Sweet girls around cannot concentrate lah , pick sweet girls are paramount important than picking stocks for icap shareholders,.
Anyway, with 7 million easy money yearly, age already sixty plus, still don't enjoy , silly isn't ?
Previous stingy , save money pattern were just acting lah, icap shareholders are mostly grateful ,easy fool investors, if necessary, hide more traveling with sweet girls to advertising expense in 2015 accounts. Why worry.

A friend of mine questioned him during his recent road show,
Quote
Mr, Tan ,you have been saying the market is over valued in bursa since 2010, just wait, .......what if 3 years later, market not crash, what are you going to do?
Unquote

You know what did he reply , I will continue to ask you to wait lah , that's all. Sarcastically!

If a genuine and sincere fund manager will admit to you that he misread the markets in last couple of years and immediate apologies and said sorry for his past actions. Alternatively, excess cash in hand will be deployed for useful purposes for the benefit of shareholders.
Of course, I also expect him to said he should cut his fees in the event his forecast is wrong again in next 3 years.
That is why I say he his more concern of his 7millions yearly fees than the interst of existing icap shareholders.

Whereas for icap, of course it depends on fund managers forecast on the market, other fund managers are loading up in the equity since 2010 while he choose to liquidated from equity and keep cash. Market is not waiting for him, obviously, he had made a severe mistakes not only for 2010 , but since than, in each AGM or EGM or his invited Seminar,did you see him candidly admit his mistakes? Apologise? Instead , he keep saying he is damn good! I , as icap shareholders have the right to question him, isn't it?
Market is over-valued in bursa now according to a numbers of fund managers,did he make any proposal to deployed part of cash either return to shareholders in the form of dividend or use for any purpose he deemed correct.

at that time, pintaras directors MD was drawing $800,000 P.a while $100 millions in the bank.(figures may not be accurate because i based on my memory only)

I guess,the boss of Pintaras Bhd listened to the advices from his Fund managers while at that pertinent time,construction activities also down. With shareholders interest in mind, he was rightly deplyoed company's money and let fund managers invest heavily in equity market.
If I did not remember wrongly, he said it very clearly in sta-paper during the AGM of 2009 or 2010, asked the shareholders to be patient with him and if the cash in hand was not generated a fair returns, he didn't mind to propose a capital repayment.

Noby,
TTB wants his puppet directors, no competent boards of directors just like no boass around, Of course, shameless TTB will "eat snake" as suggested by Lim Kian Leong.

Nobly,
Have you heard worshipping investing, as long as TTB walks I front his die hard supporters will not u- turn regardless whether TTB is bring them to Holland or not.

Walau2u,
If you see his international global fund ", lagi si", Compounded 4.2 % since inception in 2007. I was invited to invest in this opened fund with minimum us$200,000, I remember very well I told him the market at that time was in the high side,he tried to convinced me that see who is the fund manager? As long as the fund manager know how to get his work done, anytime is the good time to invest. See how he used his words. I was lucky as my mind is still with me and not carried away.

Walau2u,
That is the reason I keep calling him as a shameless fund manager. Face damn thick.

Now, all of you can "rasa" what I meant inin my earlier threads about sleepy icap fund manager's so called die hard supporters.
Instead of convince us by facts, when TTB dislikes your question, he will pick up petty issues and his die hard supporters will joint in to yelled at you or ask you sit down, go home ,etc...

Kian keong lim,
It is rather funny ask Kc Chong not to buy icap as the company is listed in bursa, why don't said it the other way, instead should ask TTB and is die hard supporters privatize it so KC Chong has no chance to participate the robust and burst of the company.

Immediate after sub prime, Pintaras bhd's boss loaded his company's excess fund and allocated to 2 fund boutique fund houses , one is Singular Assets management, the other is Pheim Assets management, both of the fund houses helps to generate a substantial returns for the company since 2010 . What else can our sleepy TTB fund manager say?

To simplify, when a fund manager has reached his conform zone, 7million fees per annum, you cannot expect him to lead the fund, he has no fighting spirit, if you ask him to continue his job, he will take the easy way out.
One suggesting,, the fund is to split into 2 portions, engage 2 fund managers let them compete among themselves.

Stockoperator, that should be the function of a fund manager. Unless, he forecast the market is at the extreme high side, excessive cash should not be kept in the bank but should be deployed to generate higher NAV.
Don't tell me our respected KC Chong ,i3 investors forumer ,can pick quite a numbers of valued stock with returns of some even exceeding 100% since 2010, where else icap fund manager TTB claimed that stocks from the the same market is overvalued in the same period?
In the past few years, I have attended a few speakers from various funds houses listening to their quarterly market outlook, ,most of the speakers higlighted the world economy is moving in positive directions and is getting better since 2010. They encourage me to load up in equity market.
That is the reason I dare to say icap hundred manager is sleeping on his job.

Posted by ardourboy > Nov 23, 2014 09:04 PM | Report Abuse

Kindly be reminded that Mr. Tan is actually employed to work for I-CAP, however, it seems he is the only key person that gets to decide whom to sit on the board of directors, and history has shown he does not welcome any other person other than his own selection. This worries me a lot, that this will jeopardize the interest of shareholders, where even the major shareholder's sole purpose is to safe guard their investment is being denied by Mr. Tan.

It is very serious that Mr.Tan only holds 1% of I-CAP shares, but he has exerted more controlling power and dominate the I-CAP than combined Laxey Partners and City of London of 12%.

Tony, precisely how many 5 years do an investor have?
But do you think icap shameless fund manager care?
If icap managed by KC Chong I, as shareholder will be 300 % more wealthy now.
Unfortunely, in contrast a total of 24 millions have to paid to the sleepy yet shameless icap fund manager TTB for nothing.

Hahaha, what wonderful joke for a day!

Wow, a total of 300% from Kc chong's return in last 5 years. Isn't it fantastic?
I wrote my previous thread based on my memory and what I have read in this forum no other intention.
I also want to higlight to other icap shareholders that TTB is wrong in his forecast, sleeping on his 7million fees job as icap fund manager for past 4 years yet shamelessly ask icap shareholders to support him for the appointment of Tunku Abdul Aziz bin Tunku Ibrahim in this coming adjourned AGM on 30-11-14 at Wisma MCA.9am sharp.

Cannotahan,
Not just that, we can also make suggestion to icap board of directors to kick out drawing 7 million fees yet shameless, dishonest and sleepy fund manager for his underperformance in last 4 years by replacing any other fund manager who are diligently taking care of shareholders interst.

Icap fund manager, TTB painted as if the world economy is going to collapse since 2011.
Did he forecast it correctly or not after almost 4 years,While i-3 investors respected contributor KC CHONG happens to be a value investor has made at least 50% returns during the period TTB keep shouting bear market is coming. What does this tells us, Kc Chong is working so hard while icap fund manager drawing 7 million fees but is sleeping on his job.
As a icap shareholder, I am interested my investment returns , nothing more.
Obviously, he underperform, chances should be given to those who can make money for me regardless whether he is a Chinese or Englishman.

I doubt if market not crash in next few years, there will be no margin of safety, how long more can his die hard supporters sustain and wait before all their hair turns whiter.

Boon3,
You are outsider, yet you can see the icap's cash drained off so clearly. I must salute you.
But what about his die hard supporters? When he mentioned to them sit down and wait and treat icap investment as long term investment, they happily accept the facts without second thought.

As the owner, you even go to extent suggest either return back money to owners in the form of dividend or share buy but all sorts of excuses were given to brush you off or refuse to come to your point of suggestion. Instead ridicule you with petty issues.

Let your employes tell you off?

If you own a company, you see your employees drawing a big fat salary but end result for last couple of years not performing whereas owners of company in the similar trade making tons of money, can't you confront your employees?

Zalken,
Fund management fees + investment advisory fees from year 2011 to 2014 amounted 23.2 million.
A huge amount of $700,000 advertising fees which never exist in previous few years appear in 2014. What sort of advertising fees required when the fund is almost in hyper nation.
So, total up is about 24million.
The point I try to highlight is how much investors of icap gain in term of share value in contrast to the fees paid to its fund manager since 2011.
Sorry for 4 million discrepancy.

Instead of paying 28 million fees to sleeping TTB, I believe this amount is more than enough for other fund managers who are more willing and seriously to look after the interest of shareholders of icap. Perhaps NAV may more and not stuck around $2.9 to$3.09.

Since he is a sleeping fund manager, he thinks he deserve this RM28 million management fee.
If this RM 28 million is properly utilized as share buy back at a average price of RM2.40 per share, about 11.6 million shares will be reduce is the market float.
The gap between the share price and NAV will definitely be closer, giving better return to share owner instead of going into his pocket.

Why he does not want to propose share buyback in last few AGMs, it's because the share buyback will reduce the size of the fund, thus, reducing his management fees. It will be less than his current about RM28 million fee in total since 2011.

Thank Kc Chong for your effort in highlighting this issue at this crucial period to protect the share owners interest in I-CAP.

Please be reminded to all attendees,the venue of adjourned AGM is located at Wisma MCA on 30-11-14 , 9am sharp.

Just a reminder to all attendees , while you speak, if any of TTB supporters yell at you and ask you to leave, we can suggest to them to snap a photo of TTB and worship him at home.

I can't agree more what aptly your description is in the latest Icap AGM

The board of directors should lead the company, not the other way where fund manager leads the board of directors. Ultimately, who is going to accountable to shareowners?
Further, fund manager can be fired if sleep on his job or underperformed in certain given duration.

The 1st step to strip his power is to vote against Tunku Abdul Aziz Tunku Ibrahim from being elected as director in this coming adjourned AGM at Wisma MCA on 30-11-2014. 9am.(this coming Sunday)
Let other directors not his choice to be elected in near future.

Murali, pls not to fax but courier your filled proxy form to the registrar , tricot investor services son Bhd or by hand.

Metta, of course, I wish you to vote against the appointment of Abdul Aziz in this coming adjourned AGM. At Wisma MCA on 30th nov 2014 , 9am.thanks in advance.

If you confronted him about his performance in either AGM or seminar invited by him, he will ridiculed you with petty issues which I think as a paid fund manager, whether you like it or not , you have to show your professionalism to explain patiently to your shareholders

As pointed out by Laxey Partners and city of Landon Fund management, board of directors should not be the only one from the choice of TTB.
They also want their representatives so that fund manager of icap Bhd is accountable and not like the situation now. All control by TTB who is sleeping on his job

After the latest AGM, I can conclude current board of directors are puppet of TTB.

If Abdul Aziz is a gentlemen, he should just walk away and should not make any comment about the party he left. Just imagine how members of DAP welcome him when he just joint the party and even elected him as chairman of DAP.

I attended lastest AGM, a shareholder did asked this Abdul Aziz to come forward to explained his role in the company. You know what did he said, he only mumbling and only word which I can understand is integrity. I nearly got vomited as such guy has the integrity ? If so, he should left DAP quietly .

Murali, you are absolutely correct, this Abdul Aziz, is the one who joint Dap for about a year or so and backs tapped DAP 's Lim Guan ENG

I think our 7million yearly fees paying to TTB is notf worth at all as he has not done his decent job properly. To me, the fees is just like pouring into the drain without ant returns to shareholders of Icap Bhd.

Murali,
That is the reason why I spend my time here to highlight to current shareowners of icap Bhd to wake them up and make sure his puppet Tuanku Abdul Aziz Bin Tunku Ibrahim will not be elected in this coming adjourned AGM on 30th Nov 2014 ( next Sunday) so that their interest is protected and not mislead by TTB .

Calvin, why TTB bother to understand financial market, he has his icap Bhd which provided him comfortable yearly 7millions fees, what he need to do is to make sure his puppet Abdul Hajis being re-appointed on board of directors in the coming adjourned AGM on 30th Nov 2014, If he successeed , he can continue sleeping on his job as icap Bhd fund manager.

A lot of his die hard supporters misinterpreted why he got patient to wait for next crisis while some icap Bhd shareholders can't, they have forgotten that he is drawing 7m fees yearly from the company yet holding minimum shareholding.In the event if Laxey Partners see he is sleeping on his job, liquidation of the company is the only solution. I expect this day is coming just a matter of time.

Why he worry the ulterior motives others if he doesn't has one.

A printed copy of news letter worth around $1800 p.a 8 to 12 years ago can be sold at $25 p.a has 2 interpretations:
1. The quality of so called printed newsletter is in fact a toilet papers. Ask your wife who used to buy toilet paper from supermarket, she will tell you it cost more than that.so it is easily understood not worthy at all.
2. With his current snobbish characters and past couple of years of wrong advice,I believe he has lost a lot of individuals die hard supporters so he has to sell cheap to look for new one

Calvinteng, why he refuse to make investment decision, becos company has a lot of fund now .( As far as he is concerned), Once Lacey Partners pointed out rightly before previous EGM, he command the board of directors instead of the other way round.
There is no corporate governance such as accountability , he treated Icap Bhd as his grand father business. What he interested is slowly accumulate his wealth by drawing big fat fees.