Sslee blog
Hengyuan: Seeking more information of malpractice, impropriety, misconduct or omission at the very top level that cause loss to HRC.
Dear all
Someone drop me this message at https://messenger.i3investor.com/m.
I encourage more people with inside information of malpractice, impropriety, misconduct or omission at the very top level that cause loss to HRC to drop me more email. I will compile this information and write to SC/Bursa again after CNY. My email: sslee2309@gmail.com
I came across your postings in the klse.i3investor.com forum and decided that the internal doings of HRC is worth the exposure. I am sending this email to you in anonymity because of obvious reasons. HRC whistle-blower policy is a joke. How do you keep protect the whistle-blower when the whole thing is ‘guarded’ by the CFO and he’s one of the parties that employees have problem with.
The hedging measures that caused so much loss in 2022 can be attributed to the accountable parties in accordance with the HRC Manual of Authorities: It is unfathomable that such loss-making decision were made repeatedly without making a drastic change to the company direction. Even of the plant stops operation at all, the losses will not be this big.
There are a few instances since HRC was bought over, where integrity is questioned and cases pertaining to flowing out of the companies coffers to overseas with the guise of Related Parties Transactions which were approved by board of directors. There are no issues if the services provided via Related Parties Transactions are justified and valuable, but more often than not, it is just a vehicle to syphon out money to the 3rd party.
One such instance is the Invoices issued by Hengyuan International Sdn Bhd (HISB) to HRC (Invoices INV-20080 & INV-20081 dated 26/6/2020) with regards to SBM & PLEM projects occurred in Q2 2020. INV-20080 was issued to the amount of RM 1,000,000.00. It was justified with 1104 total manhours. Meanwhile INV-20081 was issued to the amount of over RM 1.6 million which charged from claimed 1800 manhours. The invoices were issued with just 1 page justification with no breakdowns of the costs and NO REPORTS were submitted or reviewed. The invoices were reviewed and commented by the Technical Team to be too excessive but with no impact.
For a more recent example, the newly completed E4M projects are currently in operation even without the issuance of CCC from local authorities. It was declared to be completed and ready to be commissioned even before BOMBA certificate was issued to HRC. If people are to look deeper into E4M project, a lot more questionable practices occurred including the takeover of the project from the original EPC contractor to HQC which happened without proper due diligence. Also recently is the payment request by HISB to HRC which involves multimillion ringgit as payment for the so-called experts dispatched from Hengyuan Headquarters to “assist” in the project commissioning. In reality the “experts” are just young engineers sent without clear objectives and far away from assisting the commissioning of the project. Refer to HYSH press release http://es.hyshjt.com/show-14-103-1.html. The best part was that for each person, HYSH/HISB charged HRC more than 200 USD per hour for the whole duration they are at site.
There are many more instances of questionable practices which are not in-line with internal procedures that may have directly or indirectly impacted HRC operations and employees. One thing for sure, this is a zero-sum gain where HRC is the loser, and another party brings home the prize.
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Discussions
Be the first to like this. Showing 16 of 16 comments
Agree with Philip. And lucky for him escape the Karim stocks with minor setback.
2023-01-12 12:27
Why I bought even more SERBADK bonds and stocks
Author: Philip ( buy what you understand) | Publish date: Tue, 15 Jun 2021, 5:56 AM
Recently I bought a lot of serba dinamik bonds and stocks.
As to why? Everyone has all the relevant information, everyone has all the reports and PDFs. Importantly, serba has kept their KPMG auditors, and added EY as external reviewers for the issues brought up by KPMG, and 3 more independent directors to monitor all information on serba dinamik.
Why would frauds and liars do something like that?
2023-01-12 12:34
Talk is easy loh!
Posted by Sslee > 24 seconds ago | Report Abuse
Why I bought even more SERBADK bonds and stocks
Author: Philip ( buy what you understand) | Publish date: Tue, 15 Jun 2021, 5:56 AM
Recently I bought a lot of serba dinamik bonds and stocks.
As to why? Everyone has all the relevant information, everyone has all the reports and PDFs. Importantly, serba has kept their KPMG auditors, and added EY as external reviewers for the issues brought up by KPMG, and 3 more independent directors to monitor all information on serba dinamik.
Why would frauds and liars do something like that?
But immense with the issue....U may act irrationally loh!
2023-01-12 12:36
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥
I follow a very simple rule: QMV
Quality Look at the quality of the business
Management Look at the management: most important criteria is integrity
and then, only then,
Valuation: Look at its valuation.
As an investor, you do not have to swing at every offer.
Also, if you have bought, you can always walk away.
It must be "tiring" for Philip watching his investments grow, it must be equally "tiring" for SSLee watching his investments intensely all the time; with one issue cropping up after another. I would rather be Philip than SSLee. :-)
.
2023-01-13 12:57
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥
Shell was a company I owned for many years. It was a "blue chip" with regular dividends. Lucky to sell it off around RM 12.00 during a period of exuberance in its share price.
2023-01-13 13:01
Philip ( buy what you understand)
the trick is always to keep your losses and speculative stocks at a minimum while putting more money on the reliable and hardworking companies for your investment dollars. As you can see from my portfolio, serba is 5%, and QL +yinson + pchem is collectively 80% of my portfolio, while serba at its highest was 5%. speculation aside, why put big money into bad stocks? And on top of that to put more money into companies like insas which do no good to ones equity position... I think chasing bad stocks on top of worse ones is a bad idea to follow.
>>>>>>>
Posted by Sslee > 1 day ago | Report Abuse
Why I bought even more SERBADK bonds and stocks
Author: Philip ( buy what you understand) | Publish date: Tue, 15 Jun 2021, 5:56 AM
Recently I bought a lot of serba dinamik bonds and stocks.
As to why? Everyone has all the relevant information, everyone has all the reports and PDFs. Importantly, serba has kept their KPMG auditors, and added EY as external reviewers for the issues brought up by KPMG, and 3 more independent directors to monitor all information on serba dinamik.
Why would frauds and liars do something like that?
2023-01-13 13:47
It must be "tiring" for Philip watching his investments grow, it must be equally "tiring" for SSLee watching his investments intensely all the time; with one issue cropping up after another. I would rather be Philip than SSLee.
3iii,
I too wish I can be like Philip someday. But until that someday, I am what I am and by the way I do not watching my investment intensely otherwise I would had sold Insas and Bplant at RM 1.20.
2023-01-13 14:28
Haha But TDM is really a Trap :
Haha taking TDM as an eg : it is recorded every year with Profit … that until is changed External Auditor on 2019 .. is rectified on the Financial Gimmicks on mis-location… from then 2019 is in Big Loss , 2018 is revised to Big Loss … 2020 until Today still in Loss …
2023-01-13 15:14
By the way Philip is watching his investment with a hawk eye otherwise how to make a killing in stocks like RENEUCO BERHAD, SCIB, Stoneco and etc.
2023-01-14 08:32
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Philip ( buy what you understand)
And at the same time QL is at ALL TIME HIGH with good topline and bottomline growth. And obviously the share price is also up now at 30% more than what one would have paid to buy in 2019 ( while many others are losing money and portfolio is down ). So the secret is this, as minority shareholders we should be avoiding bad traps and lousy companies instead of playing with fire, and buy companies with good management, good execution, and good trustworthiness.
For someone who caught their hands on fire with bad investments in xinquan, jaks etc, why still keep buying chinaman companies who do not treat you as partners?
2023-01-12 12:07