Singapore investor left unprotected from untruthful / fraudulent listed company
Recently fraudulent cases involving companies listed in singapore e.g DMX, China Sky Chemical, other S-Chip companies has reached a point that local singaporean investor needs to ask if SGX, as the main regulator , its main role is to safeguard the singapore reputation as a financial hub and to protect singapore investor has been performing it due diigence as accordance to expectation by the public
Minority investor placed their trust in both the company management and the SGX in hope to see their retirement nest grows. But over the years minority investor starts to question
1) Can the financial statement even be trusted
2) Can the management be trusted
3) Can minority shareholders trust SGX to perform its duty to safeguard singapore reputation and singaporean interest
It has been worth noting that recently there is one cases MIDAS HOLDINGS which has been boosting of several contract wins and out of the blues, the counter was SUSPENDED , citing several ligitation involving the company subsidary,
Shareholders of MIDAS had been actively engaging SIAS, SGX, MIDAS MGNT pleading for clarification but only to their disarray that their plead had been turn to deaf ears, leading to shareholders wondering if this is another fraudulant company.
One area that is worth noting was all the so call "Ligitation" can be traced back as early 2017 and its was until Feb 2018 (Which is so near to the financial reporting) The management released an announce it was during the audit, they discover the law cases.
All Law Cases invloving midas can be traced from this website : wenshu.court.gov.cn and the funniest thing is there is a judgement passed againest the management and how how the management claims they are not aware.
Shareholders have been wondering after providing so much evidence to SGX, what has SGX been doing for the whole month.
Shareholders starts to wonder, Is SGX really powerless in dealing with company like MIDAS
Midas in the past has been voted as the most "transparent company" and the CEO has ever been voted as the 'BEST CEO'
Finally from the investor view, we need to ask ourselves, in this current climinate can we ever trust SGX, SIAS . Or rather SGX / SIAS does serve its relevancy in the current economic climate or have they been outdated.
I hope this petition would serve as a whole and increase the overall investor awareness and hoping that all investor whose money had lost due to unscrupulous management would stand together as one united voice and firmly tell SGX and SIAS that "ENOUGH IS ENOUGH!"
SGX / MAS should enforce firm penalties including barring all the fraudulant from participating in any directorship and any more financial activities in singapore
PoohBull Contact the author of the petition
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