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S-chips like rubbish and shit now!

Irrespective of whether a company is S-Chip or Singa-Chip or Blue Chip, there must exist in the legal system safeguards against conduct of unscrupulous directors, accountants and auditors. It is easy for these people to collude amongst themselves where large amounts of money meet the eyes to yearn for the money to come to their pockets. The onus falls on the exchanges to ensure that rules and regulations are always observed and that "ineffective and redundant" laws are ratified with continuous upgrades and recommendations made to parliament for legislation to be made. So far, no directors have ever been convicted for enriching themselves at the expense of shareholders in acts of pilfering and syphoning of money through dishonest or dishonourable means. All directors must be made collectively responsible for any omission by any members of the board when such acts have caused damages to the company's financial interests when they do not relate to the company's business, but should they be related to the business, be deemed to be done inappropriately or unprofessionally. For an act of a director carried out involving loss of money without board approval, then a crime should be said to be committed and police action should follow upon a report being made with full information provided. (This piece of legislation must be made urgently because it has happened to many listed companies).

Salute      ( Date: 14-Jun-2011 09:17) Posted: A system which the banks and gangs up with those holigan companies to cheat. and is still respected by the world. aiyoo..........vomit blood. A system whereby to get money is to channel in and out to confuse people so as to give them excuses to cheat........ messy system.....................is China issuing Bond?

 

I think Yili and China milk bosses must have met up to exchange ideas of scandal

 

A system which the banks and gangs up with those holigan companies to cheat. and is still respected by the world. aiyoo..........vomit blood.

A system whereby to get money is to channel in and out to confuse people so as to give them excuses to cheat........

messy system.....................is China issuing Bond?

 

Don't forget to wear raincoat!!! It is very dangerous you know!!!!!

If not better don't touch. Haha!!!


 

des_khor      ( Date: 14-Jun-2011 01:02) Posted: Haha !! Last time you must be study this course > INTERCOURSE

 

You forgot about two rambutan !!

warrenbegger      ( Date: 14-Jun-2011 00:47) Posted: Ya, my font banana is very big. S-CHEAT!!! S-CHEAT!!! S-CHEAT!!! It is call S-CHEAT because a lots of investor kanna cheat by them, if not who want to call them S-CHEAT! It been proven a lots by news headline! If want to sue go sue news company. LOL! Ask yourself and ask around U! Would u trust S-Cheat and tell your old parent to load/whack/mau heavily on S-Cheat? (I tell my parent and friends dont touch S-cheat) Would u trust S-Cheat and load/whack/mau all life saving on S-cheat? (I dare to mau 80% on local but only 15% on S-Cheat) Would u trust and buy china milk brand or US brand like nestle, abbott or wyeth for your kids? (China milk? NO! Never test on my kids) A test of trust, eg, When u buy a china milk or product and want to sell to others, either they reject or want big discount. When i buy US brand milk like nestle or wyeth and want to sell cause my kids dont like to drink some brand, many will want and trust its brand. Thats the trust of brand and reputation! I dont had to list out whole lots of china scandal product, u all can find it all over the news headline. I dont had to list out whole lots of S-CHEAT scandal company, u all can find it all over the web and on sgx suspended list during this 5 years. I dont had to said anything more, those want to die dont listen only they can save themself, not our money so whos care liao. Only wish them luck and dont hit the bomb :) Remember! No trust  = No value, No value = No worth

 

Haha !! Last time you must be study this course > INTERCOURSE

 

Ya, my font banana is very big.

S-CHEAT!!! S-CHEAT!!! S-CHEAT!!!

It is call S-CHEAT because a lots of investor kanna cheat by them, if not who want to call them S-CHEAT! It been proven a lots by news headline! If want to sue go sue news company. LOL!

Ask yourself and ask around U!

Would u trust S-Cheat and tell your old parent to load/whack/mau heavily on S-Cheat? (I tell my parent and friends dont touch S-cheat)

Would u trust S-Cheat and load/whack/mau all life saving on S-cheat? (I dare to mau 80% on local but only 15% on S-Cheat)

Would u trust and buy china milk brand or US brand like nestle, abbott or wyeth for your kids? (China milk? NO! Never test on my kids)

A test of trust, eg, When u buy a china milk or product and want to sell to others, either they reject or want big discount. When i buy US brand milk like nestle or wyeth and want to sell cause my kids dont like to drink some brand, many will want and trust its brand. Thats the trust of brand and reputation!

I dont had to list out whole lots of china scandal product, u all can find it all over the news headline.

I dont had to list out whole lots of S-CHEAT scandal company, u all can find it all over the web and on sgx suspended list during this 5 years.

I dont had to said anything more, those want to die dont listen only they can save themself, not our money so whos care liao. Only wish them luck and dont hit the bomb :)

Remember! No trust  = No value, No value = No worth

 

Bad business and monkey business are different..and very different.

Good posts by Jackpot from biz times that sums up almost everything to do with S-chips and the qn of " who still dares to buy S-chips"

so far the comments given by LL and Hulu doesn't justtify any buying catalyst.. All these so called low PE ratio, TA or FA or good earnings cannot really clear the bad aura  of scandals, fraud, and illusionary cash assets.

Negative eh? Truth be it!

 

This one due to bad business .... S-Chips due to monkey business..... both are doing diffrent of bussssiness!

Peg_li      ( Date: 13-Jun-2011 21:21) Posted: Chartered semiconductor manufacturing(now GF foundries) is most famous one. many people got burnt and lost a lot of money.it is local famous one although Tamsek is major shareholders Laulan      ( Date: 13-Jun-2011 14:23) Posted: This market already killed many whether S-Chips or Singa-Chips.   Don't always just sensitive to S-Chips.   Must know also some SingaChips behave same manner.   Listing high high, then some days later they try to touch the ground. Some Singachips also has long history before collapsing. Was burnt too in SingaChips like FirstLinks that have a history of sad stories one after another until it get delisted.   The only important thing is not to carry too many shares in your hands unless you are sure they are solid ones.

 

Somehow there is no one size fits all and each individual must always remember the the risk/benefit of holding stocks based on its own strategy and risk appetite whether to go short or long term

.

 

Peg_li      ( Date: 13-Jun-2011 21:21) Posted: Chartered semiconductor manufacturing(now GF foundries) is most famous one. many people got burnt and lost a lot of money.it is local famous one although Tamsek is major shareholders Laulan      ( Date: 13-Jun-2011 14:23) Posted: This market already killed many whether S-Chips or Singa-Chips.   Don't always just sensitive to S-Chips.   Must know also some SingaChips behave same manner.   Listing high high, then some days later they try to touch the ground. Some Singachips also has long history before collapsing. Was burnt too in SingaChips like FirstLinks that have a history of sad stories one after another until it get delisted.   The only important thing is not to carry too many shares in your hands unless you are sure they are solid ones.

 

Chartered semiconductor manufacturing(now GF foundries) is most famous one.

many people got burnt and lost a lot of money.it is local famous one although Tamsek is major shareholders

Laulan      ( Date: 13-Jun-2011 14:23) Posted: This market already killed many whether S-Chips or Singa-Chips.   Don't always just sensitive to S-Chips.   Must know also some SingaChips behave same manner.   Listing high high, then some days later they try to touch the ground. Some Singachips also has long history before collapsing. Was burnt too in SingaChips like FirstLinks that have a history of sad stories one after another until it get delisted.   The only important thing is not to carry too many shares in your hands unless you are sure they are solid ones.

 

Business Times - 13 Jun 2011

Hock Lock Siew
Lack of recourse ails S-chips sector

By LYNETTE KHOO

UNCOOPERATIVE bank officers, confusing testimonies from dodgy third-party suppliers and numerous obstructions from management to obtaining information - all this clearly make up an exciting read.

This has been the common thread in special audit reports that have been released one after another on beleaguered China-based companies listed here, or S-chips, as they are known.

But just as a script isn't complete without a good ending, the question shareholders are concerned about is whether there is any recourse after these findings are out in the open.

Last week, investors got another nasty surprise - this time from China Milk, where special auditors uncovered undisclosed and unauthorised transactions and payments.

All the undisclosed transactions added up would far exceed China Milk's latest audited full-year net profit of 382.5 million yuan (S$72.9 million) for the fiscal year ended March 31, 2009.

And even after payments have been made, there is still no evidence of the purported land use rights being obtained, an alleged stake acquisition in a joint venture being completed, or improvement works commissioned on farm facilities being undertaken.

Even more ironic was a 53.5 per cent drop in China Milk's herd size between April 2009 and March 2010 despite a cattle replacement programme to replace older cows.

The damning 18-page summary report of KPMG's special audit findings probably stoked a sense of deja vu among those familiar with past S-chip scandals.

After all, problems of sloppy corporate governance and weak board oversight have also beset companies in past scandal blowouts.

However, it appears that once the special audit report is out, either because investigations are completed or could no longer continue due to obstructions from management, the story ends there.

Special auditors do not have a duty to lodge a police report on their findings, as the onus lies with the audit committee or the Singapore Exchange (SGX) to decide whether to take the case further.

But even after police reports are lodged in some cases, there is the difficulty of enforcement as the companies' assets and management are located in China and their incorporation may be elsewhere - say, in Bermuda or the Cayman Islands.

The perceived lack of enforcement is already seen at Oriental Century and Sino-Environment, where alleged embezzlement took place and police reports against the Chinese management have been lodged in Singapore and China.

While investors might still eventually recoup some losses at Sino-Environment should the restructuring plan proposed by judicial managers go through, Oriental Century is already delisted.

Also struck off the bourse is Zhonghui Holdings, where a reverse takeover proposed by judicial managers did not take off. Zhonghui ran into debt woes in late 2008 and subsequent findings by special auditors PricewaterhouseCoopers (PwC) found certain payments made without board approval.

China Sun, whose special audit was disrupted by a missing truckload of accounting records, is in the process of being liquidated while Fibrechem, whose investigator nTan Corporate Advisory has yet to complete or submit its findings to SGX, is being rehabilitated through an investment agreement with an Indonesian firm.

In the United States, investors are also reeling from losses in US-listed Chinese companies that have been hit by accounting scandals, and they are starting to sue these companies for fraud. Some are going further to sue the auditors who blessed the financial statements of these firms.

It remains to be seen if investors in the US will make more headway than those in Singapore when it comes to seeking redress and bringing the management of fraud-hit Chinese companies to account.

On its part, SGX has taken some measures to strengthen safeguards in the S-chips cluster.

It has asked S-chips to engage professionals to determine whether their internal controls are sufficient and to ensure they have the power to remove rogue legal representatives at their Chinese subsidiaries.

Surely, being proactive in preventing fraud is better than trying to contain a blowout when it occurs. But, sadly, the perceived accounting risks in Chinese companies and the lack of recourse for shareholders when these firms run afoul of the law may continue to plague interest in the S-chips sector.

 

Good, Better, Best . . . . Congratulations, you are in a better position!

wishbone      ( Date: 13-Jun-2011 14:24) Posted: Whatever I will still be here to trade/invest. Can never stick to one way of trading no matter under what market condition. Just have to be yourself and do your own trading based on own Strategy. Right or wrong only I know. Haha Hehe!!! Hulumas      ( Date: 13-Jun-2011 14:17) Posted: It is time for you to change from traded orientated trader to become invested orientated investor perhaps

 

Whatever I will still be here to trade/invest. Can never stick to one way of trading no matter under what market condition. Just have to be yourself and do your own trading based on own Strategy. Right or wrong only I know.

Haha Hehe!!!

Hulumas      ( Date: 13-Jun-2011 14:17) Posted: It is time for you to change from traded orientated trader to become invested orientated investor perhaps! wishbone      ( Date: 13-Jun-2011 14:13) Posted: Interesting statements by many forumers here on this topic. Some raise very good points and good argument. However, will there be any change?????? Maybe or maybe not !!! For me, for the time being I will stay far far away from S Chips (Penny Stocks). I was hit a few times.Scare  Scare Leow. Haha!!

 

This market already killed many whether S-Chips or Singa-Chips.   Don't always just sensitive to S-Chips.   Must know also some SingaChips behave same manner.   Listing high high, then some days later they try to touch the ground. Some Singachips also has long history before collapsing. Was burnt too in SingaChips like FirstLinks that have a history of sad stories one after another until it get delisted.   The only important thing is not to carry too many shares in your hands unless you are sure they are solid ones.

 

It is time for you to change from traded orientated trader to become invested orientated investor perhaps!

wishbone      ( Date: 13-Jun-2011 14:13) Posted: Interesting statements by many forumers here on this topic. Some raise very good points and good argument. However, will there be any change?????? Maybe or maybe not !!! For me, for the time being I will stay far far away from S Chips (Penny Stocks). I was hit a few times.Scare  Scare Leow. Haha!!

 

Interesting statements by many forumers here on this topic. Some raise very good points and good argument. However, will there be any change?????? Maybe or maybe not !!!

For me, for the time being I will stay far far away from S Chips (Penny Stocks). I was hit a few times.Scare  Scare Leow.


Haha!!

 

 

How?

Isolator      ( Date: 13-Jun-2011 13:59) Posted: Respect the markets.... Be discipline....

 

Respect the markets.... Be discipline....

 

ya, who dare bring on the lawsuit?

some kana burnt until jialat jialat... nothing left to lose already also no mood to also sue..

SGG_SGG      ( Date: 13-Jun-2011 12:22) Posted: I think again, and reason that if S-Chips are that bad, why have them approved for listing in the first place.   And why slap themselves in the face and exposing their lack of foresight, expertise or lack of good bourses governance.   It goes to show that authorities in the relevant exchanges are either sleeping or they could be they are in cahoots with dishonourable elements of the markets.   Don't tell me that they can't differentiate between a good set of accounts and a lying account?   Something is wrong somewhere, where is the due diligence, the responsibility to the investing public? - WHO DARES ASK THESE QUESTIONS DIRECTLY AT SGX? Especially considering the no. of S-chips that have gone under... too many to be considered acceptable. And how come this has gone on for this long? Somebody has to be accountable for this. Please don't tell me that SGX authorities are oblivious to the " custom" & " business styles" of China companies...coz really, even taxi driver also knows! SO WHAT DOES THIS IMPLY? hahahahaa... Hyflux price drop drastically due to Libya unrest.. SGX query. But accoounting irregularities can go masked. Although more stringent measures must be taken where S-chips are concerned... but for many it is already too late, as they have lost too much to mention, despite those who have stop loss strategy, company halt, and open huge gap down... too late. Laulan      ( Date: 13-Jun-2011 11:30) Posted: I think again, and reason that if S-Chips are that bad, why have them approved for listing in the first place.   And why slap themselves in the face and exposing their lack of foresight, expertise or lack of good bourses governance.   It goes to show that authorities in the relevant exchanges are either sleeping or they could be they are in cahoots with dishonourable elements of the markets.   Don't tell me that they can't differentiate between a good set of accounts and a lying account?   Something is wrong somewhere, where is the due diligence, the responsibility to the investing public? But anyway, it is not too late now to tackle the S-Chip problems properly.   The law must be passed that all directors are personally liable for all deeds of their listed company's transaction and can be sued as a person in relation to their companies and not just the company being sued as a legal entity that they enjoy.   Company laws must be change for list companies (public companies, especially the listed ones). In addition, the accountants and auditors (whistler blowers) must both have certain liabilities over the affairs of the companies they are accounting or auditing because they are paid to do the job. So before and after listing, they should be accountable like the architects who are accountable for the collapse of a building due to structural faults found in later years.   If there are such a protective framework in place, I think the market place will be a safer one.