S i2i (formerly: Mediaring)

[Salty]

'They should be very happy, because the rights issue is giving first priority, first loyalty, to shareholders compared to a public share issue... In India, it's taken as a positive thing.'

WOW

[money]

i am glad i asked my dad to sell 10 lots of this Sh** back in 18 oct 2010 when it was on its lofty ambition to grow at a price of $0.13.

He got back around $1270 after commisions, today the same shares would be worth $260, whopping loss of 80%. Phew!

haha perhaps i should share with you the full story. He bought the shares at $0.30, 10 lots of it for $3000. He got his tip from an uncle who got this tip from a taxi driver. OMG, when taxi drivers start giving out tips, it is freaking time to sell.

Lesson learnt: The selling of a share has little to do with at what price you bought. It has everything to do with what the company is worth at the moment. I m glad that i happily took the loss for him, buying at $0.30 and selling at $0.13., loss of $1700

First Sh** Lease investors may like to learn from my lesson before the equity of the trust is wiped out by its rights issue. It either has to do a rights issue or take the path of chapter 18 and you get nothing back. Today you still get back $122 for every lot, in time to come, you may get back far less.

[Salty]

头摇摇, 錢不见了.

[Louhan]

Spice i2i is making big losses every year, and the poor shareholders' money is going, going, gone! Shouldn't SGX and SIAS look into the operations of this company and put it on their Watch List? Yet the directors are getting big fees when they run the company so badly!!!!

头摇摇, 錢不见了.

[CityFarmer]

It is pretty scary on the findings by auditors...

Improper business practices revealed at S i2i units; Corrective actions taken

SINGAPORE (Aug 24): S i2i Limited, the telecom and IT services provider, says a staff member of its Cavu Group has admitted to creating evidence that companies within the group had in its possession an amount of software and stock when in fact such software and stock was not in its possession.

The same staff member also admitted to creating documents on two lease/hire purchase agreements involving companies within the Cavu Group and a third-party company.

Another staff member of the Cavu Group also failed to disclose his interest in companies which had dealings with the group. There is also evidence to suggest that one of these dealings may not have taken place on an at arm’s length basis.

These improper business practices were uncovered during investigations by Ernst &Young Advisory after it released a qualified opinion and emphasis of matter report on S i2i's FY2013 financial statements.

Meanwhile, auditor BDO LLP says they did not come across any evidence to indicate that quantities of phones billed and booked as sold by PT Selular Group remained kept in the warehouse.

In addition, the auditor says it did not come across any incorrect provisions and write-offs other than the exceptions arising from the agreed upon audit procedures highlighted in their review.

In its SGX filing, S i2i listed the specific actions the group has taken to correct the problems, tighten supervision and ensure they do not occur again in the future.

This includes the creation of a new position of Head-Process Control to ensure that the above measures are appropriately designed and remain fully operational after their respective implementation.

S i2i closed flat at 38.5 cents on Aug 21.
http://www.theedgemarkets.com/sg/article...ions-taken