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Sri Lanka Equity Forum » Stock Market Talk » Stock Market Research » Touchwood Case Review

Touchwood Case Review

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221Touchwood Case Review  - Page 12 Empty Parole on Mon Dec 10, 2012 7:15 am

dinga


Equity Analytic
Equity Analytic
npp wrote:one question from these investors.
the ads state that the ownership to these trees and 'access' to the land will be given to them? Can you elaborate on this?

WOW - never been in prison before, but it's cold comfort to see I'm not alone. I too have joined LordToad's group and am awaiting advice about how we investors can co-ordinate actions (apologies to the apologists - but we are REAL, and there are no imperatives other than to seek to secure our investments).

An email last week promised that my concerns and requests would be raised with "Management" on Friday 7 December - I will chase a response mid this week, and let the forum know the result.

I am an investor in both agarwood and bamboo - with a modest US$560 currently owing on the March 2012 bamboo harvest. Like others, the failure to pay out the bamboo harvest (from memory there were quite limited numbers of bamboo culms promoted) in the most worrying aspect.

MODS - happy to provide whatever docs/emails you need to have this discussion parolled!

222Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Mon Dec 10, 2012 7:20 am

Kithsiri


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I am flabbergasted as to how some people still fall prey for such scams even in this Information Ear.

223Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Mon Dec 10, 2012 8:09 am

venkat1711


Stock Analytic
Stock Analytic
The fact is the product / Investment model is good and if properly carried out should yield desired results. Of course every busines has risks and this too has its own. However, what affects the business most is the greediness of the promoters and diverting funds for more assets with an idea to build bigger business or finacial mis-management which is liekley to lead to liquidity issues.

As such looks like all Babmoo investors have not been paid. I would like to know from other investors if anyone has return due on Agarwood in the past 1 year and if that has also been delayed?? Any idea how the quality of the Agarwood / Bamoo grown has been and its acceptance in the market?? For me my Agarwood return is due in Jan 2014 and one last management fee is pending during Jan 2013. If Bamoo investors are not given their return & the news of thier default comes open in the public it is liklely that all investors will all stop paying up any further management fee on thier investments fearing loss of that money also. This will create additional problem for Touchwood as they need money for rotation !! I am not sure how they are going to come out of this mess ! Kindly share your thoughts on these.

224Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Mon Dec 10, 2012 10:03 am

Kithsiri


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
No matter how much one would like to Sugar Coat the issue Embarassed , I have seen such products come and go and the end result is the same. Very Happy

225Touchwood Case Review  - Page 12 Empty Forecasts & reality on Mon Dec 10, 2012 11:02 am

dinga


Equity Analytic
Equity Analytic
@venkat1711 wrote:
As such looks like all Babmoo investors have not been paid. I would like to know from other investors if anyone has return due on Agarwood in the past 1 year and if that has also been delayed?? Any idea how the quality of the Agarwood / Bamoo grown has been and its acceptance in the market?? For me my Agarwood return is due in Jan 2014 and one last management fee is pending during Jan 2013.

I visited the Kabinburi plantation some 6 months ago - looked OK then apart from:
* forecast agar growth rates were over-optimistic - meaning a blowout of 18 months to 2 years from the initial harvest forecast.
* likewise with bamboo - but I heard then that Touchwood would still need to pay the yearly incomes, due to some requirement by the Hong Kong regulators (the investments being placed there). Anyone shed some more light on this aspect???????

PS Can those not offering useful comment please desist or do something helpful (the "i told you so" type comments get mighty boring, apart from being a waste of everyones' time....)

226Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Mon Dec 10, 2012 1:34 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@dinga wrote:

I am an investor in both agarwood and bamboo - with a modest US$560 currently owing on the March 2012 bamboo harvest. Like others, the failure to pay out the bamboo harvest (from memory there were quite limited numbers of bamboo culms promoted) in the most worrying aspect.

MODS - happy to provide whatever docs/emails you need to have this discussion parolled!

If u get any official letter from TWOD, we'd like to see it... So send Admins a screen-shot in mail or pm with the link.

We may not consider posting it in the forum, however it will be valuable proof in this regards..Thanks.

227Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Mon Dec 10, 2012 4:10 pm

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@dinga wrote:
PS Can those not offering useful comment please desist or do something helpful (the "i told you so" type comments get mighty boring, apart from being a waste of everyones' time....)
Let me apologize, if my previous comment caused some discomfort to any.
I was not blaming any but was thinking loud only.
I know some were looking for a life line here.
The Thinking Loud has another purpose as some who are here not only looking for a life line but to get themselves educated.
In my life span I have seen such (Sugar coated) scams (Teak, Coconut & even Time share schemes) have come and gone with the same end result.
One of the reasons for people falling prey is because of their unawareness of such well planned scams.
That was the real purpose of my Thinking Loud and not anything else.

228Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Mon Dec 10, 2012 4:55 pm

dinga


Equity Analytic
Equity Analytic
@Kithsiri wrote:
@dinga wrote:
Let me apologize, if my previous comment caused some discomfort to any.
I was not blaming any but was thinking loud only.

No discomfort caused, to this poster at least. If this is indeed proves to be one of "such (Sugar coated) scams" - and my wallet begs that it not be so - seems to me one glaring difference is that the promoter is a Company Listed on the SL Stock Exchange.

MODS - I will for sure provide copies of any advice received from Touchwood, but my experience to date matches the silence reported by other posters (I also find this remarkable for a Listed Company).

229Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Mon Dec 10, 2012 5:33 pm

chas


Stock Analytic
Stock Analytic
@venkat1711 wrote:Dear friends, Sometimes back on 7th September the news item regarding transferring their marketing arm to Aequus Management was published on Touchwood website . However, very quickly within a few days this news item was retracted from their website & you don't find it any longer.

Any idea if this has fallen through?? Kindly share any news reg. Touchwood status. Really concerned with the health of this company from Harvest Return point of view.

NEWS ITEM :
Touchwood’s New Collaboration with AEQUUS Asset Management
September 7th 2012

Aequus Asset Management have agreed to become the marketing arm for Touchwood Limited from Monday 10th September 2012.

We have had close link with Aequus for many years and this step forward will allow us to handle what we do best: forestry. Going forward you will notice that Aequus will be handling the marketing of Touchwood Limited while we continue with forestry management and operations.

What does this mean for clients of Touchwood?

The only difference is that our future marketing and product sales will be carried out by AEQUUS. Forestry/Plantation management and establishment will remain our primary focus.

I think you will find that two directors of Aequus joined the TW board and then resigned a very short time later. I have been reliably informed that TW were employed as forestry managers for Aequus but they are now using a different company due to TW not honouriing their obligations with Aequus and TW clients. Suggest that someone asks Aequus to verify their view.. the appoinitments & resignations are recorded on the CSE. Its a little surprising that the CSE don't appear to have been interested in asking why TW has had so many directors resign in the last 12 months.

230Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Thu Dec 13, 2012 4:50 pm

CML


Stock Trader
Hi, I'm a TW agarwood investor as well and my harvest return is 10 months overdue. Their replies are just rubbish.

Dear XXX,

Thanks for your email. Please note that the board of directors of Touchwood Limited still have not updated us as to when payment of the harvest return shall be made on your certificate XXXX.

As to your second question please note that we are not sure why payment hasn’t been approved by them. We shall continue to follow this matter up with them in order to get clarification as soon as possible.

Regards

Harvest Return Team
Touchwood Asia Co.,Ltd.

231Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Thu Dec 13, 2012 4:55 pm

CML


Stock Trader
I think we have to prepare for the worst and consider taking action together. The problem is I'm from Hong Kong and don't know what can be done.

232Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Fri Dec 14, 2012 9:41 am

chas


Stock Analytic
Stock Analytic
my bamboo harvest was due in earlier this year, hasn't been paid and they haven't answered any communications.
They have now launched ANOTHER 'investment product' and on the marketing flyer it says "Paying harvest returns since 2007 (proven business model)....but as we now know they aren't.
I will be sending them a letter from my lawyer as this provides a record. suggest that everyone owed should do the same and join the group that is contemplating taking joint action.

233Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Mon Dec 17, 2012 5:17 pm

CML


Stock Trader
Is your lawyer a local one? Can you message me his contact?

234Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Mon Dec 17, 2012 6:06 pm

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Whatever you guys tend to do....ACT FAST........there is no point delaying further.......that will give more frustation for the investors and more time for directors to escape. Cool

235Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Tue Dec 18, 2012 2:16 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Yes, delaying this matter further seems very illogical at this stage if you have all these concerns.

I think it is high time SEC/CSE also forms a impartial body to mediate any issue arising from listed stocks.

@traderathome wrote:Whatever you guys tend to do....ACT FAST........there is no point delaying further.......that will give more frustation for the investors and more time for directors to escape. Cool

236Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Wed Dec 19, 2012 1:04 am

Bachus


Stock Analytic
Stock Analytic
I recently learned about this discussion.
I invested in TW agarwood in the United Arab Emirates in 2006, I visited "my" plantation in Thailand in 2008, and received the final harvest documentation sometime in July 2012. I signed those documents off and sent them back to TW Bangkok office and received the confirmation of the receipt in October 30, 2012. And this was the last message I've got from TW in spite of numerous e-mails and calls.
All the above I can proof by publishing the scanned copies of the documents; please let me know where and how (I'm new in this forum).
I would like to join a coordinated action along with other let-down investors to recover due money from TW. Please keep me posted on this subject.

237Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Wed Dec 19, 2012 11:13 am

venkat1711


Stock Analytic
Stock Analytic
Hi Bachus. So I have another company from UAE. Surely there must be several others here but not sure how to get in touch with them Crying or Very sad I am surprised that atleast until July Touchwood had some intention of paying Agarwood returns and that's why I suppose they sent you the harvest documents Very Happy . My Bamboo returns was due in June but no intimation/documents were sent to me Embarassed
I am not able to PM you... Not sure how to get in touch with you to share ideas. Administrator/Moderator kindly let me know if I can leave my contact No here.???

238Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Wed Dec 19, 2012 11:22 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Venkat,

participate in the forum and get your post count to 10. Then you can PM.

@venkat1711 wrote:Hi Bachus. So I have another company from UAE. Surely there must be several others here but not sure how to get in touch with them Crying or Very sad I am surprised that atleast until July Touchwood had some intention of paying Agarwood returns and that's why I suppose they sent you the harvest documents Very Happy . My Bamboo returns was due in June but no intimation/documents were sent to me Embarassed
I am not able to PM you... Not sure how to get in touch with you to share ideas. Administrator/Moderator kindly let me know if I can leave my contact No here.???

239Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Wed Dec 19, 2012 12:05 pm

Bachus


Stock Analytic
Stock Analytic
What is PM please?
Venkat and All,
I met the local TW's representative in Dubai in April 2012 (at the time of plantation maturity). She presented three options of harvesting:
Option a: extend the term for another three years and double the return
Option b: buy back for the guaranteed sum of money (triple the investment)
Option c: harvest yourself
She strongly recommended for the Option a, however after some hesitation I decided for Option b. I confirm, that around July she absconded and the only correspondence was with the TW Bangkok's office - untill October.
Now I moved to my home in Poland for good and trying to investigate the TW whereabouts. Is TW still present in the stock exchange?
I informed the Thai Trade Center in Dubai and in Poland about the case, but no results so far.
Regards,

240Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Wed Dec 19, 2012 12:22 pm

venkat1711


Stock Analytic
Stock Analytic
Dear Bachus, Obviously they knew the status and no surprise in the representative asking to choose option a. For your information I was in touch with the Dubai representative by e-mail until even Nov... Now & then she used to come on skype and for name sake say hello and vanish after giving assurance that she is just on the job to get my return... She left Dubai sometimes in June end and never returned Crying or Very sad obviously fearing investors here will hold her responsible.. I was in touch with one Mr Asanka ( I understand he is now responsible for international operations - Agarwood), and recently passed on the buck to another person (Luknam) saying he is the person in-charge for Bamboo... A relay race is going on in passing the buck but no concrete action... Mad . This Mr Luknam sounded out that they are rescheduling the payments and said he will get back in another weeks time and inform regarding this... I am waiting for that man's feedback... I will keep all updated..

241Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Wed Dec 19, 2012 12:48 pm

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
If the guys are in U.A.E., then why don't you individually and collectively report the incident to the Fraud Prevention Unit there and let them initiate their own investigations.

242Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Wed Dec 19, 2012 2:23 pm

trendfollower


Stock Trader
Hi, chas,

Please PM me how to join together for legal action. Thanks.

243Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Wed Dec 19, 2012 9:37 pm

Bachus


Stock Analytic
Stock Analytic
May somebody please explain what does "PM" mean? Thanks.

Just before I left the UAE at the end of November I reported the case to the Ministry of Economy (no response so far)- is the Fraud Prevention Unit within the same organization?

244Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Wed Dec 19, 2012 9:48 pm

venkat1711


Stock Analytic
Stock Analytic
Dear Bachus. PM is Private message.. If you see there is an icon "send private message" next to your name which is enabled only if member has posted atleast 10 posts ( as per this forum guidelines). Regarding reporting to the "Fraud prevention Unit" let me explore where they are located and how to go about in case they do accept our case against Touchwood which I think is only a representative office here.. I live in Abu Dhabi so there will be some difficulty in this regard. Still let me first find the details.

245Touchwood Case Review  - Page 12 Empty Re: Touchwood Case Review on Thu Dec 20, 2012 7:53 pm

fatima172


Stock Trader
test

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