Strong words from Mr IPO:
https://srsfund.blogspot.com/2019/02/hyflux-bet-gone-wrong.html
Hyflux - A bet gone wrong
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Did Olivia see the downfall coming ?
Absolutely. Olivia probably saw it coming and all her actions pointed to it. For someone who is close to the business, she probably realised that 4 years into the winning the project that she made a wrong bet. Yet, she tried to kick the can down the road by using the "Hyflux" brand to raise significant capital $500m of perps issuance to retail investors in 2016. This allowed Hyflux to live a life on borrowed time. You can see that she is already planning for an exit by paying dividends in both cash and stock in specie - Hyfluxshop even when the Company is performing very poorly and is too highly levered. She is already planning for a life post-Hyflux.
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The biggest con Job ever - legally
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DBS Bank - What role did DBS play in this saga?
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Board of Hyflux - Did the Board question Olivia diligently and rigorously ?
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Are there undue preference when the dividend in specie was announced?
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KPMG - Did the Auditors question the value of their assets diligently?
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What role did SIAS play?
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Why are there no class action suits against Hyflux and its board ?
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How would Mr. IPO vote?
I haven't had a chance to sit down and review my options. I have already fully written off my $100,000. Since I have already
fully written off my investment, I am in the
"seeking justice" mode rather than being a rationale battered investor.
I rather see the company go under than being treated like this. I would definitely loved to see Olivia and other related parties being brought to justice if a liquidator is appointed. I would like the liquidator to recover Hyfluxshop from Olivia as well as determine if all relevant parties have discharged their duties responsibly.
I will be voting NO but what about you?