Post Reply
2281-2300 of 2523
Charged was carried out in 2009, but the actual case happen many years before that.........And it was under new management for long time already..........
Its a very old story of wrong doing of the management that brought informatics down to its kneels.
The company have learnt form that bad patch not to repeat those criminal act..........
The case was in early late 1999 or 2000... from what I understand...
But those whom were involve in the dishonest act case...was investigated and charged..
Now everything was revamp...
pharoah88 ( Date: 23-Jul-2010 17:56) Posted:
|
Why they cannot be a come back kid just like Ossim ?
Ossim was down to 4 cents also then only a year back climb back almost daily to $1 above today.
Profitabilty matters to share holder- if no faith - simply stay out.
Do not speculate. And past comment that make other lost their chance on a bet on it for the mid term.
I am sure there were naysayer when Ossim was down at 4 cents- ppl say, better not punt, it may bankrupt so and so.............. see how is it today ?
Those naysayer are licking their wounds and those whom listen to them blindly, also muissed the boat sing the same song.
After all, Informatic was the establish private educator till its former management artificially inflated its book and brought it down to its kneel and then Raffles Edu become the big fish that went up and filled the vacuum in the private education business......... its all history now... Raffles edu is also going thru bad patches after a golden era.
Informatic, getting into the black after many years of red, is a good sign. Interest in its share is starting to pick up.
Having say all, not sure if "its out of the wood as one writer wrote some years back...........
It might be the awakening...
Like ossim.......once its starting to make money every quarter...share price goes up, few cents, stay for a while, fall a bit, goes up few cents again... and up , stay up stay, up ,up..eventually it hits the $1 mark...... Informatic could be going on the same route of recovering its former glory.. But it have to make money.. expand, announce good result.. if possible give small dividends for a start..
In 2 or 3 years down the road........ no one knows where will it be compare to today and days before the less then 10 cents share like Ossim once used to be...
As. what most ppl end up saying, do your own research, if you have faith in it, invest. if not.leave it in peace and do not speculate or laugh when there are huge volume and suspect this and that..
Those whom laugh when ossim move up slowly but surely after years of looses and make good profits quarter after quarter must be crying in their heart.... in their mind, they will always reminds them self....if they have invested 200 or 500 lots and hold till today when it falls to 4 cent and hang around there for a while... today they will be handsomely rewarded fore their faith..
So laugh how much you want.... in the end, others are laughing all the way to the bank and you whom got left behind again will be crying again :)
Good Luck. No intention to ask anyone to buy. Just tell you the story of a fallen jewel, and once upon a time no one wants it.. the ossim story..
Informatics have that almost same foundation and background...the only difference is that, Ossim had made it back Informatics have not...but may be on its way... :)
....so go ahead and laugh all you can.
http://sgfraud.blogspot.com/2009/06/informatics-affair-2.html
Monday, June 22, 2009
The Informatics affair 2
Continued from previous post.
Some of Infomatics' top executives were charged in court with the creative accounting practices used by IGSPL (Informatics Group Singapore Pte Ltd). They were Wong Tai and Ong Boon Kheng.
Wong Tai, Chairman and non-executive director of IHL Ltd, was charged under the Securities and Futures Act with 2 charges of making false statements by misstating the company's profits in 2 quarterly income statements by by $4.18 million and $0.84 million. He pleaded guilty to 2 charges, with 2 others to be taken into consideration.
The District Court considering facts that he was a first time offender and was not personally involved in theSome of Infomatics' top executives were charged in court with the creative accounting practices used by IGSPL (Informatics Group Singapore Pte Ltd). They were Wong Tai and Ong Boon Kheng.
Wong Tai, Chairman and non-executive director of IHL Ltd, was charged under the Securities and Futures Act with 2 charges of making false statements by misstating the company's profits in 2 quarterly income statements by by $4.18 million and $0.84 million. He pleaded guilty to 2 charges, with 2 others to be taken into consideration.
preparation of the financial statements fined him $120,000 on each of the charges.
Ong Boon Kheng, Chief Executive Officer of Informatics at the relevant time, claimed trial. He was charged with 4 counts, 3 of which related to false accounting in the first, second and third quarters 2003 financial statements of the company while the 4th related to a statement made to the Singapore Exchange, SGX.
Tan Cheng Han, specialist district judge (and also Dean of the Faculty of Law, National University of Singapore) sentenced him to a total fine of $445,000.
Ong was also ordered to pay prosecution costs of $45,400 for the 28 day trial.
The sentences were upheld by High Court judge Tay Yong Kwang on appeal.
The above convictions are probably sufficient to disqualify the above 2 directors from acting as directors under the Companies Act.
http://sgfraud.blogspot.com/2009/06/informatics-affair-1.html
Monday, June 22, 2009
The Informatics affair 1
False accounting issues in relation to IGSPL's 2003 financial statements involved approved in principle revenue (AIP revenue) and international student recruitment revenue (ISRR).
AIP revenue involved student fees from local students. IGSPL has standing arrangements with financial institutions to provide loans to students for to finance their studies. It is not totally clear but it appears that the students only signed up with the school on the basis that their student fees would be paid through loans arranged by the school. The school here recogised revenue from student fees when the student was registered, rather than when approval for the student loans were obtained.
ISRR is revenue from foreign students studying in Singapore. Under Singapore law, each such student can only commence his studies after approval from the government body, Immigration and Checkpoints Authority (ICA). However, IGSPL recognised the revenue from these students even before approval had been obtained fro ICA. This was based on its past experience that
The above 2 accouting procedures adopted by IGSPL contradict the accounting principle that revenue from services should only be recognised when the service has been rendered to the customer.
Informatics Holdings Ltd is a listed company which is one of the largest education providers in Singapore. One of its subsidiaries is Informatics Groups Singapore Pte Ltd (IGSPL).
AIP revenue involved student fees from local students. IGSPL has standing arrangements with financial institutions to provide loans to students for to finance their studies. It is not totally clear but it appears that the students only signed up with the school on the basis that their student fees would be paid through loans arranged by the school. The school here recogised revenue from student fees when the student was registered, rather than when approval for the student loans were obtained.
ISRR is revenue from foreign students studying in Singapore. Under Singapore law, each such student can only commence his studies after approval from the government body, Immigration and Checkpoints Authority (ICA). However, IGSPL recognised the revenue from these students even before approval had been obtained fro ICA. This was based on its past experience that
The above 2 accouting procedures adopted by IGSPL contradict the accounting principle that revenue from services should only be recognised when the service has been rendered to the customer.
You must be kidding! This is going a bit too far 
wishbone ( Date: 22-Jul-2010 16:30) Posted:
|
Amazing. Now at 0.030/0.035. Last done 200% up.
NV
No joke. People want to buy its warrant at 2.5c, 150% up from this morning 1c
I should have just bought it at 1c rather than queuing at 0.5c for a week for nothing, and now only to see the price flies.