Hevea, Time to Alight 亿维雅，是时候下车了！
HEVEA : Answering Your Official Statement
So much vibes have resonated lately on Heveaboard.
Let's start by putting before us the 3 issues in my previous articles : Containers, Civil Suits and €890,000. Whilst Heveaboard may use all its might like CIMB Research and an Official Statement through Bursalink to clarify the isssues raised, there is no denying that these 3 issues only came to light and public awareness with my revelation which it now sought to rebuff.
In a way, it is a positive development for Heveaboard, now that it has awaken about its corporate contract to be transparent and forthcoming on any or all matters that will affect the company in one way or another.
As more articles will be written on Heveaboard, please don't stop releasing further official statements to clarify issues that will be raised in due course. Keep it up Heveaboard, it will only make the company more transparent. And this is what the investing public wants to see.
I have asked openly for Mr. Marcus Chan of CIMB Research and Heveaboard to shed us some lights as to how many containers were stranded in Korea and at its Gemas plant for the said Korean customers. I am waiting for your official response, humbly.
Now let us move on to the second subject matter, the civil suit. True, under the present Listing Requirement, Heveaboard need not make the announcement to Bursa Malaysia about its substantial shareholders cum the ultimate shareholdings company Heveawood Industries Sdn. Bhd's internal squabble.
Paragraph 3 of the Offical Statement of Heveaboard last evening, beside repeating what was said in the conference call and CIMB Research's article on the same, went on to add that "the minority shareholders alleged that they have been oppressed by the majority shareholders and non-payment of dividends by Heveawood.....", whereas CIMB Research only said that the suit involved the non-payment of dividends at Heveawood Industries.
Yes, the keyword here is oppression of minority shareholders. And I will write extensively in another article on why and how Heveawood Industries minority shareholders have been oppressed by the Yoong family, so much so that a courtroom tussle is the only option left in their partnership spanning more than 25 years.
The Official Statement also said that this civil suit was brought about under Section 181 of the Companies Act 1965, which deals with a situation of alleged minority shareholders oppression. The end-of-the-road of this Section 181, if all remedies failed, will be the ultimate dissolution or death of Heveawood Industries Sdn. Bhd. as a corporate entity.
This dissolution of Heveawood Industries, if it ever materialised, will in no doubt cause a strong concussion to the stability of Heveaboard Berhad. This will be a situation no investors want to see. Perhaps this may well be the very reason why this civil suit was kept underwrapped by the Yoong family from public eyes since it erupted. But not until now.
As the above SSM search clearly shows, the major shareholders of Heveawood Industries are the Yoong family (Yoong Hau Chun, Tenson Holdings Sdn. Bhd. and Firama Holdings Sdn. Bhd.) with a combined 52.51% stakes. On the other hand, the parties that made up the minority shareholders with a combined stakes of 47.49% are Sung Lee Timber Trading Sdn. Bhd (10.00%), Mr. Liang Chong Wai (25.83%) and Dato' Loo Swee Cheong (21.66%).
It is noteworthy to point out that Sung Lee Timber Trading Sdn. Bhd. is the investment vehicle of Dato' Seri Yong Tu Sang, who is also the majority shareholder of another public listed company BTM Resources Berhad.
Seasoned market players with a preying instinct should now be able to draw an inkling about the delicate relationships among some of Heveawood Industries shareholders. And why certain shareholders wanted to break-up Heveawood Industries and part ways. I will stop this point here and let your own imagination run wild....
Next, about the outstanding "debt" of €890,000 owed by Heveaboard to Heveawood Industries.
In the Official Statement, Heveaboard said in Paragraph 5 Line 3 that "......in addition to the amount owing by the Company to Heveawood, there are other amounts due from other related parties to Heveawood. Hence the alleged discrepancies...." . Correct me if I am wrong Heveaboard, but you just said that the discrepancies (between RM 2,296,000 in Heveaboard's book and RM 4,204,733 in Hevaewood Industries' book) arise because there are more people (other related parties) owing Heveawood Industries.
Well, you have clarified that the higher amount in Heveawood Industries was due to some other related parties owing, but why not clarify the amount of RM 2,296,000 in your own book?
Even quoting a cheap forex rate of about RM 4.20 Euro to one RM (today's official median rate 4.755 by Standard Chartered Bank), this €890,000 alone is already RM 3,738,000 !
Didn't you owe this €890,000 or RM 3,738,000 to Heveawood Industries that have helped pay on Heveaboard Berhad's behalf to Dieffenbacher GmbH, the supplier of machineries that supplied you your money-making machineries?
So why the entry in Heveaboard's book the debt to Heveawood Industries as only RM 2,296,000 and not RM 3,738,000? Please note Heveaboard did not clarify nor confirm the actual amount due to Heveawood Industries but only said "......The amount owing to Heveawood by the Company is intended to be repaid in 2016."
As a matter of fact, Heveaboard Berhad owed Heveawood Industries the exact amount of RM 3,501,260 as illustrated in the following internal document of Heveawood Industries.
As I have written in HEVEA : Ingenuity Accounting that ".....it was agreed among both Heveaboard Berhad and Heveawood Industries Sdn. Bhd. that once the financial situations of Heveaboard Berhad returns to normalcy, Heveaboard Berhad will not only repay this € 890,000 to Heveawood Industries Sdn. Bhd., but it will also pay an additional equivalent amount of € 890,000 to Heveawood Industries Sdn. Bhd. as a "reward or compensation" for throwing the much needed money-buoy to Heveaboard Berhad......"
This is now confirmed by the internal document of Heveawood Industries recognising an amount of RM 3,501,260 as "Gain on take over of Dieffenbacher GmbH debts of €890,000" !
To put figure in its simplest form, according to the internal sources, Heveaboard actually owed this second €890,000 or RM 3,501,260 (as agreed among the shareholders when the same was documented in the loan covenant of 2009) which is NOT in the annual reports and another RM 2,296,000 which is already appearing as a Non-current Liabilities item in Annual Report 2014.
Is it RM 3,501,260 + RM 2,296,000 = RM 5,797,260 ?
I stand corrected, Heveaboard Berhad.
Robertl
有料爆料，懲奸治恶！
January 14, 2016
P. S. : some of you maybe eagerly awaiting for my Possible False Statement In Annual Report 2014
At the same time, some behind the scene manoeuvres are presently underway. It is only fair that I let things pan it out the way it should rightfully be, before intensifying more revelations.
More articles on Hevea, Time to Alight 亿维雅，是时候下车了！
HEVEA - Potential Act of Criminal Breach of Trust (Series Two) 失信疑案（二）
Created by robertl | Jan 27, 2016
HEVEA - Potential Act of Criminal Breach of Trust (Series One) 失信疑案（一）
Created by robertl | Jan 25, 2016
Discussions
4 people like this. Showing 50 of 51 comments
ya, if you're dare and with so much of concrete proof, call for a press conference! instead of hiding behind the screen as a keyboard warrior tfk.
2016-01-14 15:47
Hevea did not need to response as it dares not file any lawsuit against Robert as there was no proof that Robert defame Hevea. Just the CIMB guy wanted their hevea shares to go up not go down, so he has asked hevea to do something lah. The more they do, the more the leaks.
2016-01-14 15:51
Mr. Marcus Chan of CIMB Research is a good friend to Hevea's boss. He wanted share prices up just like you. Ha! Ha!
2016-01-14 15:53
Cutemother, you can also become a warrior like him what....only thing is you got lieu or not?
2016-01-14 15:53
Usually professional short sellers let all the revelation out at once to build a convincing case to sell. Robertl leak bit by bit. Behaves just like a disgruntled girlfriend who got dumped, really lack credibility and conviction.
2016-01-14 16:04
Robert gives small share holders time to escape lah.His intention is good. But you decide. Only the CIMB fund manager will lose a lot for CIMB.
2016-01-14 16:20
Frankly speaking, unless share price of Hevea dropped to RM1.4, the management won't make another announcement again to this blogger who doesn't even dare to reveal his true identity...
2016-01-14 16:36
Nice show. That few minority gang go riot now and supply you the documents? Good. Reveal more.
2016-01-14 16:44
If you don't come up early I couldn't have enough time to read and dump
2016-01-14 18:03
My sifu say... when there are many negative rumours in the market... that is the time to buy. When everything is rosy, be real careful cause the players want you to buy in and carry the baby. Using that principle, I bought in today at RM1.54. Last minute deal done. Hope for the best. Hahahaha.
2016-01-14 18:25
Robert is minority so his words couldn't reach the top
He want to buy more shares to become majority
But everyone want the price to go up how can Robert want to buy it cheap
2016-01-14 19:44
Oppress to the extent Robert need to spread insider news
This top guy must be very bad
2016-01-14 19:51
Next revelation the person on the top actually has affairs with someone else and leaked breaking video
2016-01-14 19:52
It is funny why a management so serious about the rumour if there is nothing hidden behind? Is there are too free in company and nothing to do?
2016-01-14 21:17
Robert, do u gave blogspot website? I would like to follow more on your writting
2016-01-14 22:10
^ very agree with the person on the top
They must be having sleepless night everyday and it haunt them so bad that they need to take action
2016-01-14 22:23
Can't sleep can't eat can't focus on work
They must be very very worry
Can't bath can't pee can't shit can't stand
2016-01-14 22:25
This rumor spread within the company and all the employee is very worry too, they can't sleep can't eat can't work can't pee can't shit the next quarter result will be very bad because the productivity is on the fire.
2016-01-14 22:32
I believe if after Robert article out and if OTB, CIMB and the rest of i3 sifu didnt come out to support with good article, Hevea already below rm1 today
2016-01-14 22:33
I go to the Hevea basement today, the situation is same as the xinquan in disguise, there is plenty of actor in the production lines, and there is only few container in the stock room instead of the inventories stated on the paper, the machine didn't operate today blah
2016-01-14 22:36
I meant there is 680 container on the store room
And the actor didn't understand what for all the container
2016-01-14 22:49
The container start to have sign of rusty I believe the quality of the content is deteriorated it seem to be there for a prolonged period my roughly eatimation about 3-6 months
Can you imagine the damages deal if it was to left under the hot sun and raining?
2016-01-14 22:52
first of all...i dunno how true is the financial statement of this Heveawood...when we can't even verify the authenticity of the source, why we need to bother about it?
If ever there are conflicts among the shareholders, i believe they will resolve it at a way which is beneficial to both parties...back to basic, all parties are businessman, everyone will just look at their own benefit, when you says minority, they are actually not that minority too cause they are holding 47.49% in total, which is just few percents lesser than the majority...do you think they will be so stupid to wind up the company and they themselves suffer losses? Yea...you can make Yoong's family lose alot, but you just lose few percent lesser than Yoong...so please la...smart businessman won't do this...
If ever this is true, please report to Police and let the formal investigation take place but not spreading these rumors...but i doubt Robert will do so, cause he will lose the opportunity to accumulate Hevea's shares at low price.
2016-01-15 00:03
The more he write, the more I BUY, that is how it goes, see who wins, robertl a sour grape, go back to vine and cry about being oppress, not here, this is heveaboard not hevea wood, haha
if you dare, please limit down the stock thanks
2016-01-15 00:12
robberti " admitted in the beginning of this blog that a lot of info given in his previous blog is misleading. his bad intention/hatre is visible, how could a sdn bhd company affected listed company. stupid.
2016-01-15 00:27
Spread to everyone about this:
3. Section 176 of CMSA- Stock Market Manipulation
Stock market manipulation is the act of transacting in the securities of a company that will have or is likely to have the effect of raising or lowering or maintaining the price of the company’s securities on a stock market, with the intention of inducing other persons to purchase or subscribe for the company’s securities. Such acts are illegal under the CMSA.
Note: Essentially, the law provides that a person shall not effect, take part in, be concerned in or carry out, either directly or indirectly, any number of transactions in securities of a corporation, being transactions that have, or are likely to have, the effect of raising, lowering or fixing the price of securities of the corporation on a stock market in Malaysia, for the purpose or purposes which may include the purpose of inducing other persons, to purchase or dispose of the securities of the corporation or of a related corporation.
A person who contravenes section 176 commits an offence and shall be punished on conviction to imprisonment for a term not exceeding ten years and to a fine of not less than one million ringgit.
2016-01-15 09:39
heveaboard has more dignity than this rat robertl. Hau chun got more class than to come down to the rat level
2016-01-15 14:12
The more this author wrote about the stocks, the initial intention of saving the rest seems otherwise but to bring the price down for certain party benefits. This is quite obvious from the way of writing.
2016-01-15 18:01
Apparently, Hevea talk 3 talk 4. Scare to suit Robert. I would like to see cases like Najid suits Ling Liong Sik so that it will leak more. Ha! Ha! Suit lah! What to scare?
2016-01-15 23:02
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Robert balik kampung lah.. You so brave then appear upfront with Hevea management. Dare you?
2016-01-14 15:24