Kingsmen Creatives

For such cases, is it usual protocol for auditors to submit confidential reports to the Minister of Finance? Could forummers shed some light here?

(18-01-2013, 11:58 AM)WolfT Wrote:

(18-01-2013, 11:45 AM)KopiKat Wrote:

(18-01-2013, 10:34 AM)Share Investor Wrote: Drifting lower. Now down 9.5 cents.

Be greedy when other are fearful...not easy to practice.

After reading all the glowing comments on the company for the whole week, time to take a huge leap of blind faith... tikam time...

Uncle kopi, how many lots u manage to get? I only tikam 20lots...see how.

I suddenly feel very old....

I started with 20, added a few more 10s with every 0.5ct to 1ct drop. ATM, no plan to go above 100 until I have more free time to update my ss on their latest financials. Have to be more careful as totally different situation from Nera but if the fundamentals (Net Cash, Good Yield,...) were as good as what's been posted before the fraud, can consider to get more for longer term if it gets cheaper...

(18-01-2013, 02:02 PM)KopiKat Wrote:

(18-01-2013, 11:58 AM)WolfT Wrote:

(18-01-2013, 11:45 AM)KopiKat Wrote:

(18-01-2013, 10:34 AM)Share Investor Wrote: Drifting lower. Now down 9.5 cents.

Be greedy when other are fearful...not easy to practice.

After reading all the glowing comments on the company for the whole week, time to take a huge leap of blind faith... tikam time...

Uncle kopi, how many lots u manage to get? I only tikam 20lots...see how.

I suddenly feel very old....

I started with 20, added a few more 10s with every 0.5ct to 1ct drop. ATM, no plan to go above 100 until I have more free time to update my ss on their latest financials. Have to be more careful as totally different situation from Nera but if the fundamentals (Net Cash, Good Yield,...) were as good as what's been posted before the fraud, can consider to get more for longer term if it gets cheaper...

Good luck for the tikam. Not sure how it will move from here as the door to exit this baby is quite small.

Anyway, do take note that the Letter to MOF was sent out last Friday (11 Jan 2013), and the Company requested for a trading halt on Monday (14 Jan 2013) to make an announcement. It took them longer to draft the announcement and had to extend the trading halt (16 Jan 2013). Out came with a 3-page mellowed announcement (18 Jan 2013) which should at least have the word "fraud" in its title. So you really have to wonder why it has to take so long to draft that 3-page announcement. For now, I think the management has succeeded.

Also, do take note that the fraud was discovered by the external auditor. Without careful reading of the announcement, one may choose to believe that it was an internal cleaning up process that will strengthen the Company for it going forward.

section 207(9A) of the
Companies Act (Chapter 50 of Singapore) Wrote:(9A) Notwithstanding subsection (9), if an auditor of a public company or a subsidiary of a public company, in the course of the performance of his duties as auditor, has reason to believe that a serious offence involving fraud or dishonesty is being or has been committed against the company by officers or employees of the company, he shall immediately report the matter to the Minister.

One issue I do not understand is that why this case need to report to MOF? There are so many S-chips involve in fraud, do MOF handle all these cases?

(18-01-2013, 02:59 PM)cif5000 Wrote:

(18-01-2013, 02:02 PM)KopiKat Wrote:

(18-01-2013, 11:58 AM)WolfT Wrote:

(18-01-2013, 11:45 AM)KopiKat Wrote:

(18-01-2013, 10:34 AM)Share Investor Wrote: Drifting lower. Now down 9.5 cents.

Be greedy when other are fearful...not easy to practice.

After reading all the glowing comments on the company for the whole week, time to take a huge leap of blind faith... tikam time...

Uncle kopi, how many lots u manage to get? I only tikam 20lots...see how.

I suddenly feel very old....

I started with 20, added a few more 10s with every 0.5ct to 1ct drop. ATM, no plan to go above 100 until I have more free time to update my ss on their latest financials. Have to be more careful as totally different situation from Nera but if the fundamentals (Net Cash, Good Yield,...) were as good as what's been posted before the fraud, can consider to get more for longer term if it gets cheaper...

Good luck for the tikam. Not sure how it will move from here as the door to exit this baby is quite small.

Anyway, do take note that the Letter to MOF was sent out last Friday (11 Jan 2013), and the Company requested for a trading halt on Monday (14 Jan 2013) to make an announcement. It took them longer to draft the announcement and had to extend the trading halt (16 Jan 2013). Out came with a 3-page mellowed announcement (18 Jan 2013) which should at least have the word "fraud" in its title. So you really have to wonder why it has to take so long to draft that 3-page announcement. For now, I think the management has succeeded.

Also, do take note that the fraud was discovered by the external auditor. Without careful reading of the announcement, one may choose to believe that it was an internal cleaning up process that will strengthen the Company for it going forward.

section 207(9A) of the
Companies Act (Chapter 50 of Singapore) Wrote:(9A) Notwithstanding subsection (9), if an auditor of a public company or a subsidiary of a public company, in the course of the performance of his duties as auditor, has reason to believe that a serious offence involving fraud or dishonesty is being or has been committed against the company by officers or employees of the company, he shall immediately report the matter to the Minister.

When in doubt, abstain or at least use protection...set a stop loss.

Singapore companies --> Singapore Companies Act
S Chip --> ???

I am really puzzled as well ... The Auditor actions and the issue caught go way back to 2010-2011...is this normal work on a standard audit process ?

Sembmar in 2007 has also a fraud and the finance director was removed.
Thats about it too.

Are we able to draw any conclusion from sembmar saga?

It seems kingsmen are being more telling about what has happened etc

(18-01-2013, 11:45 AM)KopiKat Wrote: tikam time...

I was shocked this "tikam" word comes from our value buddies mouth. Where were all our preaching went to? Hehe just kidding :p

It is better when in doubt sell first ask later. Fraud case can be just the beginning of opening a bottomless can of worms. Most fraud cases have been proven worse than it initially disclosed as people investigate deeper.

This case give me a sense of management is forced to investigate and announce until the external audit is honking the alarms everywhere. Who knows the management might know it before hand.

Well i might be wrong, but it is better to play safe.

(18-01-2013, 02:59 PM)cif5000 Wrote: So you really have to wonder why it has to take so long to draft that 3-page announcement.

Maybe management wanted to make sure they had found out everything before making an announcement?