This is an earnest request. If you know of any Foreland shareholders (No matter how small, Foreland has more than 1100 individual shareholders. I met up with just 7 of them at the AGM) please ask them to contact me/ send me a message on forelandfabrictech@gmail.com.
We are a small group of exisiting shareholders who feel quiet genuinely aggrieved by all that has happened. We are hoping to get as many shareholders together as possible and give it our best shot to get any WRONGS done to us set RIGHT.
We are willing to put in as much time and effort as is required to get this done. You can be assured of that.
Please find outlined our plan of action (with timelines):
1. Prepare a detailed letter (Max of 2 pages) addressed to
(a) SGX
(b) SIAS
Timeline: To be done by 7th September 2014 (Sunday)
2. Fix meeting in Tanglin Mall for shareholders to sign the letter to SGX and SIAS
Timeline: 14th September 2014 (Sunday)
3. Submit duly signed letter (By as many shareholders as possible) personally/ by e-mail/ by courier to:
(a) SGX
(b) SIAS
Timeline: By 21st September 2014 (Sunday)
4. Write to Straits Times & Business Times Forum
Timeline: By 21st September (Sunday)
5. Plan a meeting of all shareholders after the submission of letter to the SGX/ SIAS as well as efforts in publicising the case through the local media.
Timeline: By 28th September (Sunday)
6. Make a physical representation to the SGX by visiting them (In case there is no reply to our complaint letter)
Timeline: By 3rd October (Friday)
Responsibility: As many shareholders of Foreland as possible.
We have already started work on Point 1 and we would like to make sure that the action plan detailed above is carried out by the timelines indicated.
Do wish us luck
Regards,
Status Update:
We personally submitted our petition requesting an investigation into the happenings at Foreland to the SGX yesterday (19th Sep 2014). They have promised to take a look at our petition and respond back to us, hopefully by the 3rd October (2 weeks).
We could gather 6 shareholders of Foreland who collectively own slightly more than 2% of equity in the company to sign on the petition.
We have decided to take this quest to get to the truth to a logical conclusion. If any other shareholder feels like joining the fight please send me a message on forelandfabrictech@gmail.com with your e-mail address and contact numbers and I shall respond back asap.
I will keep posting the latest updates and I hope this encourages more people to step forward to set a TERRIBLE WRONG, RIGHT!!!
Regards,
" You are right not because the world agrees or disagrees with you, rather you are right because your facts & reasoning are right."
Not just Foreland we should also get SGX to do something about other potentially vulnerable stocks to scam like Foreland where the company holds high cash but doing nothing about shareholder value. Foreland share price fell very low before all the bad news as though some already knew the scam.
Qingmei,China Sports,Fuxing,Changtian Plastics,China Fibretech to name a few show signs of high risk where the company holds much cash but nothing is done to improve shareholder value.
We should start petitions for all these companies too. We have to wake up SGX and the independent directors for doing little to protect the shareholders.
Only then others will not dare to cheat.
So little done and many got away in the passed thats why this pattern repeats itself and other selfish and greedy S-Chip bosses like China Paper,Sino techfiber,Hongwei and many more getting away at the expense of the hard earned money of poor retail investors. I dont know whether they understand the pain that we experience.
Company like Hongwei got wound up and retail investors got nothing and SGX did not update the retail investors of how it concluded its investigation.
Nothing heard for more than a year about suspended companies like Sino Techfibre and China Paper. What is SGX doing about it? What kind of protection is SGX giving to retail investors.
How can such scam keep repeating itself.Hasn't SGX learnt from scams that took place earlier.
Foreland scam looks very similar to Asia Fashion scam.Why not preventive measures taken to prevent a repeat of such scam by SGX.
Eratat Lifestyle scam is also similar to scams that have taken place earlier like with Hongwei.
Is it SGX does not want to allocate extra resources to prevent a repeat of such scams because of their own profit maximising goal at the expense of retail investors?Why do SGX call itself a regulator when it cannot do its job accordingly?
If SGX had learnt valuable lessons and allocate extra resources to be very strict with the Chairman,CEOs,Independent directors and auditors these scams can be much reduced.
SGX should send its own team to China periodically to all the S-Chip companies to make sure the management adopt the best practices. many a time investment of new equipment and buildings are creating channels to inflate costs to siphon the money from the coffers.Dun know what the independent directors doing after collecting huge pay packet.
How can many companies with many high cash values but trading at ridiculously low price and nothing is done to prod the management to do something about this unrealistic share price.Management can do share buybacks but they dont,dont know why ? Later they run away with the money. Keeping all for themselves.SGX should be blamed for all this because its their job to prevent these things from happening.Dont just blame the Chinamen.They, Chinamen can do it because SGX is a lame duck.
I SINCERELY HOPE WHOEVER HAS STARTED THE PETITION SHOULD ALSO SEEK JUSTICE FOR THE BAD PERFORMANCE OF SGX.SGX REPORTS PROFIT EVERY YEAR AND THE MANAGEMENT OF SGX ARE WELL REWARDED BUT THEIR INCOMPETENCE HAS CAUSED SO MUCH OF PAIN TO RETAIL INVESTORS BY EVENTS LIKE THE BLUMONT SAGA,FORELAND ETC.
WE SHOULD NOT MISS THIS OPPORTUNITY TO SEEK ACCOUNTABILITY FROM SGX.
ME TO HAVE LOST HEAVILY IN FORELAND AND SOLD ALL MY HOLDINGS AT A 80% DISCOUNT TO MY COST PRICE.BECAUSE IN THE PAST NOTHING WAS SAVED FROM COMPANIES LIKE HONGWEI ,YOU GOT NOTHING AT THE END.BETTER TO SAVE SOMETHING BY SELLING ALL AWAY THAN GETTING ZERO.
We had 6 signatures on the petition we had submitted to the SGX on the 19th Feb. The number of people who have pledged their support to this cause has gone up to 14 as on date
This is really encouraging. What is most encouraging is the fact that I had one investor who does not own any shares in Foreland but had been badly burnt by a similar fiasco at another S-Chip who wanted justice done for all of us. I have requested him to become a shareholder and officially support our cause. Even if you own 1 lot shares your rights are the same as that of the CEO.
Friends, so many of us have had these horrible experiences with S-Chips listed on the SGX but the sad fact is that till date I have not seen any of the perpetrators of these crimes brought to justice in Singapore.
My question to the SGX is simple: If we are unable to protect any of our investors from these unregulated elements why do we allow such companies to come and list their shares in Singapore.
IS IT NOT THE SGX's DUTY TO ENSURE THAT ONLY GENUINE COMPANIES ARE ALLOWED TO LIST IN SINGAPORE. WHY DO WE ALLOW SUCH UNREGULATED FLY-BY-NIGHT OPERATORS TO LIST IN SINGAPORE WITH SUCH APPARENT EASE AND THEN FLY AWAY WITH OUR HARD EARNED MONEY WITHOUT THE EXCHANGE BEING ABLE TO TAKE ANY ACTION AGAINST THEM?
Do let me know your thoughts on this. And please come forward with your support to our cause. You can mail me on forelandfabrictech@gmail.com with your name and contact details and we will get in touch for your signatures if we need to submit a reminder to the SGX. The timeline for the reminder is the 3rd October, 2014 (If we don't hear from the SGX) by then...
