Midas Holdings

[ACTIVIST SPEAKS]

A group of Midas shareholders have come together to have a collective voice against wrongdoings committed by the management. Some of them are trying to garner 10% of the shareholdings to requisition an EGM. On a brighter note, THE EDGE has written on 29 Mar 18 saying SGX has promised Nallakaruppan (one of Midas shareholder) that they will request the independent directors to organise a forum to update Midas shareholders on what has happened and what actions were taken so far.

Everyone is pissed with how these Chinese-based companies ripped off Singapore shareholders and getting away scot free. It has reached a stage that if one, as a S-chip company does not cheat the shareholders, one is an idiot...knowing that Singapore has neither jurisdiction nor extradition treaty with China. Hopefully, this case will not end up like all the previous S-Chips and as a landmark case, the perpetrators are duly punished.

https://www.facebook.com/groups/189238598351734 FB GROUP: MIDAS HOLDINGS SHAREHOLDERS for news update

[MINX]

A group of Midas shareholders have come together to have a collective voice against wrongdoings committed by the management.  Some of them are trying to garner 10% of the shareholdings to requisition an EGM. On a brighter note, THE EDGE has written on 29 Mar 18 saying SGX has promised Nallakaruppan (one of Midas shareholder) that they will request the independent directors to organise a forum to update Midas shareholders on what has happened and what actions were taken so far.

Everyone is pissed with how these Chinese-based companies ripped off Singapore shareholders and getting away scot free.  It has reached a stage that if one, as a S-chip company does not cheat the shareholders, one is an idiot...knowing that Singapore has neither jurisdiction nor extradition treaty with China. Hopefully, this case will not end up like all the previous S-Chips and as a landmark case, the perpetrators are duly punished.

https://www.facebook.com/groups/189238598351734       FB GROUP: MIDAS HOLDINGS SHAREHOLDERS for news update

My mantra henceforth is never to invest in any companies from China, no matter how sexy the story, how great the growth potential, how undervalued it is, how high the dividend yield as i do not wish to become yet another victim....

[corydorus]

A group of Midas shareholders have come together to have a collective voice against wrongdoings committed by the management.  Some of them are trying to garner 10% of the shareholdings to requisition an EGM. On a brighter note, THE EDGE has written on 29 Mar 18 saying SGX has promised Nallakaruppan (one of Midas shareholder) that they will request the independent directors to organise a forum to update Midas shareholders on what has happened and what actions were taken so far.

Everyone is pissed with how these Chinese-based companies ripped off Singapore shareholders and getting away scot free.  It has reached a stage that if one, as a S-chip company does not cheat the shareholders, one is an idiot...knowing that Singapore has neither jurisdiction nor extradition treaty with China. Hopefully, this case will not end up like all the previous S-Chips and as a landmark case, the perpetrators are duly punished.

https://www.facebook.com/groups/189238598351734       FB GROUP: MIDAS HOLDINGS SHAREHOLDERS for news update

S-Chips issue has been there for years. Highlighted many times in this forum. I don't understand why people is still so persistent in investing in such companies.
Many of this companies are either incompetent or untrustworthy. For those who are untrustworthy, the reason they give every-time to me is ridiculous. 


Cory

[Dosser]

A group of Midas shareholders have come together to have a collective voice against wrongdoings committed by the management.  Some of them are trying to garner 10% of the shareholdings to requisition an EGM. On a brighter note, THE EDGE has written on 29 Mar 18 saying SGX has promised Nallakaruppan (one of Midas shareholder) that they will request the independent directors to organise a forum to update Midas shareholders on what has happened and what actions were taken so far.

Everyone is pissed with how these Chinese-based companies ripped off Singapore shareholders and getting away scot free.  It has reached a stage that if one, as a S-chip company does not cheat the shareholders, one is an idiot...knowing that Singapore has neither jurisdiction nor extradition treaty with China. Hopefully, this case will not end up like all the previous S-Chips and as a landmark case, the perpetrators are duly punished.

https://www.facebook.com/groups/189238598351734       FB GROUP: MIDAS HOLDINGS SHAREHOLDERS for news update

S-Chips issue has been there for years. Highlighted many times in this forum. I don't understand why people is still so persistent in investing in such companies.
Many of this companies are either incompetent or untrustworthy. For those who are untrustworthy, the reason they give every-time to me is ridiculous. 


Cory

Yet the Financial Times had a story on 11th March 2018 about Singapore Exchange officials making a pitch to lure China IPOs to Singapore from Hong Kong. The story states that Mr Chew Sutat, executive vice-President of SGX, was questioning whether Hong Kong was the best place for Chinese companies to list, because of the influence China has there.  The article states that 'Singapore also is seeking to attract a share of the recent flurry of (Chinese Company) initial public offerings'.

Is that really in Singapore's best interests, and where are they going to find the investors? Or are they hoping that there are a new generation of investors that were not burned in the previous S-Chip debacle?

[CY09]

I agree with Cory. Many s-chips in Singapore here "have accounting problems".

However, to solve this problem, it takes 2 hands to clap- the regulators in Singapore are not doing much in enforcement (except for Yuzoo case).

In the past, it was very easy to find S-chips who reported net cash balance higher than market cap or that their trade receivables were so high as compared to full year revenue. All these were simple red flags that SGX and ACRA (who regulates auditing company) could have noticed and launched special investigations; on the contrary VB members were able to point it out. It was only through the "voluntary suspension" by the companies that the skeleton in the closet were found. The financial regulations of Singapore requires a look through because they are currently ineffective, in my view.

Valuebuddies is a wonderful forum where there are members who have a decent knowledge of accounting and finance and who are doing "pro bono regulation" of dubious companies. Based on our track record on s-chips, we are definitely giving SGX and ACRA a run on their money in policing work.

<Moderator trying to advertise VB>

[Stocker]

I agree with Cory. Many s-chips in Singapore here "have accounting problems".

However, to solve this problem, it takes 2 hands to clap- the regulators in Singapore are not doing much in enforcement (except for Yuzoo case).

In the past, it was very easy to find S-chips who reported net cash balance higher than market cap or that their trade receivables were so high as compared to full year revenue. All these were simple red flags that SGX and ACRA (who regulates auditing company) could have noticed and launched special investigations; on the contrary VB members were able to point it out. It was only through the "voluntary suspension" by the companies that the skeleton in the closet were found. The financial regulations of Singapore requires a look through because they are currently ineffective, in my view.

Valuebuddies is a wonderful forum where there are members who have a decent knowledge of accounting and finance and who are doing "pro bono regulation" of dubious companies. Based on our track record on s-chips, we are definitely giving SGX and ACRA a run on their money in policing work.

<Moderator trying to advertise VB>

Our regulators approved these listing companies , but  not doing much in enforcement . It is no wonder why the investors become  preys to the crooks .

[MOV]

There has been prior warnings on Midas' in SG newspapers which these investors did not heed:

24 Nov 2017:
http://www.businesstimes.com.sg/companie...toric-lows

4 Dec 2017:
http://www.businesstimes.com.sg/companie...idas-curse

SGX also queried Midas on 22 Dec 2017, 15 Dec 2017 and 12 Dec 2017. Did these investors take time to study and consider the facts and implications?

Probably the announcement of large contract win on 3 Jan 2018 embolden some and entrench their hopes in a 'recovery'.

[opmi]

Enforcement can be done by SGX only if the S- chips listed entries are incorporated inBVI, Cayman or Bermuda.
ACRA no power against them.

Anyone here know to complain to the ‘ACRAs’ of the Caribbean?

[pianist]

Enforcement can be done by SGX only if the S- chips listed entries are incorporated inBVI, Cayman or Bermuda.
ACRA no power against them.

Anyone here know to complain to the ‘ACRAs’ of the Caribbean?

I tot if the wrongdoings were committed in china, then the Chinese authorities should be informed rite?

[cfa]

A group of Midas shareholders have come together to have a collective voice against wrongdoings committed by the management.  Some of them are trying to garner 10% of the shareholdings to requisition an EGM. On a brighter note, THE EDGE has written on 29 Mar 18 saying SGX has promised Nallakaruppan (one of Midas shareholder) that they will request the independent directors to organise a forum to update Midas shareholders on what has happened and what actions were taken so far.

Everyone is pissed with how these Chinese-based companies ripped off Singapore shareholders and getting away scot free.  It has reached a stage that if one, as a S-chip company does not cheat the shareholders, one is an idiot...knowing that Singapore has neither jurisdiction nor extradition treaty with China. Hopefully, this case will not end up like all the previous S-Chips and as a landmark case, the perpetrators are duly punished.

https://www.facebook.com/groups/189238598351734       FB GROUP: MIDAS HOLDINGS SHAREHOLDERS for news update

S-Chips issue has been there for years. Highlighted many times in this forum. I don't understand why people is still so persistent in investing in such companies.
Many of this companies are either incompetent or untrustworthy. For those who are untrustworthy, the reason they give every-time to me is ridiculous. 


Cory

Yet the Financial Times had a story on 11th March 2018 about Singapore Exchange officials making a pitch to lure China IPOs to Singapore from Hong Kong. The story states that Mr Chew Sutat, executive vice-President of SGX, was questioning whether Hong Kong was the best place for Chinese companies to list, because of the influence China has there.  The article states that 'Singapore also is seeking to attract a share of the recent flurry of (Chinese Company) initial public offerings'.

Is that really in Singapore's best interests, and where are they going to find the investors? Or are they hoping that there are a new generation of investors that were not burned in the previous S-Chip debacle?

SGX has to care for its own bottom line  , needs more listings .