The CFO had been with the company since IPO. as regards the forgery of bank statement , ie the non-existence of the supposedly high cash balance , did the CFO smell a rat? Or was he blissfully unaware?
The CEO and the deputy CEO -- Messrs Lin Jian Cheng and Sam Ye -- should be brought to Singapore to answer the question -- where's all the money gone to? These 2 pokes were high-profile and their pictures are all over the Internet and they can't run too far.
The whole Board must be brought to court as they are supposed to be the guardian of the company. This include the CFO and the independent directors if not why need a Board? What have they done over the years for the shareholders?
I have ever spoken to the CFO during one of the investment seminars,he was all praise for the company. He is a Singaporean. How come he did not know about the fake bank account?
Did he do is work deligently?
How can they submit fake bank statement without the knowledge of the CFO
If SGX did not get to the bottom of the problem other S-chips will follow suit what Foreland,Eratat,China Paper and Hongwei had done.
Its also the complacency of independent directors who suppose to safeguard the interest of retail investors.
The losers are investment publc but the board of directors and CFO still received their remuneration.
On 30 December 2014, a non-binding term sheet (“Term Sheet”) was signed between Eratat and a target company (“Target”) in relation to a proposed transaction to transfer the listing status of Eratat to the Target (“Proposed Transaction”). The principal business of the Target is in real estate development (including the development of high-end and luxurious hospitality and residential real estate such as townhouses and villas) in Bali, Indonesia.
Does anyone know the name of this Target Company based on revealed info that its assets are worth USD $68M? Then we can do our own research on it. I suppose that as retail investors, we can only take what comes to us (better than nothing), as it sounds like we don't need to fork out extra cash to own a piece of the 10% of the Target putting out those new shares.
GEO wrote: On 30 December 2014, a non-binding term sheet (“Term Sheet”) was signed between Eratat and a target company (“Target”) in relation to a proposed transaction to transfer the listing status of Eratat to the Target (“Proposed Transaction”). The principal business of the Target is in real estate development (including the development of high-end and luxurious hospitality and residential real estate such as townhouses and villas) in Bali, Indonesia.
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