has no money to pay the fines due."

Wikipedia adds, " He currently operates a firm called Jett Capital Management LLC. According to its website, the firm offers asset management, advisory and private equity services, though it is unclear how Jett is able to perform these functions while being permanently barred from the securities industry" .

Therefore that makes us curious if Jett Capital can legally act as a middleman between Platinum Partners and the SGX-listed companies.

We have sent these questions to the company (IR@liongoldcorp.com), Joseph Jett ( jettcapital@gmail.com), Ms Ng Su Ling (lynne@dhklaw.com.sg) and Ms Quah Su Ling (corp@ipco.com.sg) to invite them for an on-camera interview, and/or seek their written response.

The email to Ms Quah Su Ling, at corp@ipco.com.sg, bounced back.

Sofar, we have not had a reply from the others (which is why you are seeing this message).

Key financial ratios

The ticks and crosses below indicate whether the stock meets the following value investing criteria.
Price-book: 1x - " Price is what you pay, value is what you get" - Are you getting more than you pay for?
Yield: - - Does the stock pay a risk premium over fixed deposit rates?
Cashflow: (S$3.9 mln) - " Profit is opinion, cash is fact" - Is the company generating cash?
Total cash & equivalents: S$36.8 mln - Does the company have cash?
Source: Reuters
Management: LionGold Corp Ltd was ranked 174th in the Governance & Transparency Index, with a score of 42 points.

Major shareholder(s):
8.73% - Asiasons Capital Ltd
5.98% - Market Vectors Junior Gold Miners ETF
4.88% - Macquarie Investment Management Ltd
4.57% - Venaton Holdings Ltd


Consensus call: Not Covered
Price target: Not Covered

Sources & further information


Our reports frequently contain information gathered by Handshakes. Handshakes brings relationships between people, companies and their major financial transactions to life. You can now see who is connected to whom with one glance at our unique interactive maps. They provide you with a startling level of transparency and insight. Click on the logo for more.

About Investor Central

We are an award-winning, tailored news service that dares to ask the questions that need to be asked.

We only report on companies our subscribers have selected in their watch lists, so start your own watch list now.

Sign up at Investor Central.

While our purpose is to ask the questions which the man on the street would ask, and to help the everyday investor make informed investments, please note that:

Our articles and presentations ('our contents') are not investment advice nor should they be construed as investment advice or any recommendation of any kind nor meant to cast allegations or insinuations of any kind against any individuals or entities. Before acting on the material in our contents, you should either seek independent advice tailored to your particular circumstances and intentions or rely on your own judgement.

Our articles and presentations express our observations, opinions and theoretical analysis based on the facts that we have gathered or have been provided to us. While we endeavour to ensure that our contents are accurate and are presented in good faith, we cannot and do not warrant the accuracy, adequacy or completeness of the material or that the material is suitable for its intended use and we disclaim any such warranties express or implied that may be presumed by any party neither do we take responsibility for the views of companies or other stakeholders or observers or sources quoted or hyperlinked in our contents. While every precaution has been taken in the preparation of our contents, we (and our principals) shall not be liable for any losses or damage or inconveniences due allegedly to errors or omissions in any facts or due allegedly to reliance on our contents in any way whatsoever nor for any damage to any computer hardware, date information or materials allegedly caused by our contents.

All expressions of opinion and observations in our contents are subject to change without notice and we do not undertake a duty to update and supplement our contents or the information contained herein in the event we obtain any further or more complete information.

©2013 Investor Central® - a service of Hong Bao Media
Tel (+65) 6223 2249
contact@investorcentral.org

__________________