Swiber   

Swiber Holdings Limited

Unsecured creditor gets only 8% back? KPMG should firesale everything and save as much as possible for creditors. Really no reason to save Swiber sacrificing all other creditors. Is liquidation better? I hope the Singapore ourt orders KPMG to sell every asset they have instead of allowing this stupid save Swiber plan.   Thought Swiber is worth more than their debts. 

 

http://www.businesstimes.com.sg/companies-markets/sgx-goes-after-swiber-in-potential-rule-breach-amended

 

Either claw back their compensation or for serious case.....send them to do jail time. This will seriously wake up those who are just in for the money. They are paid only to do a good job....if they kept losing money for their coy then they are not doing their duties well. At the moment....even at AGM or EGM, some of these crap management keeping avoiding to answer investors' question or act like a thug. Maybe whenever there is a AGM or EGM....there should be a auditor from the authority to monitor the situation. If it's a fair question then the management should be made to answer....not just the standard answer but the answer can be used in a court against them. Then they will be careful. If not....held responsible for their actions they just get " "buta" salary, TCSS only.

lglg666      ( Date: 13-Sep-2016 14:53) Posted: The authority should seriously look into this and do something. There should be a law to claw back their comspenation dragonboy76      ( Date: 12-Sep-2016 11:47) Posted: Small investors like us can't do anything. We have no way to dig their records and launch lawsuit against them for bringing the company Down. I bet all the ex-directors maybe still holiday in certain luxury resort for long Weekend.. There is no justice in this world lor.

 

Lol. Sgx is just wayang. Everybody knows it. Now whatever they say also no use already. How come no one sue dbs for selling low quality bond? They never did their due diligence before they sell to public. In business world, all this corporation and rich businessman all cover one another's backside. Lol

sheerluck      ( Date: 13-Sep-2016 14:51) Posted: So who can scold SGX for having rules that listed company can so easily ignored until balloon burst.   Prevention is better than cure.   SGX always reactive and not proactive.   Also they privately queried Swiber?   So they also not transparent in they doings.   Should have openly queried to alert public.   Wait till directors walked away with fat pay then go public on queries is 马 后 炮 .   Can we give SGX two weeks to respond or face potential punishment?   franklinfour      ( Date: 13-Sep-2016 14:40) Posted: SGX scolds Swiber over poor disclosures Directors of Singapore company given two weeks to respond or face potential punishment. September 12th, 2016 03:33 GMT   by  Dale Wainwright Published in  OFFSHORE Swiber Holdings has come in for strong criticism from the Singapore Exchange (SGX) over its poor levels of disclosure, according to a letter seen by TradeWinds. The SGX contends that the offshore vessel operator has potentially breached listing rules for failing to release pertinent information in a timely and correct fashion. In the first instance, Swiber is accused of being unclear when it came to details surrounding the award of a $710m contract from Royalgate Energy for work in Africa. &ldquo The company announced that the group was awarded the project when in fact it had only executed a letter of intent with the client,&rdquo the SGX said. &ldquo The announcement gave the impression that the group had entered into a binding contract with the client.&rdquo SGX says that Swiber also failed to inform shareholders and the investing public about the delay in the $710m project during a prolonged period from 15 December 2014 to 8 July 2016. The exchange also took exception to Swiber accounting for the $710m project in &ldquo all of its public disclosures on the group&rsquo s orderbook without any qualification that the contract had yet to be signed or that the project had been delayed.&rdquo In a second potential breach of the listing rules, the SGX said Swiber failed to make any announcement on two material litigation claims by Likpin International and Greene Energy Group Asia Pacific, which were filed on 15 May and 16 July 2015 for SGD 10.7m ($7.9m) and SGD 9.6m respectively. In an initial response to a private query by the SGX on 12 July Swiber had said that both litigation suits were &ldquo not material based on calculations against the group&rsquo s revenue, total assets and net tangible assests at the relevant time.&rdquo However, the SGX said in its letter that the aggregate amount of the two litigation claims &ldquo was significant&rdquo when taking into account the group&rsquo s profits recorded for the 2014 financial year and for the first quarter of 2015. Swiber had until the end of August to respond to the acquisitions, according to the letter which was addressed to Swiber&rsquo s board of directors. &ldquo The exchange is hereby giving you an opportunity to explain why action should not be taken against you in respect of the potential breaches,&rdquo the SGX told Swiber. It stated that if it did not hear from Swiber by the stipulated date, the SGX said it would decide on the &ldquo appropriate actions to take, without further reference to you&rdquo . Seamec goes after Swiber in India Indian owner seeks to wind up troubled Singapore rival' s Indian unit. September 8th, 2016 11:03 GMT   by  Gary Dixon Published in  OFFSHORE Indian offshore shipowner Seamec is taking legal action to recover money owed by troubled Singapore rival Swiber. It said receivables total INR 1.36bn ($20.58m) from Swiber Offshore India (SOI) and Swiber Offshore Construction, relating to contracts awarded by Indian oil and gas company ONGC. Seamec has filed a winding up notice in the Mumbai high court against SOI. It said Singapore court proceedings have indicated a potential return of only 8% on unsecured receivables. Swiber is being restructured under court-appointed managers. Seamec also said its second quarter loss was INR 111.6m, from a profit of INR 121.9m in 2015. Revneue was down at INR 466m from INR 867m.

 

Got such thing as ' private' query???

 

In an initial response to a private query by the SGX on 12 July Swiber had said that both litigation suits were & ldquo not material based on calculations against the group& rsquo s revenue, total assets and net tangible assests at the relevant time.& rdquo 

 

The authority should seriously look into this and do something. There should be a law to claw back their comspenation

dragonboy76      ( Date: 12-Sep-2016 11:47) Posted: Small investors like us can't do anything. We have no way to dig their records and launch lawsuit against them for bringing the company Down. I bet all the ex-directors maybe still holiday in certain luxury resort for long Weekend.. There is no justice in this world lor.

 

So who can scold SGX for having rules that listed company can so easily ignored until balloon burst.   Prevention is better than cure.   SGX always reactive and not proactive.   Also they privately queried Swiber?   So they also not transparent in they doings.   Should have openly queried to alert public.   Wait till directors walked away with fat pay then go public on queries is 马 后 炮 .   Can we give SGX two weeks to respond or face potential punishment?  

franklinfour      ( Date: 13-Sep-2016 14:40) Posted: SGX scolds Swiber over poor disclosures Directors of Singapore company given two weeks to respond or face potential punishment. September 12th, 2016 03:33 GMT   by  Dale Wainwright Published in  OFFSHORE Swiber Holdings has come in for strong criticism from the Singapore Exchange (SGX) over its poor levels of disclosure, according to a letter seen by TradeWinds. The SGX contends that the offshore vessel operator has potentially breached listing rules for failing to release pertinent information in a timely and correct fashion. In the first instance, Swiber is accused of being unclear when it came to details surrounding the award of a $710m contract from Royalgate Energy for work in Africa. &ldquo The company announced that the group was awarded the project when in fact it had only executed a letter of intent with the client,&rdquo the SGX said. &ldquo The announcement gave the impression that the group had entered into a binding contract with the client.&rdquo SGX says that Swiber also failed to inform shareholders and the investing public about the delay in the $710m project during a prolonged period from 15 December 2014 to 8 July 2016. The exchange also took exception to Swiber accounting for the $710m project in &ldquo all of its public disclosures on the group&rsquo s orderbook without any qualification that the contract had yet to be signed or that the project had been delayed.&rdquo In a second potential breach of the listing rules, the SGX said Swiber failed to make any announcement on two material litigation claims by Likpin International and Greene Energy Group Asia Pacific, which were filed on 15 May and 16 July 2015 for SGD 10.7m ($7.9m) and SGD 9.6m respectively. In an initial response to a private query by the SGX on 12 July Swiber had said that both litigation suits were &ldquo not material based on calculations against the group&rsquo s revenue, total assets and net tangible assests at the relevant time.&rdquo However, the SGX said in its letter that the aggregate amount of the two litigation claims &ldquo was significant&rdquo when taking into account the group&rsquo s profits recorded for the 2014 financial year and for the first quarter of 2015. Swiber had until the end of August to respond to the acquisitions, according to the letter which was addressed to Swiber&rsquo s board of directors. &ldquo The exchange is hereby giving you an opportunity to explain why action should not be taken against you in respect of the potential breaches,&rdquo the SGX told Swiber. It stated that if it did not hear from Swiber by the stipulated date, the SGX said it would decide on the &ldquo appropriate actions to take, without further reference to you&rdquo . Seamec goes after Swiber in India Indian owner seeks to wind up troubled Singapore rival' s Indian unit. September 8th, 2016 11:03 GMT   by  Gary Dixon Published in  OFFSHORE Indian offshore shipowner Seamec is taking legal action to recover money owed by troubled Singapore rival Swiber. It said receivables total INR 1.36bn ($20.58m) from Swiber Offshore India (SOI) and Swiber Offshore Construction, relating to contracts awarded by Indian oil and gas company ONGC. Seamec has filed a winding up notice in the Mumbai high court against SOI. It said Singapore court proceedings have indicated a potential return of only 8% on unsecured receivables. Swiber is being restructured under court-appointed managers. Seamec also said its second quarter loss was INR 111.6m, from a profit of INR 121.9m in 2015. Revneue was down at INR 466m from INR 867m.

 

Yeah.....SGX will do their wayang lol? Just scolded then it's over, the poor retailer investors just became poorer for their poor judgement to invest in a crap coy. Game over......no jail time or caning! No wonder the management standard on the listed coys here are lining their pockets and not doing their duties. At best.....mediocre, at worst..... a bunch of con-men running a scam legally.

 

SGX scolds Swiber over poor disclosures

Directors of Singapore company given two weeks to respond or face potential punishment.

September 12th, 2016 03:33 GMT

 

by  Dale Wainwright

Published in  OFFSHORE

Swiber Holdings has come in for strong criticism from the Singapore Exchange (SGX) over its poor levels of disclosure, according to a letter seen by TradeWinds.

The SGX contends that the offshore vessel operator has potentially breached listing rules for failing to release pertinent information in a timely and correct fashion.

In the first instance, Swiber is accused of being unclear when it came to details surrounding the award of a $710m contract from Royalgate Energy for work in Africa.

&ldquo The company announced that the group was awarded the project when in fact it had only executed a letter of intent with the client,&rdquo the SGX said.

&ldquo The announcement gave the impression that the group had entered into a binding contract with the client.&rdquo

SGX says that Swiber also failed to inform shareholders and the investing public about the delay in the $710m project during a prolonged period from 15 December 2014 to 8 July 2016.

The exchange also took exception to Swiber accounting for the $710m project in &ldquo all of its public disclosures on the group&rsquo s orderbook without any qualification that the contract had yet to be signed or that the project had been delayed.&rdquo

In a second potential breach of the listing rules, the SGX said Swiber failed to make any announcement on two material litigation claims by Likpin International and Greene Energy Group Asia Pacific, which were filed on 15 May and 16 July 2015 for SGD 10.7m ($7.9m) and SGD 9.6m respectively.

In an initial response to a private query by the SGX on 12 July Swiber had said that both litigation suits were &ldquo not material based on calculations against the group&rsquo s revenue, total assets and net tangible assests at the relevant time.&rdquo

However, the SGX said in its letter that the aggregate amount of the two litigation claims &ldquo was significant&rdquo when taking into account the group&rsquo s profits recorded for the 2014 financial year and for the first quarter of 2015.

Swiber had until the end of August to respond to the acquisitions, according to the letter which was addressed to Swiber&rsquo s board of directors.

&ldquo The exchange is hereby giving you an opportunity to explain why action should not be taken against you in respect of the potential breaches,&rdquo the SGX told Swiber.

It stated that if it did not hear from Swiber by the stipulated date, the SGX said it would decide on the &ldquo appropriate actions to take, without further reference to you&rdquo .

Seamec goes after Swiber in India

Indian owner seeks to wind up troubled Singapore rival' s Indian unit.

September 8th, 2016 11:03 GMT

 

by  Gary Dixon

Published in  OFFSHORE

Indian offshore shipowner Seamec is taking legal action to recover money owed by troubled Singapore rival Swiber.

It said receivables total INR 1.36bn ($20.58m) from Swiber Offshore India (SOI) and Swiber Offshore Construction, relating to contracts awarded by Indian oil and gas company ONGC.

Seamec has filed a winding up notice in the Mumbai high court against SOI.

It said Singapore court proceedings have indicated a potential return of only 8% on unsecured receivables.

Swiber is being restructured under court-appointed managers.

Seamec also said its second quarter loss was INR 111.6m, from a profit of INR 121.9m in 2015.

Revneue was down at INR 466m from INR 867m.

 

 

Then it shall carry over to the next life.. Hv to pay penalty somemore. 

zandlery      ( Date: 13-Sep-2016 14:16) Posted: what if karma only catch up during their 100 years old birthday........well......not a bad lives....... calvino      ( Date: 13-Sep-2016 14:15) Posted: Not to worry, Karma will catch up with those heartless directors. Is juz time not ripe yet. Justic will still be dealt in the end. There is no escape.

 

what if karma only catch up during their 100 years old birthday........well......not a bad lives.......

calvino      ( Date: 13-Sep-2016 14:15) Posted: Not to worry, Karma will catch up with those heartless directors. Is juz time not ripe yet. Justic will still be dealt in the end. There is no escape. dragonboy76      ( Date: 12-Sep-2016 11:47) Posted: Small investors like us can't do anything. We have no way to dig their records and launch lawsuit against them for bringing the company Down. I bet all the ex-directors maybe still holiday in certain luxury resort for long Weekend.. There is no justice in this world lor.

 

Not to worry, Karma will catch up with those heartless directors. Is juz time not ripe yet.

Justic will still be dealt in the end. There is no escape.

dragonboy76      ( Date: 12-Sep-2016 11:47) Posted: Small investors like us can't do anything. We have no way to dig their records and launch lawsuit against them for bringing the company Down. I bet all the ex-directors maybe still holiday in certain luxury resort for long Weekend.. There is no justice in this world lor.

 

I think legally shareholders have no say at this stage.

franklinfour      ( Date: 11-Sep-2016 17:40) Posted: This is rubbish. That is because they are trying to limit the number of people from getting the report in order to get the proposal passed through with minimal voices against. Shareholders are the ones who have supported the company through, and now the shares are worthless. Swiber is bleeding tremendous losses - to complete the project costs another net cashflow negative of USD $129mil? It goes plainly to show that they were loss-making for so long and continue to lose money. How they survive all these while is to issue bonds to pay for the losses. Even with the DBS USD $140mil injection with last 2 months, they were only going to use the money to pay the bonds, not for cashflow and to pay for general expenses. USD Rajah & Tann should review to assess if they were trading insolvent or fraudulently trading at the expense of creditors, not to seek a cut from the creditors from USD $156mil to USD $11mil.That is extreme. All creditors who have worked and helped Swiber prior are left in the lurch. Only when you ' work with the new Swiber' to help DBS redeem the corporate guarantees for its benefit, then will you be ' paid' . But the margin of the risk is so high. -39% margin as opposed to potential 4% profit. This is ridiculous. On a balance of probabilities it is likely that at the completion of the project there won' t be a realisation of 4% profit from what the IJM ' envisage' . In the first place, they said that there is ' an experienced management team with a track record' . Yes, the ' experienced team' of Nitish, Leonard and Francis have all left, and then Darren has resigned, leaving a 71 year old to run the company. Of course we have our dear Raymond Kim Goh who always assure us at every AGM that everything is alright, they have a lot of plans taking off, just like the USD $710mil ' LOI' .

 

Small investors like us can't do anything. We have no way to dig their records and launch lawsuit against them for bringing the company Down. I bet all the ex-directors maybe still holiday in certain luxury resort for long Weekend.. There is no justice in this world lor.

 

To sacrifice the money of local shareholders and bondholders just to save this company that hires mostly foreigners and completing projects overseas is quite unethical. I guess KPMG will do anything to save the company for their own and DBS sake. They should sell every asset to recover as much as possible for shareholders. 

 

They r our competitor last time. We knew long time they underbid just to get projects. They only want to roll the cash over. No hope for the JM case. Like what u all said, it's all BS to the public.

 

I think the financial covenants to protect the integrity of the bonds may have been breached, and the directors may be personally liable for such breach of covenant. Our locally trained lawyers should also advise the bondholders on this and take the bold and right step forward to recover the monies directly from the directors.

 

The so-called ' experienced team' of Nitish, Leonard and Francis all also rubbish.   If they are any good, will Swiber ended up like this?   Rubbish mgmt.   Only very expereinced in taking fat pay.   Fat useless people earns millions while hardworking people lose saving.   These people are as good as scam only being protected by law because they do thing according to SGX listing rules.   Just like S-chips, they played the SGX listing rules very well.   MAS and CAD really needs to do a thorough clean-up of our financial sectors as well.   Too many wolf of wall street like around.   Our locally trained laywers pls be more gangho to know how to initiate class action against listed companies like swiber.

franklinfour      ( Date: 11-Sep-2016 17:40) Posted: This is rubbish. That is because they are trying to limit the number of people from getting the report in order to get the proposal passed through with minimal voices against. Shareholders are the ones who have supported the company through, and now the shares are worthless. Swiber is bleeding tremendous losses - to complete the project costs another net cashflow negative of USD $129mil? It goes plainly to show that they were loss-making for so long and continue to lose money. How they survive all these while is to issue bonds to pay for the losses. Even with the DBS USD $140mil injection with last 2 months, they were only going to use the money to pay the bonds, not for cashflow and to pay for general expenses. USD Rajah & Tann should review to assess if they were trading insolvent or fraudulently trading at the expense of creditors, not to seek a cut from the creditors from USD $156mil to USD $11mil.That is extreme. All creditors who have worked and helped Swiber prior are left in the lurch. Only when you ' work with the new Swiber' to help DBS redeem the corporate guarantees for its benefit, then will you be ' paid' . But the margin of the risk is so high. -39% margin as opposed to potential 4% profit. This is ridiculous. On a balance of probabilities it is likely that at the completion of the project there won' t be a realisation of 4% profit from what the IJM ' envisage' . In the first place, they said that there is ' an experienced management team with a track record' . Yes, the ' experienced team' of Nitish, Leonard and Francis have all left, and then Darren has resigned, leaving a 71 year old to run the company. Of course we have our dear Raymond Kim Goh who always assure us at every AGM that everything is alright, they have a lot of plans taking off, just like the USD $710mil ' LOI' .

 

This is rubbish. That is because they are trying to limit the number of people from getting the report in order to get the proposal passed through with minimal voices against. Shareholders are the ones who have supported the company through, and now the shares are worthless.

Swiber is bleeding tremendous losses - to complete the project costs another net cashflow negative of USD $129mil? It goes plainly to show that they were loss-making for so long and continue to lose money. How they survive all these while is to issue bonds to pay for the losses.

Even with the DBS USD $140mil injection with last 2 months, they were only going to use the money to pay the bonds, not for cashflow and to pay for general expenses. USD Rajah & Tann should review to assess if they were trading insolvent or fraudulently trading at the expense of creditors, not to seek a cut from the creditors from USD $156mil to USD $11mil.That is extreme. All creditors who have worked and helped Swiber prior are left in the lurch.

Only when you ' work with the new Swiber' to help DBS redeem the corporate guarantees for its benefit, then will you be ' paid' .

But the margin of the risk is so high. -39% margin as opposed to potential 4% profit. This is ridiculous. On a balance of probabilities it is likely that at the completion of the project there won' t be a realisation of 4% profit from what the IJM ' envisage' . In the first place, they said that there is ' an experienced management team with a track record' . Yes, the ' experienced team' of Nitish, Leonard and Francis have all left, and then Darren has resigned, leaving a 71 year old to run the company. Of course we have our dear Raymond Kim Goh who always assure us at every AGM that everything is alright, they have a lot of plans taking off, just like the USD $710mil ' LOI' .

 

Agree. Dont think it s available publicly. I meant they may have seen it or have it and reported based on that report. 

swv001      ( Date: 11-Sep-2016 11:29) Posted: Rajah Tann says only creditors can get  this report.  Shareholder can not.  You say Bloomberg has a copy, I can not find it. Can you please tell me where it is?  Khoolie      ( Date: 10-Sep-2016 14:10) Posted: have to get from Rajah and Tann. Bloomberg has a copy.