Hibiscus said it viewed this as “a clear attempt by the subject directors and their related parties to avoid liability through improper means.” GHL and its nominee director have challenged the latest actions by LKFL and the directors.

“In addition, as Section 12.1 of the shareholders’ agreement stipulates that each shareholder of Lime Plc (including Rex and Schroder) can only nominate one director each, the above position of three nominees from two shareholders represents a serious contravention of the shareholders’ agreement, and will be subject to appropriate legal and other action accordingly,” it said.

It said its unit Rex International Investments Pte Ltd’s (RII) direct interest in Lime Norway had increased from 26.18% to 96.49% after subscribing to the entire new share issue of Lime Norway for 77.4 million kroner (RM37.4mil).

Rex said Lime Plc, in which Rex has a 65% interest, held the remaining 3.51% interest in Lime Norway.

Hibiscus is disputing this, saying in its quarterly report for the quarter ended Sept 2015 that RII would only have a 26.18% direct interest in the enlarged paid-up capital of Lime Norway, with Lime Plc holding the remaining 73.82% direct interest.

According to Hibiscus, its group’s effective interest in Lime Norway would decrease only to 25.84% from 35% previously on completion of RII’s capital injection into Lime Norway.

http://www.thestar.com.my/business/business-news/2016/02/04/hibiscus-jointly-controlled-company-lime-petroleum-faces-liquidation/

Hibiscus’ jointly-controlled firm Lime Petroleum faces liquidation

KUALA LUMPUR: Hibiscus Petroleum Bhd’s associate company, Lime Petroleum Plc (Lime Plc), which holds oil and gas concessions in Norway and the Middle East, is facing the possibility of being wound up.

Hibiscus told Bursa Malaysia that three Lime Plc directors nominated by the early-exploration firm’s other shareholders -- Rex Middle East Ltd and Schroder & Co Banque SA -- had called for a shareholders’ meeting on Thursday, Feb 4, to consider the winding up of Lime Plc as well as other matters.

Hibiscus had purchased a 35% equity stake in Lime Plc for US$55mil (RM225.2mil) in 2012. Its stake is being held by unit Gulf Hibiscus Ltd (GHL).

Hibiscus, which had been a special-purpose acquisition company prior to entering the Lime venture, said one of the Lime Plc directors Laurence Keenan, through his wholly-owned outfit LK (Fiduciaries) Ltd (LKFL), had stated that he and the other two directors, Karl Helge Tore Lidgren and Simon Comina, planned to make decisions at the meeting without the presence of the GHL-nominated director.

“According to LKFL, one of the consequences of the winding up action will be the staying of the derivative action against the subject directors (which will be to the benefit of those individuals),” Hibiscus said in its statement.

The company said the matters set out in LKFL’s letter regarding the meeting were initiated and pursued by parties “who are all conflicted and have self-serving interests in the matter.”

Hibiscus said it viewed this as “a clear attempt by the subject directors and their related parties to avoid liability through improper means.” GHL and its nominee director have challenged the latest actions by LKFL and the directors.

“In addition, as Section 12.1 of the shareholders’ agreement stipulates that each shareholder of Lime Plc (including Rex and Schroder) can only nominate one director each, the above position of three nominees from two shareholders represents a serious contravention of the shareholders’ agreement, and will be subject to appropriate legal and other action accordingly,” it said.

On Dec 23 last year, GHL filed a suit against the three directors for alleged breach of trust and/or breach of fiduciary duty, particularly in relation to the actions taken to effect a substantial dilution of Lime Plc’s shareholding interest in Lime Petroleum Norway AS (Lime Norway) under a restructuring undertaken by Lime Norway.

Lime Norway, a pre-qualified oil company in Norway which has stakes in 19 exploration and production licences there, is a wholly-owned subsidiary of Lime Plc. The suit was to enable Lime Plc, an entity which is jointly controlled by GHL, to make claims estimated at “US$100mil and above” against the trio.

Singapore-listed Rex International Holding Ltd, which wholly owns Rex Middle East Ltd, announced to the republic’s securities exchange on Dec 14 that Lime Norway had completed a restructuring exercise approved by Lime Norway’s shareholders at an EGM in October 2015.

It said its unit Rex International Investments Pte Ltd’s (RII) direct interest in Lime Norway had increased from 26.18% to 96.49% after subscribing to the entire new share issue of Lime Norway for 77.4 million kroner (RM37.4mil).

Rex said Lime Plc, in which Rex has a 65% interest, held the remaining 3.51% interest in Lime Norway.

Hibiscus is disputing this, saying in its quarterly report for the quarter ended Sept 2015 that RII would only have a 26.18% direct interest in the enlarged paid-up capital of Lime Norway, with Lime Plc holding the remaining 73.82% direct interest.

According to Hibiscus, its group’s effective interest in Lime Norway would decrease only to 25.84% from 35% previously on completion of RII’s capital injection into Lime Norway.

Hibiscus shares gained 2.5 sen to close at 21 sen on Thursday, with 19.32 million shares being traded.

hahahah pandai bankruptcy. Polo pun bodoh beli saham company yg nak bankruptcy. hahahahahah. Lain kali baca betul-betul.

http://www.malaysia-today.net/th-records-highest-profit-in-its-52-year-history/

TH depositors will be getting a 5% bonus plus 3% Hajj bonus for those who have yet to perform the Hajj.

(Free Malaysia Today) – Lembaga Tabung Haji (TH) today revealed that it managed to rake in RM3.53 billion in profit, the highest it has recorded since it was established 52 years ago.

The amount, according to Minister in Prime Minister’s Department Jamil Khir Baharom, represented a 19% increase from the RM2.98 billion earned in 2014.

“With this performance, TH will be distributing RM3.23 billion to our 8.85 million depositors, which means each individual will be getting a 5% bonus.” he said, adding that those who had yet to perform the Hajj would get an additional bonus of 3%.

“From the total profit, RM59.3 million will be used to pay for zakat while RM300 million will be kept for TH’s reserves,” he said in an announcement at TH headquarters here today.

Jamil Khir said TH had decided on the amount of reserves after considering Bank Negara Malaysia’s recent assessment of its reserve levels.

The central bank recently said that TH’s reserve levels were in the negative and it would not be able to pay dividends this year if it did not take steps to resolve the matter.

In a letter dated December 23, Bank Negara Governor Zeti Akhtar Aziz told the pilgrims’ fund that it had only 98 sen in assets for each ringgit in liability.

Section 22 of the Tabung Haji Act stipulates that it could not announce dividends and bonuses if its assets were worth less than its obligations.

Hahahahah from 0.34 i average down till 0.23. Now waiting for hydra,outcome from drilling in norway and anasuria. Hehheheehhhehehehehehehehheheeh. Wakaakaakakakaakkaka. Huh puas. Lagi kalau jatuh lagi aku average down provided it is an attractive price la. Hahahhahah.

heheheheh aku hanya mampu ketawa terbahak-bahak. cepat cepat kasi sampai 0.23. heheheh.

http://www.malaysia-today.net/when-abu-kassim-speaks-from-his-sorry-behind/

WHEN ABU KASSIM SPEAKS FROM HIS SORRY BEHIND


As Malays would say, “Lebih baik kafir dari orang Islam macam ni.” Yes, you must be careful of such Muslims who are worse than kafir. I would call these people from MACC orang Islam munafiq.

THE CORRIDORS OF POWER

Raja Petra Kamarudin

Some people speak with their mouths, some from their sorry behinds where the sun does not shine. The MACC Chief Abu Kassim Mohamed speaks from his sorry behind where the sun does not shine.

Abu Kassim said, “Saya ingin menegaskan bahawa saya rela bersara daripada mengambil tindakan ke atas pegawai yang selama ini mempertahankan kebebasan SPRM dan menegakkan keadilan, serta hanya menjalankan tanggungjawab yang diberikan mengikut undang-undang negara. Pengurusan Tertinggi SPRM memberi jaminan akan terus melaksanakan amanah yang diberikan dengan bebas, telus dan profesional.”

I can imagine why he said that — because there are a lot of crimes that his officers have committed and some of those crimes involve him. So, if he takes action against his officers, then he, too, would have to go to jail. And just one case, the case of lawyer Rosli Dahlan, is enough to demonstrate how dishonest this Abu Kassim is.

This was what Rosli Dahlan wrote to Abu Kassim in 2012: “I implore you not to allow this sacred institution (MACC) to be used as tool of oppression and persecution in the guise of false prosecution against innocent citizens. Otherwise, you will one day see your own hands in the destruction of t‎his institution.”

And Blogger Din Merican has this to say: “MACC’s Adviser Tan Sri Rashpal Singh, Head of AMLA Jessica Gurmit Kaur, and prosecutor Ahmad Sazilee Abdul Khairy were arrested together with two MACC directors Bahri Md Zain and Rohaizad Yaakub, who were then transferred to the Prime Minister’s Department.”

“MACC’s Tan Sri Abu Kassim named as the 1st Defendant in Rosli’ suit is said to be recovering from a back surgery as a camouflage for MACC’s inaction. Many including me remain unconvinced and have called him a general who abandoned his troops in the middle of a battle. MACC officer Mohan Muthaiyah, who brutally arrested and handcuffed Rosli until his wrist bled, was himself charged for corruption and was convicted.”

So there you have it. MACC is nothing but a vipers’ pit. It is where all the crooks congregate. And they can be hired for a price to fix up anyone who you would like to see neutralised.

And this is not the first and only time they are doing this. They have been doing it for so long and have been getting away with it. This time, however, their victim refuses to pay ‘under-the-table’ to make the case go away. This time their victim is fighting back. So now MACC is scared shit and does not know what to do.

Let me make this very clear. These are the same people who pray five times a day. These are the same people who go to Mekah every year so that they can clean the dirty money that they earn. These are the same people who will not drink beer or eat pork. Yes, these are the same people who in the name of Allah would fix you up for a price.

Aren’t you all bloody glad you are not Muslim when these are fine specimens of what pious Muslims are?

As Malays would say, “Lebih baik kafir dari orang Islam macam ni.” Yes, you must be careful of such Muslims who are worse than kafir. I would call these people from MACC orang Islam munafiq.

Anyway, you can read more about this slime-ball and scumbag named Abu Kassim who is masquerading as a pious Muslim in these links below:

Cheque butts, butt fetish and MACC the butt of the joke (Malaysia Today, 1 January 2010)

http://www.malaysia-today.net/cheque-butts-butt-fetish-and-macc-the-butt-of-the-joke/

Rosli v. MACC: Will Abu Kassim be a ‘no-show’? (Free Malaysia Today, 8 June 2015)

http://www.freemalaysiatoday.com/category/nation/2015/06/08/rosli-v-macc-will-abu-kassim-be-a-no-show/

A case that can teach MACC to be humble (Free Malaysia Today, 22 September 2015)

http://www.freemalaysiatoday.com/category/highlight/2015/09/22/a-case-that-can-teach-macc-to-be-humble/

Death of Kevin Morais: MACC should settle and let him rest in peace (Din Merican, 23 September 2015)

https://dinmerican.wordpress.com/2015/09/23/death-of-kevin-morais-macc-should-settle-and-let-him-rest-in-peace/

Not wrong in ordering lawyer to declare his assets, says prosecutor (The Malaysian Insider, 8 June 2015)

http://www.themalaysianinsider.com/malaysia/article/not-wrong-in-ordering-lawyer-to-declare-his-assets-says-prosecutor

Why is A-G Gani Patail afraid to go to trial against Rosli Dahlan? (Din Merican 1 April 2015)

https://dinmerican.wordpress.com/2015/04/01/why-is-a-g-gani-patail-afraid-to-go-to-trial-against-rosli-dahlan/

The case of Rosli Dahlan: The MACC On Trial (Din Merican, 18 June 2015)

https://dinmerican.wordpress.com/2015/06/18/the-case-of-rosli-dahlan-the-macc-on-trial/

Post removed.Why?

oh bursa open tomorrow?

What you all talkinging about. this one will follow sumatec la. Tunggu sumatec naik. Ini adik will follow. Aiyo itu pun susah paham ka.

because they are at the lowest level now and has been hit hard by the slump in global oil price. This made those previously very expensive oil stock become very cheap and what we all know oil like most of other commodities will goes up eventually when demand and supply issues solve. So that's why it become attractive and people start to buy and keep for long term or mid term.

it look attractive to buy but aiyo duit tak cukup pulak.

so happy :-)

i wont give you a recommendation to buy or sell. you should buy when the price are very low. not chase it when the price already moving up.

because its follow global oil price rally.

no

oit crazy where u see that?

aiyo berat la suma ni mau naik.heheh

aik mana semua org yg kutuk aku hold hari tu ? sulah hilang ka ?

0.23 please. :-)

huraiiiiiiiiiiiiiiiiiiiiiii

heheheh my holding now 0.23. keep coming. waiting for the deal between russia and OPEC and action by Nigeria :-).

HOW DR MAHATHIR LEFT A TRAIL OF DESTRUCTION IN TABUNG HAJI

http://www.malaysia-today.net/how-dr-mahathir-left-a-trail-of-destruction-in-tabung-haji/

Actually, the Tabung Haji story is a 20-year old story and more than ten years ago people were already talking and writing about it. The Tabung Haji fiasco actually started when Tun Dr Mahathir Mohamad was Prime Minister and Anwar Ibrahim his Deputy and Finance Minister.

THE CORRIDORS OF POWER

Raja Petra Kamarudin

The ANC (Anti-Najib Campaign) is getting a bit slow nowadays. I would have expected by now they would be screaming, ranting, raving, moaning, groaning and foaming at the mouth regarding the Tabung Haji issue. It is, after all, many hours since the news first broke.

I suppose the ANC has to be very careful with this one. And that is because if they start screaming, ranting, raving, moaning, groaning and foaming at the mouth the real story about Tabung Haji might just surface.

Actually, the Tabung Haji story is a 20-year old story and more than ten years ago people were already talking and writing about it. The Tabung Haji fiasco actually started when Tun Dr Mahathir Mohamad was Prime Minister and Anwar Ibrahim his Deputy and Finance Minister.

Anyway, you can read the story regarding Tabung Haji below, which was written by Leslie Lopez in the ASWJ in 2004. And we all believe the Wall Street Journal, right? They are the trusted source for the 1MDBD expose and we trust them because they would never lie to us.

*******************************************************

Malaysian Fund Undergoes Scrutiny — Government Vehicle Draws Ire as Soured Investments Shrink Once-Hefty Payouts

By Leslie Lopez, The Asian Wall Street Journal

1 December 2004

KUALA LUMPUR — Salmah Mahjid runs a small food stall on the fringes of the financial district here. Each month, she puts 20% of her income into an account at Lembaga Urusan Tabung Haji, a unique government-owned investment fund created to finance Malaysian Muslims’ pilgrimages to Mecca.

The 43-year-old mother of five has just one goal: to create a nest egg for her family to make their pilgrimage, a sacred duty for all Muslims. “I know the money will be there when we need it,” Ms. Salmah says.

But for Mokhtar Hamid, a retired government employee who has put all of his savings into Tabung Haji, the fund was also a steady and lucrative investment. Setting aside money for his pilgrimage is one reason, he says. “The other was the good returns Tabung Haji used to give me.”

For most of the 1980s and early 1990s, Tabung Haji paid annual dividends averaging more than 8.5%, much higher than the interest offered on savings by Malaysian commercial banks in those years.

But the robust dividends are gone and some unhappy depositors like Mr. Mokhtar are blaming Tabung Haji’s management for making ill-advised investments that have eroded the fund’s bottom line. Since Asia’s financial crisis struck Malaysia in 1997, the fund has slashed its annual dividend to barely more than 3%. “This institution is based on religion and the money has been deposited for holy reasons,” Mr. Mokhtar says. “But the management has been a huge letdown.”

Indeed, Tabung Haji’s affairs, long shrouded from public view, are coming under scrutiny.

A report by Malaysia’s Auditor General, which was released in July, says that some of the fund’s big investments were tainted by serious management mistakes, leaving the fund burdened with poor-quality assets. The unusually harsh report has prompted a police complaint against Tabung Haji by an ethnic Malay student group. Government officials also say that the country’s Anti-Corruption Agency is investigating several of Tabung Haji’s investments.

Tabung Haji officials declined to comment on the developments. But several senior executives, who spoke on condition of anonymity, say the Auditor General’s report reflects missteps made in the past. They insist the situation has improved. “There are problems, but new measures have been put in place to make sure these problems don’t recur,” says one Tabung Haji executive. He says a 2001 management overhaul helped turn around the fund. For 2003, it produced a profit of 414 million ringgit ($108.9 million), up from 368 million ringgit in 2002.

Still, bankers and government officials familiar with the fund’s affairs say Tabung Haji’s improved earnings largely reflect the more robust Malaysian stock market.

What is more, the fund is still burdened with problems inherited from the mid-1990s, bankers and government officials say. These include a portfolio littered with bad bets such as some sour loans to Malaysian business groups and overpriced property acquisitions. Such investments have crimped Tabung Haji’s ability to provide bigger dividends to the 4.5 million depositors who have collectively invested more than $3 billion in the fund.

READ MORE :
http://www.malaysia-today.net/how-dr-mahathir-left-a-trail-of-destruction-in-tabung-haji/

tak habis habis red bean army ni.

i sulah lama buy in counter ma. Go and ready the history of this tread la derrickinvestor1. I also buy KNM yesterday. So my portfolio for O & G now is PCHEM, KNM, HIBISCUS & SUMATEC.

hello HaliaMaduPeng so long already we declare here that we hold Hibiscus share. What u just a new comer ka ? aiyo. Go and ready history of this tread la.

oil now sky rocketing. Saudi Booming Syria IS oil strategic port and IS attacking Libya oil port and pipeline. America going to be hit by major storm next week and all located in east coast where a lot of shale all terminal located. hehheheh. keep on coming.

my cost not 0.34 anymore. I update here already already as i start average down from 0.15 and below. Now my cost is 0.25. Hheheheheheh. Im so so so happy.

hehehh will come :-)

hahahah

huraiiiii

hahahhahaah

WTF if you donno our struggle don`t simply say. we at PETRONAS also work hard and do our best for our family, organization and nation.

yeah i will start join in buying KNM. :-)

Ok will pump in more money after lunch to average down more in Hibiscus and Buy in KNM. :-) .

aiyo why not going down. so sad.

tunggu bila mau jatuh lagi

This now become my another darling in bursa.

tomorrow is the best chance to hit 0.11. huraiiiii. and another part of my money will hentam KNM KAW KAW ONE. But not now. wait till BRENT USD 20 - 23.

huraiiiiiii. almost hit 0.1. cepat cepat. kasi hit 0.1. sikit duit mau simpan untuk hentam KNM. heheheheh. cepat kasi lagi murah.

good for you dodo. i average down starting from 0.15.It will move close to 0.1. :-) .

plz go to 0.11. plz plz plz. hehehe.

Post removed.Why?

reach O.15 im start buying sikit2 to average down my price :-).

want to buy but ada potential jatuh lagi. kalau dah stable baru beli kot.

http://www.thestar.com.my/business/business-news/2016/01/19/probe-deepens-on-nexgram/

Probe deepens on Nexgram

Action taken will depend on findings of the investigation

PETALING JAYA: Following the unprecedented action by the Securities Commission (SC) to disclose questionable actions by Nexgram Holdings Bhd, the regulator’s next course of action is a thorough investigation into the money trail relating to the RM84.5mil cash balance that had previously existed in the company, sources said.

This investigation will entail, among others, answers from directors, advisors and auditors of Nexgram, which is involved in software and property.

It is learnt that the authorities are looking at the dealings involving three subsidiaries of Nexgram and if the decision to divest them went to the board.

“The three subsidiaries were already the subject of investigations by the authorities in the capital markets. Knowing that, how did the planned divestments get done?” asked a corporate lawyer. The type of action taken will depend on the findings of the investigation by the regulators.

To recap, last Friday, the SC invoked its powers under Section 217(4)(b) of the Capital Markets and Services Act 2007 (CMSA) by issuing a public statement in relation to a proposed takeover of Ire-Tex Corp Bhd by Nexgram, to be funded by the latter’s shares.

The SC’s concerns had related to the value of the assets of Nexgram, noting that the actions of Nexgram to dispose of some of its subsidiary companies “delays and obstructs the ongoing enquiries by the SC and Bursa Malaysia.”

According to sources, both the SC and Bursa had concerns about Nexgram, following the latter’s service of its notice to takeover Ire-Tex last November.

At some point in their investigations, both regulators agreed that there were sufficient grounds for Bursa to require Nexgram to provide verification on the existence of certain assets belonging to these subsidiaries.

It is also understood that as part of the initial investigation into Nexgram, the SC and Bursa had met with the advisors and a representative of the board of Nexgram to request the verification of certain alleged bank balances by an independent accountant.

The trigger point for the SC to take action under Section 217 of the CMSA was the company’s decision to dispose the relevant subsidiaries.

The type of actions of the regulators in this case will depend on when the outcome of their investigations are, which is also a complicated matter as it involves bank accounts and other transactions in Indonesia.

Depending on the timing of the findings, the SC could file for an injunction to stop the offer from proceeding or leave the offer to lapse. This is because Bursa has already notified Nexgram through its advisors that it will not clear the circular to shareholders and thus an EGM cannot be held for Nexgram shareholders to vote on matter, and this in turn would lead to the offer lapsing.

“The combined efforts of the SC and Bursa are ensuring that the shareholders of the target company, namely Ire-Tex, are not in danger of receiving payment in shares that may have a questionable value,” explained the corporate lawyer.

The SC raised eyebrows at the value of Nexgram that was sitting on a cash balance of RM84.5mil as at April 30, 2014. Its accounts showed that in the following financial year, most of that cash looked like it had been converted into inventories.

The company could have used the cash to purchase inventories, indicative by the accounts which showed inventories move from zero to RM89.8mil as at 2015. At the same time, cash balances fell to RM31.1mil. Sources said the SC’s enquiries could have centred around the paper and cashtrail of how those inventories were built up.

The case involving Nexgram has drawn attention to one businessman in particular, Datuk Tey Por Yee, who on Jan 14, resigned as executive director to “pursue his personal interest and goals”. Since his resignation, Nexgram has six directors left sitting on its board.

The rare statement by the SC sent Nexgram’s shares reeling to as low as 7.5 sen yesterday, representing an 11.76% drop.

The stock saw 34.5 million shares exchange hands. The shares closed at 8.5 sen last Friday.

Tey was also involved in the Protasco Bhd boardroom tussle, which saw him together with director Ooi Kock Aun voted out of the board at an EGM.

This came after allegations of a questionable investment in an Indonesian oil and gas company.

Meanwhile, in a related development, Nexgram shed some additional details about its plans to sell its entire 69.6% stake in Godynamic Investmentd Ltd for RM34.8mil on Jan 12.

This was in response to a query by the stock exchange.

Nexgram said while proceeds from the disposal would be used to pay for the 51% stake in Transeaways Shipping Sdn Bhd, which was announced on Jan 14, the company was “unable to quantify the exact amount” to be utilised for the planned acquisition.

Bring it on.Bring it to as low as they can.hehehe. peluang terhidang semakin hampir. cant wait to grab as much as i can.

the price still not that attractive for now. But i think it can go even further down. Hope i can go below 0.15. Then i will average down. and down and down. Lepas tu relax tunggu hydra datang. hahahah.

yes sure musashi69.No problem.