Thanks for the advice. It will be some time before I even dare to put money into S-chips again. This is like going to casino; not my way to invest in the stock market. A pity, because there are a couple at reasonable prices out there right now - YZJ and CM (Pacific), but think I'll pass for the time being. Much appreciated.
Can't SGX come out with some new rules and requirements so that these Chinaman thieves will not repeat such acts like requiring collaterals or reassurance from the Chairman that he will not do what other thieves did or else get them to delist and make an offer to the minority shareholders.
SGX should also make the independent directors accountable for sleeping on the job.Since they are Singaporeans they should be charged for negligence of duty after receiving a fat pay cheque for being independent directors and sometimes supporting the management instead of the minority shareholders.
Fully agreed. Though SGX has to make money because it is a listed entity, it still have to try and play the regulator's role to protect small fries like us. Anyone know the channel by which we can mount an appeal to the "powers that be" to do something along this line? Even if justice cannot be done on the Eratat case, as a civilised society, we should at least begin to put in place a process to ensure that justice is served for future cases.
In most first world countries the people or organization sleeping on their job can be sued and we don't hv such mechanism here.
The incompetence of SGX have unfairly cost billions of dollars losses to poor retail investors which is more than the market capitalization of SGX.
Many got their lifesavings wiped out or even got indebted because of the incompetence of SGX.
The stock market appears to be like 3rd world stock market with clear cut manipulation which the retail investors hv to helplessly watch.
So much of movement in the stock prices before important announcements are made and yet not many cases of insider traders are caught leaving an unfair disadvantage to retail investors.
Hope there is a mechanism for suing those like independent directors who do not perform their job. Many just conveniently resign when the problems got beyond control and too late. Where is the accountability?
What SGX is going to do to improve the reputation of S-Chips as many are stuck holding them as there are no buyers. I think the bosses of S-Chips will be having a good laugh at us as they can buy back the shares at very low prices with proxy accounts.Maybe they are happy to see the share prices very down as they hardly do company share buybacks instead I think they do personal share buybacks.
SGX have to do something to bring back confidence in S-Chips or get them delisted at least the retails investors get back something instead of nothing at the end like Hongwei and maybe Eratat.
Don't know what punishment the culprits got.If SGX cannot charge them then push them to a corner so that they will not have the chance to steal from us.
I will blame SGX more than the S-Chips. SGX has not been assertive enough that things hv gone out control now where sometimes it appears the independent directors are part of the scam or sleeping on the job and SGX not being pro-active to prevent such scam
If SGX is not doing its job well then MAS should step in to protect the public from losing their money.Billions got wiped out in the Blumont saga and S-Chips and some hv benefitted from the pain of minority shareholders.Should catch those culprits
because of the incompetence of SGX the minority shareholders have been at the mercy of insider traders,manipulators and the Bosses of S-Chips.It is really unfair.
I agree with all you have said, but is there something we can do, such as to form a coalition to appeal against the current pitiful situation? Any advise on an action plan?
SIAS should be taking the lead to save whatever is left over. SIAS supposed to be the voice of the minority shareholders and yet they can blunder by awarding Eratat award.
The past is past what about saving the future of those stuck in S-Chips. We do not want to see another S-Chip fail again.
This bad reputation is only unique to S-Chip.SGX should pull all its resources to prevent another repeat.
Hope we could come together hit hard at SGX and embarrass it for doing such a bad job at the expense of retail investors billions of dollars lost to a select few.
SGX should come with measures that's fool proof.They should spend some resources in protecting the minority shareholders and not thinking of profit motive.
