Its about time the retail investors come together and start suing those like the IDs CFOs and the auditors for not hv performed their duty for what they have been paid for and be responsible for.
Only then the disease that is affecting one after another S-Chips will stop spreading.
If SGX had been firm from the beginning and the IDs have been monitored for carrying out their duty properly ,the sorry state of S-Chips would have not have reached this sorry state.They have set the precedence for other S-Chips to cheat.
Something seriously wrong here and something drastic has been done.
If all retails investors team up and speak in one voice which SIAS suppose to represent, we will not be losing money to cheats and serious actions would hv been taken against those responsible to protect and those committing the theft.
But filing a class action suit means having to sink in more good money after bad with no guarantee of getting anything back. Lawyers' fees are not cheap these days.
I believe the present system to allow S-chips to operate here with so little legal accountability is basically flawed. I still think the problem lies with SGX which has both commercial and regulatory responsibilities, which are clearly a conflict of interest. Interesting to know that the HK exchange regulatory body refused to bend the rules to allow Alibaba to list there even though there are obviously huge advantages for HK if it did.
Blumont.Liongold and Asiasons are classic examples of what supposed to have been done not done .When it was too late the damage became more severe.
These are the culprits who are also manipulating other counters with unusual price movements and SGX had done nothing in the past to prevent such behavior.
IPCO is one classic example how the price fell from 5c to 2c within a short period where the management had link with Blumont ,Liongold and Asiasons .Then the company can be seen placing shares at 2c to the benefit of their gang who manipulated everything
Only now after $7billion damage SGX and CAD are taking action.Why not when IPCO fell from no apparent reason from 5c to 2c?
Why not when China Fibretech dropped to ridiculously low price 2.4c when the have net cast after settling all debts of 17c where Blumont's investment company G1 holding shares in China Fibretech. These guys are big time manipulators who were left untouched for so long when what they were doing was too obvious .
We should then speak in one voice to get SGX to buck up and protect our money.Now we are stuck in this bloody S-Chips at ridiculously low price and watching helplessly to allow some big manipulators pushing it down and killing the poor retail investors