Fibrechem Technologies (Suspended)

[Stocker]

This is exactly what the PRC men want, delist it once and for all, afterall they have pocketed the monies. Creditors/SGX infact are doing them the favour, otherwsie they have to do it themselves.

Sounds like a tried and tested formula eh?

List a company in an IPO, have it marketed through roadshows and have lots of fanfare, jack up the share price. Throughout this time, quietly siphon money away and do a lot of other illegal stuff while everyone else is happy trading the shares based on fictitious profits and cash flows.

When the Sh** hits the fan, either disclaim or disappear. The law can't touch anyone since it's incorporated in Bermuda and jurisdiction is in China. No extradition treaty either, so the perpetrators get away scot-free!

Who says crime doesn't pay?

Mas , SGX are brokering these , give them the license to earn easy monies.

[corydorus]

Well they will say you enter with your Eyes open. haha.

* I invite the "thieve" who is willing to pays me a fee, arrange the passport, paper work and transport but you open the door just for the little kicks to earn a whinny little and to add insult to injury, i get a cut as well for that.

Did you do his criminal check, family background and risk assessment. Blames who kekee. I thought you are highly educated ? Not my problem.
I am smart you are dumb. Dumb folks should lose your money. Financial freedom is for those who outwit me. Is survival the fittest you dumbhead. *

Welcome to ....

[Stocker]

Caveat emptor.

[Musicwhiz]

Business Times - 16 Mar 2012

UOB files petition to wind up Fibrechem Technologies

By TEH SHI NING

UNITED Overseas Bank has filed a petition to liquidate Fibrechem Technologies and applied for provisional liquidators to be appointed.

Fibrechem, which announced this yesterday, said the winding-up petition will be heard before the Supreme Court of Bermuda on April 13.

Fibrechem, riddled with accounting scandals, failed to meet the bank creditor's statutory demand for repayment of US$58.7 million in loans by the deadline of Dec 26 last year.

Fibrechem said that UOB has also made an application for the Supreme Court of Bermuda to appoint representatives from PwC Bermuda and PwC Singapore as joint provisional liquidators of the company.

The assets of FibreChem and its subsidiaries 'are in jeopardy and at serious risk of being dissipated or misappropriated', UOB was said to have alleged in documents filed to support its provisional liquidators application.

The bank also referred to the report released in December by nTan Corporate Advisory after its three-year long special audit, which revealed HK$777 million in missing cash among other financial and accounting irregularities.

UOB said that the report found the management of the company and the group as a whole 'to have been seriously lacking and dysfunctional'.

Appointing provisional liquidators will 'facilitate a restructuring which would maximise recovery for creditors and the shareholding public', UOB said. 'In this regard, UOB asserts in the documents filed ... that it is aware of a potential investor which is interested in injecting fresh funds into the company as part of a reverse takeover so that its businesses may be listed on SGX,' said the Fibrechem announcement.

The hearing of the provisional liquidators application will be on March 16.

[starcraft_76]

I thought that there should be update provided at least once every half a year for FibreChem? Why is it that there isn't a single update for more than a year?

[starcraft_76]

I'm wondering on what is the SGX's role in such scenario. Ultimately, it is SGX which allow it to be listed.

And yet, it allow the whole thing to drag for more than 6 years without even a closure?

[starcraft_76]

It seems that Fibrechem Technologies is currently exploring a reverse takeover.

See more at: http://www.singaporelawwatch.sg/slw/head...ILEMQ.dpuf