Shen Yao    Last:0.002   -

ThinkEnv name change to Liongold Corp

on what basis can sgx take action with the shortist? shorting is legal with borrowed shares. even naked short, u r subject to ($1000) fines and sgx bought-in. furthermore, force selling clients shares pledged as collectoral got nothing to do with sgx. most likely scenerio after investigation, no wrong doing parties ......

 

Dare sgx take action against a giant? Maybe not.

Bigmama      ( Date: 23-Nov-2013 22:19) Posted: Should SGX take action against Goldman?

 

Should SGX take action against Goldman?

 

Now the reason for the crash is not about the company but because of Goldman action? Bad Goldman?
Now can buy the trio?

 

does all this means that the 3 companies are actually nothing wrong?

 

This was seen in the S chips where most collapse when the directors pledged the co's shares to get loan later got forced sell n caused share price to spiral downwards...

sharefrenz      ( Date: 23-Nov-2013 13:23) Posted: from what i see, this is typical of someone trying to profit from the drop of share prices - make use of big quantity of shares and the main stream media - couple with the caught off-guard sgx. this kind of stories which many must hv read many times. typical profit oriented company like GS. many western companies r operated in this way - they don't mind the law suits as long as the profit out-weigh the potential lost. (look at how much apple paid creative against how much they made through copyright infringement). in this case, we are talking about billions profit vs possibly millions loses. also, there is very rare class action suits like those in US here. hence, they are very comfy in the present case, which is very likely that things are done within the rules allowed. ethically, it is another question.   in summary, SGX should make it mandatory for all big shareholders to declare whether they pledge their shares as collectoral for loan. and this information shall be readily available to everyone as a separate declaration in the company announcement.

 

Main problem is not if it is listed or not, though it contribute some of the mishandling. It's a public company but mostly civil service way of operation drilled into it. All scare tis scare that,dnt dare to act when thy shd have acted, end up acting when ppl start to write into forum newspaper & complain. Then fall scare again as thy c the consequence of the fall out. Mindset & operation method is hard to change.

starlene      ( Date: 23-Nov-2013 12:11) Posted: Heads must roll..Japanese style..some one must take the blame..indirectly SGX admits its faults  otherwsie this reshuffle is just a coincidence base on untimely resignation of the senior officer? cycy818      ( Date: 23-Nov-2013 00:49) Posted: the real truth finally revealed... pity...

 

 

 

from what i see, this is typical of someone trying to profit from the drop of share prices - make use of big quantity of shares and the main stream media - couple with the caught off-guard sgx. this kind of stories which many must hv read many times.

typical profit oriented company like GS. many western companies r operated in this way - they don't mind the law suits as long as the profit out-weigh the potential lost. (look at how much apple paid creative against how much they made through copyright infringement). in this case, we are talking about billions profit vs possibly millions loses. also, there is very rare class action suits like those in US here. hence, they are very comfy in the present case, which is very likely that things are done within the rules allowed. ethically, it is another question.

  in summary, SGX should make it mandatory for all big shareholders to declare whether they pledge their shares as collectoral for loan. and this information shall be readily available to everyone as a separate declaration in the company announcement.

 

Heads must roll..Japanese style..some one must take the blame..indirectly SGX admits its faults  otherwsie this reshuffle is just a coincidence base on untimely resignation of the senior officer?

cycy818      ( Date: 23-Nov-2013 00:49) Posted: the real truth finally revealed... pity.... shoutnovoice      ( Date: 22-Nov-2013 19:48) Posted: Singapore Exchange Ltd (SGX) said on Friday it had split the role of its regulatory and risk chief officer, a move that follows a penny stock crash that raised questions about the firm's regulatory abilities. SGX, which regulates listed companies that are also its clients, said in a statement its chief regulatory and risk officer, Yeo Lian Sim, was retiring at the end of this year and would be hired on as a special advisor. She has been with SGX since July 2004. Her role will be split between Richard Teng, who will become the chief regulatory officer and Agnes Koh, who will take on the role of chief risk officer. Mr Teng has been deputy chief regulatory officer since Jan 2012. Agnes Koh is currently the head of risk clearing.

 

Wow shoutnovoice..u are an owl 1.23 a.m still not sleeping? Heavily vested in shares?

The talk was on ETF but end of talk somebody asked about the 3 Asiasons,Bluemont and Lion and a broker from CIMB who is a good friend of the speaker Benjamin Goh allowed this broker to air his view on the 3 stocks..in fact on the info can be obtained from the latest Edge-the broker's view is difficult to catch the culprit and big shots from Malaysian not easy to take action-political sensitivites..he thinks the directors of 3 cos are innocent this round..The directors are given loans by Goldman Sach and they in turn used these $$$ to buy moe of their stocks as a result  the share prices rocketed and Goldman Sach then pull the trigger-suspect Goldman Scah already shorted heavily and they force the directors to force sell the pledged shares..Ms Ng the independent director of Bluemont and also a director of LionGold was forced sold even though she found some funds from Hong Kong willing to buy at market price from her but Goldman Sach just forced sold on the market so they(Goldman) can profit greatly from their shots..that was transpired after the talk..fyi

This broker mentioned all the clients made $$$ first round when the trio was lifted..those who went in 2nd and third round retailers all sitting on heavy losses..i was lucky to have bought heavily during the designated period braving the inconvenience of bring cash down and sold off on Oct 21 when the curb was lifted...but how low can the share prices of the trio go down...can resist the temptation to buy now? or buy in small lots only that's my advice

 

Hi starlene,

Did cimb talk abt this during the talk?

starlene      ( Date: 22-Nov-2013 23:24) Posted: Date: 22-Nov-2013 19:05) Posted:  Lawsuits shine light on Goldman?s role in Asiasons, Blumont and LionGold crash  FRANKIE HO, The Edge  25 November 2013  Ipco International CEO Quah Su-Ling is taking a unit of Goldman Sachs to court for losses suffered during the collapse of Asiasons Capital, Blumont Group and LionGold Corp early last month. According to legal papers filed on Nov. 20 with the High Court in the UNK and seen by The Edge Singapore, the case revolves around a loan that Quah took from the bank to buy shares in two of these companies.  Quah opened a private wealth management account with UK-incorporated Goldman Sachs International in February, with the intention of taking a loan to buy shares in LionGold. She was introduced to the bank by an investment consultant named William Chan, who heads a Singapore-based investment management firm.  Under the loan agreement with Goldman, Quah initially pledged three million Asiasons shares as collateral for the credit facility. She first invested in Asiasons in 2008, and became a shareholder of Blumont shortly afterwards.  With the money from Goldman, she proceeded to buy LionGold shares, which, together with her Blumont shares, were subsequently placed in her investment portfolio as collateral to extend her loan facility. As the amount and value of her LionGold shares grew over time, the size of her loan increased correspondingly.  By Oct. 1, it had increased to more than $61m, from $12.4m at the time she became a Goldman client.  When Blumont announced in July that it planned to raise funds through a rights issue, Quah was told she could tap her credit line from the bank to subscribe for the rights shares. She agreed to take up her full entitlement to the rights issue on Oct. 1, using the loan from Goldman, and instructed the bank on the same day to proceed accordingly.  Abrupt U-turn  To her surprise, the bank called her on the morning of Oct. 2 to demand that she repay her entire loan in cash by 1.30pm the same day. It?s unclear why Goldman suddenly decided to pull the credit line.  By 1.37pm that day, she was served a notice of default through an email stating she had failed to meet her obligations to the bank, which proceeded immediately to sell her shares in Asiasons, Blumont and LionGold. On Oct. 2, Goldman sold 1.2m of Quah?s shares in Asiasons at $2.79 each. The following day, it sold more of her shares in Asiasons, in two batches, at $2.7524 and $2.7144 apiece respectively.  In seeking to prevent more forced sales, Quah found a buyer on Oct. 3 for her shares in LionGold and Blumont. The next day, she informed Goldman about the buyer ? Vicario Investments from Hong Kong ? and instructed the bank to stop force-selling her shares.  Goldman continued, however, to offload her shares on the market. On Oct. 4, before the Singapore Exchange halted trading on the three counters an hour after the opening bell, the bank sold 292,833 of Quah?s shares in Asiasons for $2.4246 each and 230,667 LionGold shares for $1.2372 apiece. By the time trading was suspended that morning, shares of Asiasons, LionGold and Blumont were down to $1.04, $0.875 and 0.88 respectively.  Other casualties revealed  Around that time, Quah found out that Goldman had also issued a notice of demand to three other individuals seeking payment of their outstanding loans. They include James Hong, Blumont?s executive director and Ng Su Ling, who resigned as Blumont?s independent director on Nov. 18. All three defaulted on their loan obligations, according to court documents filed by Quah?s lawyers.  Ng, too is taking legal action on her own against Goldman. She tells The Edge Singapore that she signed a margin financing agreement with the bank in June. ?I have filed a claim form, which is akin to a writ in Singapore. That would mean the commencement of a lawsuit. Notice of commencement has been sent to their lawyers in Singapore.? Her case will also be heard in UK.  ?I can only say at this point that the suit is in connection with agreements signed with Goldman Sachs International and Goldman Sachs Singapore. In relation to the particulars of the claim, I cannot give them to you at the moment because my solicitors are working on it. It is a personal suit,? says Ng who has hired a Queen?s Counsel and solicitors from Reynolds Porter Chamberlain LLP (RPC), a London-based corporate law firm. RPC, which has offices in the UK, Singapore and Hong Kong, is known for taking on cases involving professional negligence.  Quah, too, has engaged a Queen?s Counsel to fight her case. Court papers filed by her lawyers from London-based Wiggin LLP allege a breach of duty on the part of Goldman. A breach of duty occurs when one person or company has a duty of care towards another but fails to live up to that standard.  Among other things, Quah?s lawyers claim that the bank had ?perversely and irrationally threatened? the dump her investments on the open market and had indeed acted on their word. Goldman had also refused to consent to Quah?s plan to sell her shares in LionGold and Blumont to Vicario Investments from Hong Kong, the lawyers allege.  Goldman continued to force-sell Quah?s shares after SGX lifted trading on the three counters on Oct. 7. By the end of the trading session that day, all three stocks had fallen substantially more ? Asiasons closed at $0.15, LionGold at $0.25 and Blumont at $0.13. More forced sales were carried out by the bank over the following days.  Near the end of October, the Monetary Authority of Singapore said it would launch an investigation with SGX into the activities surrounding the three companies, and that the fallout of the crash had raised broader issues regarding the market?s structure and practices, which they intend to review and change if necessary. Around that time, the three companies called off or scaled down certain investments previously announced.  Suspicions addressed?  By the time the heavy selling of the three stocks early last month receded, Blumont, LionGold and Asiasons had lost more than $8b in combined market value. Now, as aggrieved investors are left licking their wounds, the lawsuits by Quah and Ng may shed some lights on how the entire saga came about, who some of the players behind the scenes were, and even address certain suspicions by investors.  Blumont disclosed in an SGX filing on Oct. 3, a day before the crash, that Ng sold one million shares for $2.38m on Oct. 2, paring her stake in the company to 3.01% from 3.07%. That meant the shares were sold at about $2.38 apiece, well above Blumont?s last traded price of $0.88 on Oct. 4, when SGX halted trading on the three counters barely an hour after opening bell. Many investors had taken the sale to mean she acted on insider information.  By Ng?s account, however, the sale was not her decision. ?It wasn?t voluntary. It was due to forced selling,? she tells The Edge Singapore. Since then, she has had more of her shares forced-sold, not only in Blumont but also LionGold. Her current stakes in Blumont is about 1.7%. Her stake in LionGold is 0.19%.  Ng herself is a lawyer at a firm in Singapore that advises on dispute resolution and litigation matters. While she is no longer on the board of Blumont, she remains an independent director at LionGold. ?I needed to concentrate on my legal practice. It was really a toss between Blumont and LionGold,? she says.  ?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.?  Ng joined Blumont as an independent director in September last year, a few months before the company started acquiring assets in the minerals and energy resources sectors. With her departure, Blumont is short of one independent director. The company is looking for a replacement. Blumont?s incoming chairman, Alex Molyneux, told The Edge Singapore last month that the company will have a new management team and board of directors in due course.  ?The company has to have a board with more experience in the sector. I?m the first guy with that,? said Molyneux, who used to be CEO of Toronto and Hong Kong listed SouthGobi Resources, a coal miner with operations in Mongolia. He will replace Neo Kim Hock as chairman once he completes a transaction to take a 5.2% stake in Blumont by buying shares from Neo and an unidentified investor at an indicative price of $0.40 a share.  Edward Naylor, Goldman?s Hong Kong based spokesman, declines to comment about the lawsuits, which come at a time when the bank is embroiled in a case with another investor in Singapore. Businessman Oei Hong Leong sued Goldman in September for allegedly giving misleading advice that cost him ¥3.18b ($39.5m) in losses on currency options. According to reports, Goldman has asked the High Court in Singapore to stop Oei?s lawsuit, saying that both parties should pursue private arbitration instead starlene      ( Date: 22-Nov-2013 23:22) Posted: http://www.flickr.com/photos/caricature/10991551245/   Just back from an investment talk at CIMB...Ms Ng is suing Goldman Sach as the latter forced sell her shares without giving her chance to top up with collateral though she has managed to find a fund in Hong Kong interested in buying her shares prior to the crash..on paper from Edge magazine Goldman Sach is the culprit   heard Goldman Sach also shorted big time LionGold..so appears all the directors may be unaware and the crash was triggered by Goldman Sach as the latter must have shorted heavily

 

hopefully ms. ng wins :)

 

starlene      ( Date: 22-Nov-2013 23:24) Posted: Date: 22-Nov-2013 19:05) Posted:  Lawsuits shine light on Goldman?s role in Asiasons, Blumont and LionGold crash  FRANKIE HO, The Edge  25 November 2013  Ipco International CEO Quah Su-Ling is taking a unit of Goldman Sachs to court for losses suffered during the collapse of Asiasons Capital, Blumont Group and LionGold Corp early last month. According to legal papers filed on Nov. 20 with the High Court in the UNK and seen by The Edge Singapore, the case revolves around a loan that Quah took from the bank to buy shares in two of these companies.  Quah opened a private wealth management account with UK-incorporated Goldman Sachs International in February, with the intention of taking a loan to buy shares in LionGold. She was introduced to the bank by an investment consultant named William Chan, who heads a Singapore-based investment management firm.  Under the loan agreement with Goldman, Quah initially pledged three million Asiasons shares as collateral for the credit facility. She first invested in Asiasons in 2008, and became a shareholder of Blumont shortly afterwards.  With the money from Goldman, she proceeded to buy LionGold shares, which, together with her Blumont shares, were subsequently placed in her investment portfolio as collateral to extend her loan facility. As the amount and value of her LionGold shares grew over time, the size of her loan increased correspondingly.  By Oct. 1, it had increased to more than $61m, from $12.4m at the time she became a Goldman client.  When Blumont announced in July that it planned to raise funds through a rights issue, Quah was told she could tap her credit line from the bank to subscribe for the rights shares. She agreed to take up her full entitlement to the rights issue on Oct. 1, using the loan from Goldman, and instructed the bank on the same day to proceed accordingly.  Abrupt U-turn  To her surprise, the bank called her on the morning of Oct. 2 to demand that she repay her entire loan in cash by 1.30pm the same day. It?s unclear why Goldman suddenly decided to pull the credit line.  By 1.37pm that day, she was served a notice of default through an email stating she had failed to meet her obligations to the bank, which proceeded immediately to sell her shares in Asiasons, Blumont and LionGold. On Oct. 2, Goldman sold 1.2m of Quah?s shares in Asiasons at $2.79 each. The following day, it sold more of her shares in Asiasons, in two batches, at $2.7524 and $2.7144 apiece respectively.  In seeking to prevent more forced sales, Quah found a buyer on Oct. 3 for her shares in LionGold and Blumont. The next day, she informed Goldman about the buyer ? Vicario Investments from Hong Kong ? and instructed the bank to stop force-selling her shares.  Goldman continued, however, to offload her shares on the market. On Oct. 4, before the Singapore Exchange halted trading on the three counters an hour after the opening bell, the bank sold 292,833 of Quah?s shares in Asiasons for $2.4246 each and 230,667 LionGold shares for $1.2372 apiece. By the time trading was suspended that morning, shares of Asiasons, LionGold and Blumont were down to $1.04, $0.875 and 0.88 respectively.  Other casualties revealed  Around that time, Quah found out that Goldman had also issued a notice of demand to three other individuals seeking payment of their outstanding loans. They include James Hong, Blumont?s executive director and Ng Su Ling, who resigned as Blumont?s independent director on Nov. 18. All three defaulted on their loan obligations, according to court documents filed by Quah?s lawyers.  Ng, too is taking legal action on her own against Goldman. She tells The Edge Singapore that she signed a margin financing agreement with the bank in June. ?I have filed a claim form, which is akin to a writ in Singapore. That would mean the commencement of a lawsuit. Notice of commencement has been sent to their lawyers in Singapore.? Her case will also be heard in UK.  ?I can only say at this point that the suit is in connection with agreements signed with Goldman Sachs International and Goldman Sachs Singapore. In relation to the particulars of the claim, I cannot give them to you at the moment because my solicitors are working on it. It is a personal suit,? says Ng who has hired a Queen?s Counsel and solicitors from Reynolds Porter Chamberlain LLP (RPC), a London-based corporate law firm. RPC, which has offices in the UK, Singapore and Hong Kong, is known for taking on cases involving professional negligence.  Quah, too, has engaged a Queen?s Counsel to fight her case. Court papers filed by her lawyers from London-based Wiggin LLP allege a breach of duty on the part of Goldman. A breach of duty occurs when one person or company has a duty of care towards another but fails to live up to that standard.  Among other things, Quah?s lawyers claim that the bank had ?perversely and irrationally threatened? the dump her investments on the open market and had indeed acted on their word. Goldman had also refused to consent to Quah?s plan to sell her shares in LionGold and Blumont to Vicario Investments from Hong Kong, the lawyers allege.  Goldman continued to force-sell Quah?s shares after SGX lifted trading on the three counters on Oct. 7. By the end of the trading session that day, all three stocks had fallen substantially more ? Asiasons closed at $0.15, LionGold at $0.25 and Blumont at $0.13. More forced sales were carried out by the bank over the following days.  Near the end of October, the Monetary Authority of Singapore said it would launch an investigation with SGX into the activities surrounding the three companies, and that the fallout of the crash had raised broader issues regarding the market?s structure and practices, which they intend to review and change if necessary. Around that time, the three companies called off or scaled down certain investments previously announced.  Suspicions addressed?  By the time the heavy selling of the three stocks early last month receded, Blumont, LionGold and Asiasons had lost more than $8b in combined market value. Now, as aggrieved investors are left licking their wounds, the lawsuits by Quah and Ng may shed some lights on how the entire saga came about, who some of the players behind the scenes were, and even address certain suspicions by investors.  Blumont disclosed in an SGX filing on Oct. 3, a day before the crash, that Ng sold one million shares for $2.38m on Oct. 2, paring her stake in the company to 3.01% from 3.07%. That meant the shares were sold at about $2.38 apiece, well above Blumont?s last traded price of $0.88 on Oct. 4, when SGX halted trading on the three counters barely an hour after opening bell. Many investors had taken the sale to mean she acted on insider information.  By Ng?s account, however, the sale was not her decision. ?It wasn?t voluntary. It was due to forced selling,? she tells The Edge Singapore. Since then, she has had more of her shares forced-sold, not only in Blumont but also LionGold. Her current stakes in Blumont is about 1.7%. Her stake in LionGold is 0.19%.  Ng herself is a lawyer at a firm in Singapore that advises on dispute resolution and litigation matters. While she is no longer on the board of Blumont, she remains an independent director at LionGold. ?I needed to concentrate on my legal practice. It was really a toss between Blumont and LionGold,? she says.  ?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.?  Ng joined Blumont as an independent director in September last year, a few months before the company started acquiring assets in the minerals and energy resources sectors. With her departure, Blumont is short of one independent director. The company is looking for a replacement. Blumont?s incoming chairman, Alex Molyneux, told The Edge Singapore last month that the company will have a new management team and board of directors in due course.  ?The company has to have a board with more experience in the sector. I?m the first guy with that,? said Molyneux, who used to be CEO of Toronto and Hong Kong listed SouthGobi Resources, a coal miner with operations in Mongolia. He will replace Neo Kim Hock as chairman once he completes a transaction to take a 5.2% stake in Blumont by buying shares from Neo and an unidentified investor at an indicative price of $0.40 a share.  Edward Naylor, Goldman?s Hong Kong based spokesman, declines to comment about the lawsuits, which come at a time when the bank is embroiled in a case with another investor in Singapore. Businessman Oei Hong Leong sued Goldman in September for allegedly giving misleading advice that cost him ¥3.18b ($39.5m) in losses on currency options. According to reports, Goldman has asked the High Court in Singapore to stop Oei?s lawsuit, saying that both parties should pursue private arbitration instead starlene      ( Date: 22-Nov-2013 23:22) Posted: http://www.flickr.com/photos/caricature/10991551245/   Just back from an investment talk at CIMB...Ms Ng is suing Goldman Sach as the latter forced sell her shares without giving her chance to top up with collateral though she has managed to find a fund in Hong Kong interested in buying her shares prior to the crash..on paper from Edge magazine Goldman Sach is the culprit   heard Goldman Sach also shorted big time LionGold..so appears all the directors may be unaware and the crash was triggered by Goldman Sach as the latter must have shorted heavily

 

the real truth finally revealed... pity....

shoutnovoice      ( Date: 22-Nov-2013 19:48) Posted: Singapore Exchange Ltd (SGX) said on Friday it had split the role of its regulatory and risk chief officer, a move that follows a penny stock crash that raised questions about the firm's regulatory abilities. SGX, which regulates listed companies that are also its clients, said in a statement its chief regulatory and risk officer, Yeo Lian Sim, was retiring at the end of this year and would be hired on as a special advisor. She has been with SGX since July 2004. Her role will be split between Richard Teng, who will become the chief regulatory officer and Agnes Koh, who will take on the role of chief risk officer. Mr Teng has been deputy chief regulatory officer since Jan 2012. Agnes Koh is currently the head of risk clearing.

 

Date: 22-Nov-2013 19:05) Posted: 

starlene      ( Date: 22-Nov-2013 23:22) Posted: http://www.flickr.com/photos/caricature/10991551245/   Just back from an investment talk at CIMB...Ms Ng is suing Goldman Sach as the latter forced sell her shares without giving her chance to top up with collateral though she has managed to find a fund in Hong Kong interested in buying her shares prior to the crash..on paper from Edge magazine Goldman Sach is the culprit   heard Goldman Sach also shorted big time LionGold..so appears all the directors may be unaware and the crash was triggered by Goldman Sach as the latter must have shorted heavily

 

http://www.flickr.com/photos/caricature/10991551245/

 

Just back from an investment talk at CIMB...Ms Ng is suing Goldman Sach as the latter forced sell her shares without giving her chance to top up with collateral though she has managed to find a fund in Hong Kong interested in buying her shares prior to the crash..on paper from Edge magazine Goldman Sach is the culprit   heard Goldman Sach also shorted big time LionGold..so appears all the directors may be unaware and the crash was triggered by Goldman Sach as the latter must have shorted heavily 

 

Singapore Exchange Ltd (SGX) said on Friday it had split the role of its regulatory and risk chief officer, a move that follows a penny stock crash that raised questions about the firm's regulatory abilities. SGX, which regulates listed companies that are also its clients, said in a statement its chief regulatory and risk officer, Yeo Lian Sim, was retiring at the end of this year and would be hired on as a special advisor. She has been with SGX since July 2004. Her role will be split between Richard Teng, who will become the chief regulatory officer and Agnes Koh, who will take on the role of chief risk officer. Mr Teng has been deputy chief regulatory officer since Jan 2012. Agnes Koh is currently the head of risk clearing.

 

lion closing with a BANG

 

Should cheong by next week!

 

steady...