(1) Critical judgements made in applying accounting policies (continued) (d) Recoverability of balance cash consideration for the disposal of project by Berjaya (China) Great Mall Co Ltd ("GMOC")(“Final Installment”) As disclosed in Note 38(4), GMOC has initiated arbitration proceedings at Hong Kong International Arbitration Court ("HKIAC") to seek the recovery of the Final Instalment and accrued late payment interests as well as other reliefs from Beijing SkyOcean International Holdings Limited ("Beijing SkyOcean") and the guarantors, who are SkyOcean Holdings Group Limited and Mr Zhou Zheng ("GMOC Arbitration").
Based on the recent legal opinion obtained from its lawyers, it is highly probable that GMOC will prevail against Beijing SkyOcean before the HKIAC. The estimated duration of the arbitration proceedings and the enforcement of arbitral award in the People's Republic of China has been reassessed to be about 3.5 years, which is to be completed by December 2020.
Hence, in accordance to MFRS 9: Financial Instruments, GMOC has made a provision for additional impairment of RMB12.93 million (equivalent to approximately RM7.87 million) to account for the revised passage of time to recover the Final Instalment. The Final Instalment has been reclassified as a non-current receivable as disclosed in Note 10(c).
Berjaya Land Burhard claimed that the Jeju Free International City Development Center was treated unfairly during the development of the Jeju Yerae Resort Complex, resulting in a loss of at least KRW 4.4 trillion.
In addition to the ISD arbitration intentions, 'Berjaya Land Burhard' is currently undergoing a trial for damages against the Jeju Free International City Development Center and Jeju Island.
Today court case is separate from the ISD arbitration whereby BJLAND is sueing for 15 billion ringint damages. Today is suing for US$350 million. So is different case.
But today case will set the tone for ISD arbitration.
ini macam news also u able to Google... anywhere, the news doesn't mention anything materialistic besides the repeat and repeat issue which never resolved.
In November (2015), BJR had already filed a suit against the JDC for halted construction in Gotjawal Village, the first part of the total nine-phase project, seeking 350 billion won (RM1.26 Billion) in compensation.
lolz, thing going good in Korea? so sapu 20000lots... Just went thru the AR, total receivable for Jeju & China Great Mall project total up to RM1billion...what if both also write off~~
Yes received 1 billion! Afterward Viagra Tan will come out and tell you all that they're going to invest in Cambodia casino and resorts. Bloody bullshit type of people ! Full of con story to attract people to fall into this trap.
Page 12: GMOC made a further provision for impairment to account for the time value of money for the 3-month delay in GMOC Arbitration Proceedings. The provision for impairment that was attributable to the Group, which holds 51% equity interest in GMOC, amounted to RM4.07 million http://www.bursamalaysia.com/market/listed-companies/company-announcements/6266341
Possible. But better wait and see lah. Still too fast jumping into conclusion.
bahai4453 Yes received 1 billion! Afterward Viagra Tan will come out and tell you all that they're going to invest in Cambodia casino and resorts. Bloody bullshit type of people ! Full of con story to attract people to fall into this trap. 31/10/2019 10:26 AM
I know bro, but, the 30 list with the highest stand at 5% . if add up al 30 , it stand at 62%. since we know Vincent had 85%, where is the 23% name ? unless , the 23 % all split into less than 1% stake, which doesn't make sense. the remaining penta 4 % also not listed even under nominee name. I believe indirectly, Vincent had hold more than 90%, 90% is the final threshold for mgo.
this is interesting to learn how a wolf aka scammer manipulate his own company shares. now, we all understand why berjaya has the most listed companies from bjfood, bjtoto, nauto, bmedia, bjland, bicorp, atlan, bjassest.
Obviously, TSVT has started its move to acquire more and more BJLand shares until he triggered less than 15% threshold. And we see top 30 shareholders all are deemed interests by TSVT.Not only that, all foreign shareholders (should including Pent) already disappeared in the top 30 lists means he has settled the purchased price with them quietly. Yes, i agree with skyu that he could have held almost 90% shares or more already. Just waiting time to announce the GO.
"Unless , the 23 % all split into less than 1% stake, which doesn't make sense. "
It's actually possible, if consider numbers of subsidiaries and nomimee account hold by Bjcorp and VT himself.... Easier for them to right hand change left hand ma
what is the matter the boss buying ? See Tropicana also same pattern how many years already you ada see Tropicana up ? Bjland boss is the world most clever man. His strategy is not any of us can fight one. I prefer ytlp and genting but be honest I scare bjland boss When he play we no underwear. Last time still remember how low push down bjc .
this is anticipated. eventually the court case would be categorised as impairment, 830 million myr? with every quarter making loss, this gonna make the eps negative for many years. of course this is my guess only,
no matter how, I never buy into their court case, the sri kembangan land deal they cant even strike a deal.
still, I am buying their public spread story. with their land bank and 40% tote and the Japanese landbank, the best for them to fully utilise the cash and assets is privatise or delist with optional strategy, which I believe the shares not owned by Vincent is definitely less than 10%.
All ikan bilis left. Where got so much bullet to buy it up. Only can wait for VT mercy loh. Another way is to complain to Bursa to order the delisting (not now), this can make VT give General Offer faster as he will sure wanted his face.
If BJLand announced earlier a court ruling on Oct 31, then it should make the announcement IMMEDIATELY if its material OR right after closing if there's a delay in court ruling, NOT blank lah! Garbage management...
Kaakakak, don't waste your time Leong, malaysia listed companies never had the transparency and responsibility. Secondly, this company is not under the radar of all investment house, therefore, they can quickly and quietly escape any reporting.
It is just like after the racist conference,, a student protested against VC and ask ee him to step down for being racist. We need to do our part. The rest belakang kira.
Post a Comment
People who like this
New Topic
You should check in on some of those fields below.
Title
Category
Comment
Confirmation
Click Confirm to delete this Forum Thread and all the associated comments.
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: Building management systems (BMS), solar thermal systems and energy-saving services provider, Solar District Cooling Bhd aims to list on the Ace Market!
MQ Trader 514 views | 3 d ago
0:17
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 12696 views | 11 d ago
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
OceanSky
129 posts
Posted by OceanSky > 2019-10-31 07:20 | Report Abuse
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.5 Significant accounting estimates and judgements (continued), pg 149.
(1) Critical judgements made in applying accounting policies (continued)
(d) Recoverability of balance cash consideration for the disposal of project by
Berjaya (China) Great Mall Co Ltd ("GMOC")(“Final Installment”)
As disclosed in Note 38(4), GMOC has initiated arbitration proceedings at Hong
Kong International Arbitration Court ("HKIAC") to seek the recovery of the Final
Instalment and accrued late payment interests as well as other reliefs from
Beijing SkyOcean International Holdings Limited ("Beijing SkyOcean") and the
guarantors, who are SkyOcean Holdings Group Limited and Mr Zhou Zheng
("GMOC Arbitration").
Based on the recent legal opinion obtained from its lawyers, it is highly probable
that GMOC will prevail against Beijing SkyOcean before the HKIAC. The
estimated duration of the arbitration proceedings and the enforcement of arbitral
award in the People's Republic of China has been reassessed to be about 3.5
years, which is to be completed by December 2020.
Hence, in accordance to MFRS 9:
Financial Instruments, GMOC has made a provision for additional
impairment of RMB12.93 million (equivalent to approximately RM7.87 million) to
account for the revised passage of time to recover the Final Instalment. The
Final Instalment has been reclassified as a non-current receivable as disclosed
in Note 10(c).