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With a 30+ year old CEO (with no healthcare or corporate crisis experience) at the helm, things look bleak for them.
Now Board Tussle..how to focus on getting biz back up and generate value for shareholders.
Now Board Tussle..how to focus on getting biz back up and generate value for shareholders.
I think its prematured to talk about prosecution at this point. If I use a similar case of the road viaduct accident for construction company OKP Holdings.
1) 2015. OKP awarded the viaduct project by LTA.
2) Jul 2017. Accident where a worker died, and 10 other workers injured.
3) May 2018. The MD and 5 employees were charged for offences for alleged breaches of the Building Control Act (BCA), as well as the Workplace Safety and Health Act (WSHA) by MOM.
4) May 2021. OKP subsidiary fined $1m for the accident and the 2 persons (from CPG) were jailed. OKP' s project director and engineer were also convicted for not stopping work and deleting incriminating Whatsapp msgs.
5) Mar 2023. OKP' s subsidary (Or Kim Peow Contractors) was awarded $43.8m against CPG Consultants after abitration. I believe CPG was engaged by OKP subsidary to provide design services for the viaduct. I believe the jailed employees were from CPG who is jailed for the offence.
The charges were brought by MOM who overseas workplace safety, and it took 3 years to conclude the court proceeedings, and then another 2 years for abitration outcome. The accident date to officially filed charges took about 11 months.
Hence for Cordlife, I think its still a long road, and I think charges will be from MOH if there is any wrongdoings.
PS: I hope I had compiled all the OKP events info correctly. Its based on Google search for the news articles.
https://www.channelnewsasia.com/singapore/pie-viaduct-collapse-or-kim-peow-contractors-arbitration-cpg-consultants-3329126
https://sg.finance.yahoo.com/news/okp-subsidiary-fined-1-mil-062405660.html
1) 2015. OKP awarded the viaduct project by LTA.
2) Jul 2017. Accident where a worker died, and 10 other workers injured.
3) May 2018. The MD and 5 employees were charged for offences for alleged breaches of the Building Control Act (BCA), as well as the Workplace Safety and Health Act (WSHA) by MOM.
4) May 2021. OKP subsidiary fined $1m for the accident and the 2 persons (from CPG) were jailed. OKP' s project director and engineer were also convicted for not stopping work and deleting incriminating Whatsapp msgs.
5) Mar 2023. OKP' s subsidary (Or Kim Peow Contractors) was awarded $43.8m against CPG Consultants after abitration. I believe CPG was engaged by OKP subsidary to provide design services for the viaduct. I believe the jailed employees were from CPG who is jailed for the offence.
The charges were brought by MOM who overseas workplace safety, and it took 3 years to conclude the court proceeedings, and then another 2 years for abitration outcome. The accident date to officially filed charges took about 11 months.
Hence for Cordlife, I think its still a long road, and I think charges will be from MOH if there is any wrongdoings.
PS: I hope I had compiled all the OKP events info correctly. Its based on Google search for the news articles.
https://www.channelnewsasia.com/singapore/pie-viaduct-collapse-or-kim-peow-contractors-arbitration-cpg-consultants-3329126
https://sg.finance.yahoo.com/news/okp-subsidiary-fined-1-mil-062405660.html
BinderyT ( Date: 21-Mar-2024 17:53) Posted:
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ACRA proscution -
https://www.acra.gov.sg/prosecution-highlights/prosecution-of-cases-in-the-state-courts
https://www.acra.gov.sg/prosecution-highlights/prosecution-of-cases-in-the-state-courts
BinderyT ( Date: 21-Mar-2024 17:52) Posted:
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ACRA is a lot more powerful than that. It' s the agency responsible for monitoring and enforcement of Company' s Act. That includes misconduct by board members. There is already sufficient evidence to charge Cordlife for failure to disclose material information, which is governed by SGX.
cmengchan ( Date: 21-Mar-2024 17:02) Posted:
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I don' t think this falls under ARCA which only look into busines registration and accuracy of financial reporting.
The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registration, financial reporting, public accountants, and corporate service providers. We are also responsible for developing the accountancy sector and setting the accounting standards for companies, charities, co-operative societies, and societies in Singapore.
SGX regulates the listing of companies in the exchange based on the published rules and roles. I believe it will depend on MOH for health-related investigation, and SGX can only take actions if there is any listing/director role violations after the detailed investigation report from MOH.
Similarly, food safety will be under SFA (Singapore Food Agency) for listed F& B companies in SGX. Cordlife need to follow the SGX listing rules and have an EGM, vote, etc to sort out the shareholder fights. We can only wait for now.
Why hasn' t ACRA and SGX taken actions yet? So many breaches ...
Cordlife faces boardroom shakeup, calls to remove directors amid mishandling of cord blood units
https://www.channelnewsasia.com/singapore/children-health-unhealthy-childhood-prehypertension-insulin-fats-nus-saw-swee-hock-study-4211071
China boss wants to take over liao....hohoho
cmengchan ( Date: 21-Mar-2024 11:21) Posted:
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Why do you want to buy shares in a company that screwed its customers and shareholders?
Cheap is not always good. In this case, it sucks. Company will likely fold and assets transferred to another cord bank.
Cheap is not always good. In this case, it sucks. Company will likely fold and assets transferred to another cord bank.
uiop1223 ( Date: 07-Mar-2024 13:06) Posted:
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I don' t own this share but I hope the entire board of directors go to jail and sued bankrupt.
What they did was unconscionable.
What they did was unconscionable.
Looks like 2 major shareholders want to nominate their own directors. Internal conflict while Company is still trying to sort out the mess.
https://links.sgx.com/1.0.0/corporate-announcements/M10A3ZJ2K7A8VLWI/792628_CGL%20-%20Holding%20Announcement%20and%20Further%20Extension%20of%20Trading%20Halt.pdf
RECEIPT OF REQUISITION NOTICES
The board of directors (the " Board" ) of Cordlife Group Limited (the " Company" and together
with its subsidiaries, the " Group" ) wishes to announce that:
(a) it has on 14 March 2024 received a letter (the " First Requisition Notice" ) from Phillip
Securities Pte Ltd (" Phillip Securities" ) as nominee for Nanjing Xinjiekou Department
Store Co., Ltd. (" NJXJK" ) requesting the Board to convene an extraordinary general
meeting of the Company (" EGM" ) and
(b) it has on 18 March 2024 received a letter (the " Second Requisition Notice" ) from
TransGlobal Real Estate Group, Ltd. (" TransGlobal" ) requesting the Board to convene
an EGM
https://links.sgx.com/1.0.0/corporate-announcements/M10A3ZJ2K7A8VLWI/792628_CGL%20-%20Holding%20Announcement%20and%20Further%20Extension%20of%20Trading%20Halt.pdf
RECEIPT OF REQUISITION NOTICES
The board of directors (the " Board" ) of Cordlife Group Limited (the " Company" and together
with its subsidiaries, the " Group" ) wishes to announce that:
(a) it has on 14 March 2024 received a letter (the " First Requisition Notice" ) from Phillip
Securities Pte Ltd (" Phillip Securities" ) as nominee for Nanjing Xinjiekou Department
Store Co., Ltd. (" NJXJK" ) requesting the Board to convene an extraordinary general
meeting of the Company (" EGM" ) and
(b) it has on 18 March 2024 received a letter (the " Second Requisition Notice" ) from
TransGlobal Real Estate Group, Ltd. (" TransGlobal" ) requesting the Board to convene
an EGM
moonsun ( Date: 20-Mar-2024 16:40) Posted:
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So if rely on SGX, sure everything back to normal rtc.. no discrepancies.. no breach.. luckily got moh audit..
Hopefully can shed more light and get compliance asap
Hopefully can shed more light and get compliance asap
Maybe some findings from MOH investigation, and likely will have financial impact/implications to Cordlife.
WBdisciple ( Date: 20-Mar-2024 10:24) Posted:
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World class bourse.. no reason. No transparency.. no care for retail investors.. no updates..
Really cmi..
Dyodd
Really cmi..
Dyodd
Normally trading halt is only for 3 working days...they halt on 14 Mar, and now is 20 Mar. Looks like an ominous sign...
halted this long usually 2 outcome:
1) General Offer
2) Suspension
1) General Offer
2) Suspension
Why halt so long?
it' s a BLOODY mess....avoid.
Better stocks eslewhere.
Better stocks eslewhere.
Cordlife halts trading after falling 6.3%, pending announcement
TROUBLED cord-blood bank Cordlife Group requested a trading halt on Thursday (Mar 14) afternoon, pending the release of an announcement.
As at 3.10 pm, before the trading halt, the counter was trading down 6.3 per cent, or S$0.015, to S$0.225.
Last November, Cordlife was found to have stored some cord-blood tanks above acceptable temperature limits. The Ministry of Health (MOH) then issued a six-month suspension notice to the group, which took effect from Dec 15, 2023.
MOH subsequently found more process lapses in January amid its investigation:
A new cord-blood processing method, implemented in August 2023, was not properly validated according to approved plan and protocol
The company&rsquo s temperature monitoring system failed to send notifications when temperatures in certain tanks exceeded acceptable levels between February and June 2022 and
Six-monthly preventative maintenance was not carried out for two tanks in 2022.
MOH said on Jan 26 that the final results of tests on Cordlife&rsquo s impacted cord-blood units (CBU) will be ready by end-March.
Preliminary investigations showed that two of the six affected tanks, which stored about 2,300 CBUs, are unlikely to be affected by suboptimal temperatures. The results for the other tanks and dry shipper are not ready.
Based on the group&rsquo s latest financials released at the end of February, its net profit for the second half ended December 2023 declined 50.3 per cent, to S$1.5 million from S$3 million in the year prior.
The group also said that its former chairman Joseph Wong was stepping down for personal family and health reasons. Then vice-chairman Dr Ho Choon Hou was appointed as acting chairman of the board until the appointment of a new chairman.
Waiting to be sued.. negligence by staff and directors
uiop1223 ( Date: 07-Mar-2024 13:06) Posted:
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