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THE BEST IS YET TO BE
Wangderful10
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13-May-2019 15:34     
 
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 Alert Admin 		Run away! Chao! Avoid! Siam! 
Carry out the above actions ASAP without further delay once suspension is lifted (provided it is given the green light to do so)!

There are sufficient tell tale signs and warning signs to extrapolate that the pattern of the development is very similar to that of Midas!
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sbscap
Master
13-May-2019 15:32     
 
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 Alert Admin 		The stock is still suspended. SGX needs to digest the info? Or more likely CAD, MAS and China authorities are looking at a lot of worms coming out from everywhere. Is this really the BIL' s company? I' m sure some money flow analysis is being done now. A passive investor in a company with supposedly huge sales as a major and most signficant customer. Passive investor. A good excuse from some weekend brain storming sessions. Fireworks. Or gone with the wind.
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michaeltan
Master
13-May-2019 15:16     
 
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 Alert Admin 		I agree.  The Company recognises that it had earlier failed to provide a fuller picture of the ownership of the Primary Import Agent and sincerely apologises for any confusion and unease that may have been caused. The Company will make the agreements entered into between the Company and the Primary Import Agent available for PwC&rsquo s review. The Company will also procure the Primary Import Agent to grant PwC access to all necessary records for the period from 1 January 2017 to 31 May 2018 for the purpose of PwC&rsquo s review of the Group&rsquo s sales to the Primary Import Agent during that period.
 
Koh Kim Chuan, who is based in Singapore, was at all times a passive investor in the Primary Import Agent and was not involved in the management or business operations of the Primary Import Agent. 

Dora Hoan was not involved in the Company&rsquo s decision to partner with the Primary Import Agent, or, save as disclosed in this announcement, in the Group&rsquo s dealings with the Primary Import Agent
 

Shifu8888      ( Date: 13-May-2019 15:02) Posted:

Leehonghng must have lost a lot in this counter. Lots of grudges and axes to grind.
Infringing listing rules for disclosure are not criminal. Criminal liability means offences such as fraud, manipulation of share price.....
Example, the sales from the primary import agent are doctored, then this will fall under the purview of cad but now sgx has an arm as powerful as cad.
So far, no criminal infringement. Listing rule also no infringement except they could have done better to adopt a best practice disclosure.
Investors confidence is shattered. They have to address it. Next thing, I will be keen to see any ID resigning.

InvestSG      ( Date: 13-May-2019 14:54) Posted:

Can you kindly point out the exact offence have they committed
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stockpicker
Master
13-May-2019 14:40     
 
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 Alert Admin 		Just let the Authorities interprete their own rulings.. no point wasting time talking

beng1102      ( Date: 13-May-2019 13:42) Posted:

Siblings many time can become you business rivals.  So no conflict what so ever as not a directly dependant.

stockpicker      ( Date: 13-May-2019 13:08) Posted:

The following will govern if there is a need to declare
a)  The Company Act (Cap 50)
b)  SGX Listing Manual
c)  The Company article of Association
whether it is right or wrong is for the Authorities to interprete these rules and regulations..

I read about the definition of family members involving and include the spouse, son, adopted son, step-son, daughter, adopted daughter and step-daughter and nothing about sister or in-laws being interested parties and also this is limited to company' s interest and not customers' interest.    I also found nothing about conflict of interest with the customers in all the rules and SGX rules only mention that the interested person shall not have an interest in businesses that are competitors, suppliers or customers...
You can read more about it here  https://www.sid.org.sg//images/PDFs/Codes/SGP05.pdf  and also search through the company act if interested..

 
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beng1102
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13-May-2019 13:42     
 
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 Alert Admin 		Siblings many time can become you business rivals.  So no conflict what so ever as not a directly dependant.

stockpicker      ( Date: 13-May-2019 13:08) Posted:

The following will govern if there is a need to declare
a)  The Company Act (Cap 50)
b)  SGX Listing Manual
c)  The Company article of Association
whether it is right or wrong is for the Authorities to interprete these rules and regulations..

I read about the definition of family members involving and include the spouse, son, adopted son, step-son, daughter, adopted daughter and step-daughter and nothing about sister or in-laws being interested parties and also this is limited to company' s interest and not customers' interest.    I also found nothing about conflict of interest with the customers in all the rules and SGX rules only mention that the interested person shall not have an interest in businesses that are competitors, suppliers or customers...
You can read more about it here  https://www.sid.org.sg//images/PDFs/Codes/SGP05.pdf  and also search through the company act if interested..

 

Qanghoo      ( Date: 13-May-2019 12:10) Posted:

The non-disclosure itself is already something wrong.  If u don' t think so it' s OK.  Have it how u like it
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bayduck
Member
13-May-2019 13:30     
 
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 Alert Admin 		There is no loop hole, please refer to rule 902, which basically tells listcos that rules are not meant to be interpreted literally, instead substance > form always. So since intent of chapter 9 is to address conflicts of interests arising from IPT, so Long one can prove that There&rsquo s conflict of interest, BW will be caught under the rule. Regulators always have such umbrella or get out of jail broad rules that make sure bad players cannot wriggle themselves out by exploiting letter of law.

  • 902



     

     

    In applying these rules, regard must be given to :&mdash
    (1) the objective of this Chapter and
    (2) the economic and commercial substance of the interested person transaction, instead of legal form and technicality.


fatpanda      ( Date: 13-May-2019 13:20) Posted:

If they are cleared becuase " brother in-law" is not stated in the listng manual, then don' t need to got jail lah. SGX maybe " LL" now because a " loophole" was probably found in their listing manual again, and used by the people smarter than them.
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fatpanda
Supreme
13-May-2019 13:20     
 
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 Alert Admin 		If they are cleared becuase " brother in-law" is not stated in the listng manual, then don' t need to got jail lah. SGX maybe " LL" now because a " loophole" was probably found in their listing manual again, and used by the people smarter than them.
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Leehonghng
Member
13-May-2019 13:20     
 
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 Alert Admin 		早 知 如 此 ， 何 必 当 初 ？ 。 。 。 。 。 。 这 次 是 死 定 了 ！

Operator81      ( Date: 13-May-2019 10:47) Posted:

免 死 金 牌

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zillion
Master
13-May-2019 13:09     
 
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 Alert Admin 		how come go to jail? thought just fine them to collect lots of $$$ the money face authorities.
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stockpicker
Master
13-May-2019 13:08     
 
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 Alert Admin 		The following will govern if there is a need to declare
a)  The Company Act (Cap 50)
b)  SGX Listing Manual
c)  The Company article of Association
whether it is right or wrong is for the Authorities to interprete these rules and regulations..

I read about the definition of family members involving and include the spouse, son, adopted son, step-son, daughter, adopted daughter and step-daughter and nothing about sister or in-laws being interested parties and also this is limited to company' s interest and not customers' interest.    I also found nothing about conflict of interest with the customers in all the rules and SGX rules only mention that the interested person shall not have an interest in businesses that are competitors, suppliers or customers...
You can read more about it here  https://www.sid.org.sg//images/PDFs/Codes/SGP05.pdf  and also search through the company act if interested..

 

Qanghoo      ( Date: 13-May-2019 12:10) Posted:

The non-disclosure itself is already something wrong.  If u don' t think so it' s OK.  Have it how u like it.

stockpicker      ( Date: 13-May-2019 12:00) Posted:

If there is a fraud found,  conflict of interest will confirm if the parties are actually involved but if there is no fraud found and deals are done above board,  conflict of interest can lead only to a suspicion and nothing much about the parties involving in any fraud
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fatpanda
Supreme
13-May-2019 12:54     
 
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 Alert Admin 		According to the law enforcement CAD, it is still under " investigation" . But no further update to the MIDAs shareholders about the progress of the investigation. So, they may take " donkey" years to " investigate" and might end up like many other S-Chip fraud cases, not solved. And for the local regulators SGX and MAS, they were probably " happy" because the " hot potatoe" was in the hand of CAD.   

JarBinx      ( Date: 13-May-2019 12:42) Posted:

Thanks for explaining.. and till now still investigating?

Btw from BWL' s 2017 annual report their principal bankers are HSBC and UOB.. don' t know how to paste screenshots here but it' s in their AR

So hopefully their cash at bank is real

fatpanda      ( Date: 13-May-2019 12:30) Posted:

CEO, CFO and Chairman (formerly Chiinese citizen) were all Singaporean. Businesses in mainland China were all real, kept securing projects, but all the companies funds in mainland China were gone, eventhough the certified auditor said the companies finaicial figures and bank reserve were " correct" for 6 years based on the " documents" submitted by the chinese management and bank " certified" documents
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bayduck
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13-May-2019 12:47     
 
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 Alert Admin 		It is rather entertaining to see polar opposite interpretations of the same information. But I Guess that is how markets are made, at the end of each trade the both the buyer and seller thinks they outsmarted the other party. 

I Have never been vested in BW, and I speak only as a amateurish observer. From what I see, there is a higher probability that holders in BW are in a more precarious situation. For those that invested in BW since a Long while ago, I think you will be fine since price paid was Low, and I do not honestly think BW is worth nothing. For recent buyers who jumped on the bandwagon, the same cannot be said.
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JarBinx
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13-May-2019 12:42     
 
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 Alert Admin 		Thanks for explaining.. and till now still investigating?

Btw from BWL' s 2017 annual report their principal bankers are HSBC and UOB.. don' t know how to paste screenshots here but it' s in their AR

So hopefully their cash at bank is real

fatpanda      ( Date: 13-May-2019 12:30) Posted:

CEO, CFO and Chairman (formerly Chiinese citizen) were all Singaporean. Businesses in mainland China were all real, kept securing projects, but all the companies funds in mainland China were gone, eventhough the certified auditor said the companies finaicial figures and bank reserve were " correct" for 6 years based on the " documents" submitted by the chinese management and bank " certified" documents.

JarBinx      ( Date: 13-May-2019 12:21) Posted:

Oh what I thought Midas is an S-chip. Didn' t know is Singapore incorporated.. perpetrators all Singaporeans also
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fatpanda
Supreme
13-May-2019 12:30     
 
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 Alert Admin 		CEO, CFO and Chairman (formerly Chiinese citizen) were all Singaporean. Businesses in mainland China were all real, kept securing projects, but all the companies funds in mainland China were gone, eventhough the certified auditor said the companies finaicial figures and bank reserve were " correct" for 6 years based on the " documents" submitted by the chinese management and bank " certified" documents.

JarBinx      ( Date: 13-May-2019 12:21) Posted:

Oh what I thought Midas is an S-chip. Didn' t know is Singapore incorporated.. perpetrators all Singaporeans also?

fatpanda      ( Date: 13-May-2019 12:19) Posted:

Yes. exactly like MIDAS. And what happened to MIDAS shareholders now? all their hard earned monwey and life saving that invested in MIDAS were down to the drain
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JarBinx
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13-May-2019 12:21     
 
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 Alert Admin 		Oh what I thought Midas is an S-chip. Didn' t know is Singapore incorporated.. perpetrators all Singaporeans also?

fatpanda      ( Date: 13-May-2019 12:19) Posted:

Yes. exactly like MIDAS. And what happened to MIDAS shareholders now? all their hard earned monwey and life saving that invested in MIDAS were down to the drain.

JarBinx      ( Date: 13-May-2019 12:16) Posted:

BWL is a Singapore company, so they will have to adhere to the Company' s Act and SFA..

China law is more for their operations i.e. not MLM operations, don' t think China will care if BWL is fraudulent

BWL also very small fish in China anywa
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fatpanda
Supreme
13-May-2019 12:19     
 
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 Alert Admin 		Yes. exactly like MIDAS. And what happened to MIDAS shareholders now? all their hard earned monwey and life saving that invested in MIDAS were down to the drain.

JarBinx      ( Date: 13-May-2019 12:16) Posted:

BWL is a Singapore company, so they will have to adhere to the Company' s Act and SFA..

China law is more for their operations i.e. not MLM operations, don' t think China will care if BWL is fraudulent

BWL also very small fish in China anyway

fatpanda      ( Date: 13-May-2019 12:07) Posted:

So, another MIDAS siutation might happen, and our regulator here could only talk and talk, and probably could not do much. Then, follow up by act blur and keep quiet
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JarBinx
Member
13-May-2019 12:18     
 
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 Alert Admin 		Exactly, it' s not as if non-disclosure is illegal in fact many companies aren' t that transparent also. 

Even so, this means more bad news for BWL given so many recent attacks..

nqing87      ( Date: 13-May-2019 12:10) Posted:

i think the fraud issue is just an added bonus for the short sellers.. main thing is the possible mlm being done, and the non-disclosure of the relationships, which will reflect on the level of trustworthiness in the management.. short sellers alr won half the battle when BW confirm that the owner of Changsha is brother-in law of BW CEO.. they will be able to highlight this point to shareholders that BW management cannot be trusted.. BW should in any case, disclose their relationships earlier.. it is not a matter of what they judge and deem as independent or not, but it  shld be judge by the authority instead.. this is a problem with many companies.. they dont disclose a lot info to investors.. if they can hide, they hide, until they are forced to reveal

stockpicker      ( Date: 13-May-2019 12:00) Posted:

If there is a fraud found,  conflict of interest will confirm if the parties are actually involved but if there is no fraud found and deals are done above board,  conflict of interest can lead only to a suspicion and nothing much about the parties involving in any fraud
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JarBinx
Member
13-May-2019 12:16     
 
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 Alert Admin 		BWL is a Singapore company, so they will have to adhere to the Company' s Act and SFA..

China law is more for their operations i.e. not MLM operations, don' t think China will care if BWL is fraudulent

BWL also very small fish in China anyway

fatpanda      ( Date: 13-May-2019 12:07) Posted:

So, another MIDAS siutation might happen, and our regulator here could only talk and talk, and probably could not do much. Then, follow up by act blur and keep quiet.

bernardc      ( Date: 13-May-2019 12:02) Posted:

Off course China law .in China Sgx law if there is an
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Qanghoo
Supreme
13-May-2019 12:10     
 
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 Alert Admin 		The non-disclosure itself is already something wrong.  If u don' t think so it' s OK.  Have it how u like it.

stockpicker      ( Date: 13-May-2019 12:00) Posted:

If there is a fraud found,  conflict of interest will confirm if the parties are actually involved but if there is no fraud found and deals are done above board,  conflict of interest can lead only to a suspicion and nothing much about the parties involving in any fraud.

Qanghoo      ( Date: 13-May-2019 11:46) Posted:

The most interesting thing to surfaced so far is the seemingly deliberate non-disclosure which speaks volumes
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nqing87
Supreme
13-May-2019 12:10     
 
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 Alert Admin 		i think the fraud issue is just an added bonus for the short sellers.. main thing is the possible mlm being done, and the non-disclosure of the relationships, which will reflect on the level of trustworthiness in the management.. short sellers alr won half the battle when BW confirm that the owner of Changsha is brother-in law of BW CEO.. they will be able to highlight this point to shareholders that BW management cannot be trusted.. BW should in any case, disclose their relationships earlier.. it is not a matter of what they judge and deem as independent or not, but it  shld be judge by the authority instead.. this is a problem with many companies.. they dont disclose a lot info to investors.. if they can hide, they hide, until they are forced to reveal

stockpicker      ( Date: 13-May-2019 12:00) Posted:

If there is a fraud found,  conflict of interest will confirm if the parties are actually involved but if there is no fraud found and deals are done above board,  conflict of interest can lead only to a suspicion and nothing much about the parties involving in any fraud.

Qanghoo      ( Date: 13-May-2019 11:46) Posted:

The most interesting thing to surfaced so far is the seemingly deliberate non-disclosure which speaks volumes
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