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CEDAR TUA HUAT
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happyharvest
Elite |
02-Jan-2017 11:11
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杀 一 静 百 !
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granto
Master |
02-Jan-2017 07:57
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Swiber claims surge to $288.8m |
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lglg666
Supreme |
20-Dec-2016 09:07
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Yeah......let the mastermind rot in jail for the rest of his natural life. Plus all his and family remaining wealth confiscated to pay to the victims of this scam. All the rest found guilty should faced jail time plus huge fine too.
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pnuklis
Master |
20-Dec-2016 08:52
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All the current and previous directors of Swiber seem to be guilty. They all must get highest punishment just to set a deterrent to others in corporate governence to say that it is not OK to give mislead the stock market. The leader of the directors must get biggest punishment by being put in Jail for 5 years. |
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Khoolie
Member |
20-Dec-2016 07:23
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http://swiber.listedcompany.com/newsroom/20161219_202804_BGK_FP9HZNSK9UK0EJQ3.1.pdf |
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FATABA
Supreme |
06-Dec-2016 22:20
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I really hope that JUSTICE be returned to the loyal shareholders ( including some aunt and uncle who believe in this counter) > And if found guilty , the ppl should be punish by the law. Hopefully some money can still be return to shareholders.
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sheerluck
Supreme |
06-Dec-2016 20:17
Yells: "Work for your money first then let your money work for you" |
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Well, pocket millions and use some of their ill-gotten money to bail out themselves. Good deal.
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Wind22i
Supreme |
06-Dec-2016 19:09
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Swiber already gameover...many lost big time..as its a sudden death.. | ||||
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granto
Master |
06-Dec-2016 19:01
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Swiber execs out on bail as investigations hot up |
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investshare
Supreme |
07-Nov-2016 18:40
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?Grow up as a market?, TSMP Law?s Thio urges Singapore
By Michelle Zhu / theedgemarkets.com.sg | November 7, 2016 : 6:09 PM MYT Printer-friendly versionSend by emailPDF version Translated by Google Translator: Select Language ▼ SINGAPORE (Nov 7): Stefanie Yuen Thio believes Singapore needs to ?grow up? as a market, especially when it comes to dealing with junk bonds. ?We cannot go crying to daddy whenever we scrape our knees on the trading room floor, and with the spectre of a world economic recession upon us, the faster we learn these lessons, the better,? writes the joint managing director of TSMP Law Corporation in The Forefront: By TSMP on Monday. One prime example would be the oil and gas (O&G) sector, which began in the third quarter of this year when the Singapore Exchange (SGX) listed offshore services firm, Swiber Holdings, announced its appointment of provisional liquidators. (See also: Swiber's sudden failure puts focus on bondholders yet to be paid) Swiber?s collapse has since been followed by more bond issuers defaulting on their bond payments, including Perisai Petroleum Teknologi and Swissco ? while other troubled issuers like Ezra Marine and Ausgroup are currently seeking maturity date extensions and/or covenant waivers. (See also: Perisai Capital served with winding-up application from noteholder) (See also: Swissco defaults on interest payment suspends trading) (See also: Ezra seeking waivers from holders of $150 mil notes due April 2018) (See also: AusGroup gets over 98% vote from noteholders for debt restructuring) Additionally, this year?s bond disaster has also brought out ?investors who have lost money looking for a scapegoat?, says Thio. According to her, the most common targets of blame are: 1. Banks ? These are the most obvious targets, says Thio, as commentators have questioned if the rebates or commissions payable by issuers to bankers for selling the bonds posed a conflict of interest, and should have been disclosed. Although she agrees it is a ?valid point?, she also notes there are no guarantees of whether the disclosure of a bank?s spread would ?move the needle on the investor?s decision to subscribe for the bond?. 2. Lawyers ? Thio opines that documents issued by lawyers have indeed become more about limiting liability of the bond issuers rather than providing information, given their long disclaimers and risk language. To solve this problem, she advocates moving towards a ?plain English regimen? over ?hiding behind the skirts of pure legalese?. 3. Singapore?s government ? Some have voiced concerns about whether the government can and should do more to protect the investing public ? an inclination which Thio says is ?typical Singaporean?. In her view, the Monetary Authority of Singapore has already addressed such concerns by announcing refinements to its regime, such as giving accredited-eligible investors a choice in the level of regulatory safeguards best suited to their individual circumstances. Nonetheless, Thio points out that this year?s bond defaults appear principally confined to the O&G and shipping sectors, which, based on Bloomberg data, account for only 0.5% of Singapore?s total bond market. ?Our investors have to develop commercial savvy in monitoring their investment portfolio, based on their own risk profile? That way, Singapore investors can live to ?Die Another Day?,? she says. Tags: TSMP LawStefanie Yuen Thiojoint managing directorhead of corporateoil and gas (O&G)SwiberEzraRickmersAusGroupMarco Polo Marineconsent solicitation exercisesjunk bondsworld marketsInvestorshigh yield bondscorporate paper |
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sengsk
Elite |
01-Nov-2016 09:06
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Don' t waste time monitor this sus stock. there are others to play, why waste your time discuss dead stock. Lets move on.
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Khoolie
Member |
01-Nov-2016 08:59
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who are the relevant authorities? http://www.channelnewsasia.com/news/business/sgx-reprimands-swiber-holdings-for-breach-of-listing-rules/3249628.html |
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Khoolie
Member |
27-Oct-2016 00:23
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http://splash247.com/seafarer-stranded-vallianz-vessel-attempts-suicide/ |
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Khoolie
Member |
26-Oct-2016 20:35
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Opposite from my experience. Have to check their HR statistics. They have many French (due to connection with one of the board of directors), and other asian nationals.
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granto
Master |
26-Oct-2016 20:24
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Khoolie - while this seems to be a common perception in Singapore with all companies, every single person I' ve come across from Swiber and related companies has been Singaporean. |
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Khoolie
Member |
26-Oct-2016 20:00
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should send those foreigners in Singapore back since they have nothing to do. And use the money to pay for those stranged overseas. Heard they hire mostly foreigners. The westerners are always paid handsomely. Since already almost insolvent, better let the go back. |
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Dyna__
Senior |
26-Oct-2016 18:46
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You are talking to yourself???
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Khoolie
Member |
26-Oct-2016 18:31
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Swiber is still keeping a lot of redundant people employed despite having nothing to do in Singapore. They should use the money to bring those offshore personnel back, or pay the bondholders. |
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shinyarmour
Member |
26-Oct-2016 14:06
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Well said Shinyarmour, You' re quite correct with all your observations. When Vallianz issued the statement to me, I later replied with some questions one of which was how come the crew tell me your statement about the salaries is false. They declined to answer all my questions. Later that day I sent them the article to show we' ve highlighted that the crew contradicts their claims. It was only then that they decided to issue a statement and pay the crew as oroginal they claimed. Also interesting that they referred to us as an online post - we are one of the most read maritime news platforms, they obviously don' t want people to see the articles by not naming us - the source of the clarification is usually named in these type of announcments. Anyway, good news for the crew. I' ve informed them now I will be working to ensure they do get the money and that some seafarer charities help them (I' ve had a good response from Sailors Society and Apostle of the Sea). Getting them all sent home as soon as possible being the ultimate goal. {C}
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shinyarmour
Member |
26-Oct-2016 10:53
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1. As shipmanagers, Vallianz is liable for payment at law. The very fact that Vallianz had made payment towards the crew goes to show that they accet liability. It seems however that they have confused the public with the notion that Swiber or Sentosa as owners of the vessel are liable for the debt. Vallianz could have terminated the ship-management contract at any point of time. As you will be aware, shipmanagement contracts are not on a pay-when-paid basis. Vallianz therefore could not rely on the fact that if they were not paid by Swiber, they will not pay the crew. 2. From the article in Splash, it seems that the monies were in arrears since June, 4 months of non-payment over crew. In Vallianz' s initial reply to Splash, they have replied that they have made payment up until the month of August. Following Splash' s check with the crew, they have confirmed that monies have not been paid. It is only then that Vallianz stated in their update that ' the payment for August will come through through in the next 2 days.' This is a blatant lie by the management. 3. In the same Splash article, Vallianz first announced that they will make good the remaining payment in a few weeks time. Nobody knows when is their ' few weeks time' . They have now made an update and confirmed that payment will be made in within the week. It goes to show how ' regrettable' they feel, that only when pressed are they willing to effect payment. 4. If a listed company is unable to pay crew, I think they should have informed public earlier, not until the crew starts posting online. 5. Vallianz " deeply regrets the current situation faced by the crew and is making every effort to help them." Are they helping themselves or are they helping the crew. This is lamentable. 6. Vallianz also wants to assure shareholders that its vessel chartering business operations are continuing as usual. This is funny. It is evident that they are in financial straits, messing with Swiber, being unable to pay crew and vessels are detained. How do they continue business operations with the vessels detained. |
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