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A Credit Bureau Asia (Digital) in the making

 

Bro wtf they paid these 4 jokers 600k annually? What a joke.. thanks for exposing these jokers

HardWorker4L      ( Date: 22-May-2022 16:33) Posted: I was an employee of the company, and I am writing this as I wish to let everyone know about Lincoln Teo and his mismanagement of the company. Lincoln Teo has no regards for the welfare or concerns of long time staff as well as customers, and have consistently made empty promises to us time after time. I have found out that he hired a lot of staff with close links to himself such as Cher Chee Wee (who is an executive director of iWise Group, Lincoln's Teo personal company), Koh Tat Liang (Chairman of iWise Group) and Suryanarayanan Balasubramanian (CFO of iWise Group). IWise is Lincoln Teo personal company. These people he hired are all paid high salaries (I understand from my colleague in management that they are all in the top 10 salaries in the company). It is disheartening for long time employees who have contributed many years to the company to see Teo and his highly paid bunch of associates continue to draw high salaries despite being the ones responsible for the company liquidation. In less than a year since he has been in charge, the company have been charged with compulsory liquidation and all of us except for Teo and his bunch of associates have resigned, been fired, or been retrenched. I understand from my colleague that Teo and his associates have been moved to another company under the group and will continue to get paid by KCH. I hope the authorities can investigate Teo for hiring his personal associates and paying them absurdly high salaries for doing seemingly nothing.

 

Regarding the reference in the media to 2 loan matters: (i) for the loan of S$1.0 million taken up by the Company, the rationale ? announced on 30 August 2022 ? was to meet anticipated general working capital needs up to the end of 2022 and (ii) a S$1.5 million interest-free loan proposed by OOWAY had initially come with the pre-condition that a specific candidate had to be appointed as Chief Financial Officer (?CFO?) of the Company. This condition could not be accepted after the Nominating Committee?s due assessment which found the candidate to be not suitable to be the CFO of the Company. Subsequently, the former Executive Director and Interim CEO Mr Lincoln Teo had on 7 July 2022 recommended the Board to accept a proposal by another investor found by the OOWAY Group which contained conditions, among others, that the Company?s investment in OTPL be provided as collateral for a convertible loan of S$5.0 million. By late-July 2022, the balance proceeds from the past fundraising activities were reduced to the precariously low level of S$26,559 while liabilities accumulated under the management of Mr Lincoln Teo amounted to approximately S$935,000. 4) There is no basis to state ?OOWAY Technology [Pte. Ltd.] [(?OTPL?)] is Kitchen Culture?s most valuable asset". OOWAY has made many promises of injecting profitable businesses to the Company but did not make good its promises since becoming shareholders of the Company in October 2020 and had management control of the Company between July 2021 and July 2022. It is noted that the OTPL and its subsidiaries (?the OTPL Group?) recorded losses in 2020 and 2021. The Company?s share of OTPL Group?s losses amounted to approximately S$910,000 and S$803,000 for the 12 months ended 30 June 2021 and 30 June 2022, respectively. 5) As to Mr Liu?s remarks to the media on the Section 177 Notice, the Board said that since the resignation of Mr Lincoln Teo and appointments of the 2 new Independent Directors, the current Board has achieved significant progress in the last 3 months, by: - successfully negotiating payment terms for liabilities incurred during Mr Lincoln Teo?s tenure, including rental arrears for the Company?s office premises and unpaid salaries - reducing overhead costs significantly by terminating services of 6 staff (4 of whom were existing/former employees of companies related to Mr Lincoln Teo) who were receiving almost S$600,000 in combined salaries and allowances annually from the Company and - securing a S$1 million loan to settle immediate debts as well as to provide short term working capital. The current Board is also in the process of evaluating the acquisition of new businesses that are cashflow positive and profitable. From sgx annoucement

 

Where is all the biz promised till today nothing, where is their so called AREX? Suddenly no news, so big exchange suddenly disappeared into thin air. Super sus bro, how can this lincoln teo suddenly quit too out of the blue, suddenly he running road after taking so many months of salary?

chdyang      ( Date: 08-Oct-2022 14:32) Posted: Wah say, you know something we all don' t? got inside story? can share? We all want to know also....  TechnoKing1980      ( Date: 03-Oct-2022 10:37) Posted: More drama and time wasting by Ooway. What have they done in their 1 and a half years in charge apart from spending company money to pay themselves and their associates.

 

wow sounds like you really know something inside that all of us don' t. hope you can share more with us so that we can all gang up and whack at the EGM. Are you just an ex-employee or also a shareholder also? Hope your facts are right, otherwise, you can kena sue also...

HardWorker4L      ( Date: 16-Aug-2022 14:21) Posted: Bro you are right, when he first join, Lincoln promise all of us salary increment, bonuses and promotions in company wide email. End up only for himself and his people! Wolf indeed. Ooway another scam, not a single cent put into company.

 

Wah say, you know something we all don' t? got inside story? can share? We all want to know also.... 

TechnoKing1980      ( Date: 03-Oct-2022 10:37) Posted: More drama and time wasting by Ooway. What have they done in their 1 and a half years in charge apart from spending company money to pay themselves and their associates.

 

https://www.zaobao.com.sg/finance/singapore/story20221007-1320355

厨 房 文 化 公 司 大 股 东 要 求 召 开 特 大 更 换 董 事 会

来 自 / 联 合 早 报
文 / 王 阳 发
发 布 / 2022年 10月 7日 5:00 AM
王 阳 发 报 道
[email protected]

厨 房 文 化 公 司 （ Kitchen Culture） 大 股 东 对 现 任 董 事 会 拯 救 公 司 的 能 力 已 失 去 信 心 ， 因 此 要 求 召 开 特 别 股 东 大 会 ， 寻 求 董 事 会 变 天 。

持 有 厨 房 文 化 公 司 21％ 股 权 的 现 有 最 大 股 东 大 路 集 团 （ OOWAY Group） 的 董 事 刘 彦 龙 日 前 受 访 时 告 诉 《 联 合 早 报 》 ， 最 近 两 件 事 情 导 致 他 们 对 董 事 会 完 全 失 去 信 心 。 这 加 上 早 前 内 部 审 计 结 果 发 现 722万 元 开 销 无 法 确 认 匹 配 购 买 项 目 ， 以 及 公 司 资 金 已 经 干 涸 并 被 逼 靠 借 贷 支 撑 。

第 一 件 事 是 董 事 会 在 7月 间 宣 布 委 任 原 执 行 董 事 刘 凯 恒 （ 译 音 ， Lau Kay Heng） 为 副 主 席 兼 非 执 行 董 事 。 而 内 部 审 查 所 发 现 的 许 多 问 题 ， 是 在 刘 凯 恒 任 执 行 董 事 的 期 间 发 生 。

刘 彦 龙 说 ： &ldquo 目 前 特 别 审 计 师 的 调 查 还 没 完 成 ， 董 事 会 却 没 避 嫌 地 把 这 名 原 执 行 董 事 请 回 来 。 &rdquo

第 二 件 事 是 今 年 8月 间 ， 董 事 会 宣 布 通 过 执 行 董 事 林 伟 利 的 介 绍 ， 向 一 名 第 三 方 私 人 投 资 者 贷 款 100万 元 为 期 一 年 ， 预 付 10％ 的 年 利 息 。

刘 彦 龙 说 ： &ldquo 我 们 在 今 年 6月 便 已 提 出 要 免 息 借 给 公 司 150万 元 ， 但 董 事 会 没 有 接 受 。

董 事 会 反 而 接 受 了 另 一 笔 100万 元 贷 款 ， 不 只 要 先 付 10％ 利 息 ， 还 有 附 加 条 件 。 &rdquo

其 中 一 个 附 加 条 件 是 ， 如 果 公 司 董 事 会 未 经 放 贷 者 同 意 而 有 任 何 变 更 ， 放 贷 者 可 以 要 求 公 司 在 30天 内 把 欠 款 全 部 还 清 。

他 说 ： &ldquo 我 们 认 为 这 有 损 股 东 利 益 。 &rdquo

大 路 集 团 连 同 另 七 名 小 股 东 9月 30日 致 函 厨 房 文 化 公 司 董 事 会 ， 要 求 公 司 召 开 特 别 股 东 大 会 ， 并 要 求 五 名 董 事 在 下 星 期 五 （ 10月 14日 ） 下 午 5时 前 自 愿 辞 职 。

五 名 被 要 求 辞 职 的 董 事 是 刘 凯 恒 、 林 伟 利 、 张 淳 豪 （ 译 音 ， William Teo Choon How） 、 洪 联 杰 （ 译 音 ， Ang Lian Kiat） 和 林 景 顺 （ 译 音 ， Peter Lim King Soon） 。

特 大 表 决 的 11项 议 案 除 了 要 撤 除 这 五 名 董 事 ， 也 要 委 任 五 名 新 董 事 ： 吉 姆 · 罗 杰 斯 （ James Beeland Rogers） 、 叶 建 文 、 林 广 辉 、 陈 明 圣 以 及 张 卫 民 。
刘 彦 龙 指 出 ， 亏 损 多 年 的 厨 房 文 化 寻 求 业 务 转 型 ， 从 事 大 数 据 业 务 的 大 路 集 团 2020年 开 始 与 厨 房 文 化 公 司 合 作 ， 介 绍 投 资 者 并 举 行 路 演 ， 协 助 厨 房 文 化 筹 得 1900多 万 元 资 金 供 业 务 转 型 。

但 去 年 4月 厨 房 文 化 开 始 对 这 笔 资 金 的 使 用 情 况 展 开 内 部 审 计 ， 审 计 发 现 导 致 林 伟 利 被 罢 免 总 裁 职 位 ， 并 引 来 新 加 坡 交 易 所 （ SGX） 去 年 7月 和 8月 两 次 对 公 司 发 布 合 规 通 知 ， 并 要 求 公 司 委 任 独 立 特 别 审 计 师 进 行 调 查 。
厨 房 文 化 在 去 年 9月 委 任 独 立 特 别 审 计 师 。 但 如 今 ， 董 事 会 内 部 矛 盾 已 尖 锐 化 。

刘 彦 龙 表 示 ， 大 路 集 团 能 够 帮 厨 房 文 化 转 亏 为 盈 ， 前 提 是 董 事 会 要 更 新 。 新 董 事 会 将 密 切 配 合 特 别 审 计 师 ， 并 期 待 特 别 审 计 尽 快 完 成 。

至 截 稿 时 ， 林 伟 利 和 首 席 独 立 董 事 张 淳 豪 仍 未 回 复 本 报 的 询 问 。

 

More drama and time wasting by Ooway. What have they done in their 1 and a half years in charge apart from spending company money to pay themselves and their associates.

 

 

My friend was approached by Liu Yan Long claiming to be the head of Ooway and asked to " invest" money with them, luckily my friend heard about how they already got a company called Pegasus to put in large sums of money which all gone now.. Anyone else got similar experience? Super suspicious man this Ooway and this Liu guy.. 

 

Bro you are right, when he first join, Lincoln promise all of us salary increment, bonuses and promotions in company wide email. End up only for himself and his people! Wolf indeed. Ooway another scam, not a single cent put into company.

 

Seriously, any way for us ex employees to seek recourse against this Lincoln? Or for shareholders to question him why he hired so many of his iwise people at double or triple their old pay at iwise?

 

Bro not only that, heard from my ex colleague that this crook Lincoln actually doubled his peoples salary using company funds, his mini minion Cher Chee Wee was paid at iwise about 3k+ a month, Lincoln paid him upwards of 7k+ a month! My ex colleague was so shocked when she found out...

Richardlai      ( Date: 25-Jul-2022 12:22) Posted: Wow ! what' s happening. Looks like a wolf in sheep' s clothing. Disgrace the name of Lincoln ! HardWorker4L      ( Date: 22-May-2022 16:33) Posted: I was an employee of the company, and I am writing this as I wish to let everyone know about Lincoln Teo and his mismanagement of the company. Lincoln Teo has no regards for the welfare or concerns of long time staff as well as customers, and have consistently made empty promises to us time after time. I have found out that he hired a lot of staff with close links to himself such as Cher Chee Wee (who is an executive director of iWise Group, Lincoln's Teo personal company), Koh Tat Liang (Chairman of iWise Group) and Suryanarayanan Balasubramanian (CFO of iWise Group). IWise is Lincoln Teo personal company. These people he hired are all paid high salaries (I understand from my colleague in management that they are all in the top 10 salaries in the company). It is disheartening for long time employees who have contributed many years to the company to see Teo and his highly paid bunch of associates continue to draw high salaries despite being the ones responsible for the company liquidation. In less than a year since he has been in charge, the company have been charged with compulsory liquidation and all of us except for Teo and his bunch of associates have resigned, been fired, or been retrenched. I understand from my colleague that Teo and his associates have been moved to another company under the group and will continue to get paid by KCH. I hope the authorities can investigate Teo for hiring his personal associates and paying them absurdly high salaries for doing seemingly nothing.

 

Look at Seven Atheliers.
Same. Usual propaganda
 

 

Invest in sgx stocks is like cryto ..
can be 90% write off looking at the number of zombie stocks and scams..
maybe should tie sgx ceo salary to no of suspended stocks etc frauds..
If you steal $10 from supermart etc you will b famous but here if directors or board steal millions, very lkely they can ge away..
Sgx is pro business..

 

Unfortunately no, there is no such thing as safety net in stocks dabbling. We all know the obvious risks. Heard of Hyflux? If you have, that means you already knew what I am referring to.

I can only wish you Good Luck 

n3wbie      ( Date: 24-Jul-2022 22:22) Posted: Never ending drama - its cases like these where we need to ask where' s the safety net, if any, for minorities? What can / will the regulators or associations such as SIAS do? More importantly, it is important to ensure that there aren' t other such companies among those within us to prevent more retailers being hurt.

 

Wow ! what' s happening. Looks like a wolf in sheep' s clothing. Disgrace the name of Lincoln !

HardWorker4L      ( Date: 22-May-2022 16:33) Posted: I was an employee of the company, and I am writing this as I wish to let everyone know about Lincoln Teo and his mismanagement of the company. Lincoln Teo has no regards for the welfare or concerns of long time staff as well as customers, and have consistently made empty promises to us time after time. I have found out that he hired a lot of staff with close links to himself such as Cher Chee Wee (who is an executive director of iWise Group, Lincoln's Teo personal company), Koh Tat Liang (Chairman of iWise Group) and Suryanarayanan Balasubramanian (CFO of iWise Group). IWise is Lincoln Teo personal company. These people he hired are all paid high salaries (I understand from my colleague in management that they are all in the top 10 salaries in the company). It is disheartening for long time employees who have contributed many years to the company to see Teo and his highly paid bunch of associates continue to draw high salaries despite being the ones responsible for the company liquidation. In less than a year since he has been in charge, the company have been charged with compulsory liquidation and all of us except for Teo and his bunch of associates have resigned, been fired, or been retrenched. I understand from my colleague that Teo and his associates have been moved to another company under the group and will continue to get paid by KCH. I hope the authorities can investigate Teo for hiring his personal associates and paying them absurdly high salaries for doing seemingly nothing.

 

LowLow12      ( Date: 25-Jul-2022 07:37) Posted: This one gone case No need to see Whole company mess up

 

This one gone case
No need to see
Whole company mess up

 

Never ending drama - its cases like these where we need to ask where' s the safety net, if any, for minorities? What can / will the regulators or associations such as SIAS do? More importantly, it is important to ensure that there aren' t other such companies among those within us to prevent more retailers being hurt.