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Sri Lanka Equity Forum » Stock Market Talk » Expert Chamber » Touchwood Case Review

Touchwood Case Review

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Go down  Message [Page 18 of 20]

341Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Thu Feb 07, 2013 7:56 pm

Lord Toad


Equity Analytic
Equity Analytic
[quote="Batuwita"]i have been following you guys for a while now and i couldn't wait without saying anything anymore cos most of you guys are behaving in a manner where not only you are showing others your true character, you are contributing immensely to worsen the current situation. i my self have invested in some plots with Touchwood and i am getting my monthly and annual returns, some time with a little delay yes that i agree. but some of you are not even investors and you are going on and on about how bad the situation is. two of my friends have already visited the plantations in Thailand and they were very happy about the whole thing and also believed what TW has previously communicated to them upon their return.why don't you (the actual investors) speak to them and sort your matters out. by doing this not only you will Help yourself as well as TW. because all of us are investors and we await our returns on maturity please do not harm our chances by ruining the image of you or anyone else. end of the day we want them to run well so our purpose is also served. thanks

@econimistSL wrote:Dear Kay2,


Oh dear - me think you protesth too much.

342Touchwood Case Review  - Page 18 Empty stock trader on Fri Feb 08, 2013 9:17 am

truthful


Stock Trader
[quote="chas"]
@Lord Toad wrote:
@Kay2 wrote:
@dinga wrote:G'day

Hi,

You should contact Touchwood local office on 0094117444888, As far i know Touchwood Asia is still very much operational and i have verified this from the local office and also via my contacts in Thailand. I am sure there is a valid explanation to your concern and doubts, at this point the right thing to do is to contact the local office. Clearly posting comments is not helping. Get it off the horses mouth.

Thanks

I am sure you are right. But it would help if Touchwood management actually clarified what is happening and how harvest returns will now be paid.

It would help if they answered their emails. I have sent 3 in the last month without one response.

The only reason people are posting here is because they are getting no response and the rumour mill (in Bangkok) is rife with bad news - of course rumours are just that but it is the job of Touchwood management to counter them.

I am an investor with Touchwood and can confirm that the office in Bangkok is closed as is the Hong Kong office. There are many clients who have not been paid their returns. There are a number of clients who are now considering litigation as the only solution. This is of course very sad, however, Touchwood are refusing to acknowledge emails or give its clients answers.

I have not been paid my harvest returns for 2011 and have not been able to get confirmation of when or even if I will be paid for 2011 and 2012's payment is now due.

Why have so many directors resigned recently? at least two directors recently resigned after being on the board for only a few months.
These are not rumours and its important that the facts are brought to the publics attention.

I have invested in agrwood & returns are due in 2015, also made an investment with their monthly project 2 months ago & successfully receiving returns, visited their plantations in Girandurukotte too. please back your accusation with proof

343Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Fri Feb 08, 2013 9:57 am

Lord Toad


Equity Analytic
Equity Analytic
[quote="truthful"][quote="chas"][quote="Lord Toad"][quote="Kay2"]
@dinga wrote:G'day

I have invested in agrwood & returns are due in 2015, also made an investment with their monthly project 2 months ago & successfully receiving returns, visited their plantations in Girandurukotte too. please back your accusation with proof

If what you are trying to do is shut the thread up you are going the wrong way about it. I have got an email list of over 40 disgruntled investors. The quickest way the shut them and me up is the pay us what was promised on time (which means in most cases NOW) with interest for late payment. We will take the minimum that was promised - namely $200 per tree. Then we will all ride of into the sunset saying 'oh what nice people.'

If you want a list of the harvest returns that are over due I can provide a few dozen from my files - if I ask my email list to post here I am sure all 40 will and I presume you will then see they are paid!

Please remember the first rule of holes is when in one stop digging!

344Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Fri Feb 08, 2013 4:59 pm

Kay2


Stock Trader
[quote="Lord Toad"][quote="truthful"][quote="chas"][quote="Lord Toad"]
@Kay2 wrote:
@dinga wrote:G'day

I have invested in agrwood & returns are due in 2015, also made an investment with their monthly project 2 months ago & successfully receiving returns, visited their plantations in Girandurukotte too. please back your accusation with proof

If what you are trying to do is shut the thread up you are going the wrong way about it. I have got an email list of over 40 disgruntled investors. The quickest way the shut them and me up is the pay us what was promised on time (which means in most cases NOW) with interest for late payment. We will take the minimum that was promised - namely $200 per tree. Then we will all ride of into the sunset saying 'oh what nice people.'

If you want a list of the harvest returns that are over due I can provide a few dozen from my files - if I ask my email list to post here I am sure all 40 will and I presume you will then see they are paid!

Please remember the first rule of holes is when in one stop digging!


I strongly suggest you should speak to the company and sort this out, we are all professionals and there is a situation here that we need to discuss with the company and work out a reasonable solution in a professional manner. Lets look at this rationally the company is operational and they have the assets on ground to meet the liability, but we all know the trees cannot be harvested and there is a wait, so we need to get a firm answer and a confirmation on the security of the asset and a clear date for payment. Tnx

345Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Sat Feb 09, 2013 3:00 pm

cyril_madrid


Stock Trader
It seems that the company had hired 'Gamini Perera' to answer emails from angry investors, but this person did not do much more than an initial reply and doesn't do any follow up.
Personnally I am asking for a receipt for the maintenance fee I paid in November 12 for my agarwood trees, a (free) plot report to prove the trees are well cared for, I will try to visit the plantation next month, info on their financial situation (or at least know who is the new auditor and when will the next audited accounts be produced).

Looks also that on top of Gamini Perera, they have hired some people to write in this forum too Wink

346Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Tue Feb 12, 2013 9:01 am

truthful


Stock Trader
KPMG was removed by a mandate from the shareholders, at the last AGM

347Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Mon Feb 18, 2013 10:04 am

Kay2


Stock Trader
@truthful wrote:KPMG was removed by a mandate from the shareholders, at the last AGM

This is true, i have verified this from many.

348Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Tue Feb 19, 2013 7:53 am

K&M


Senior Equity Analytic
Senior Equity Analytic
Shareholders will be appointing a new auditor at the next AGM, and the court case will be held in march (if people have forgotten the case, its probable touchwood will win) Ive contacted the company and many people confirmed that there is reason for the panic selling.

If you look at interim statement, touchwood seems to be in a very bad condition, firm seems to be stable. If investors keep a small portion for hedging or to take some high risk i would say touchwood. will see how it goes.

People should remember that a company such as touchwood cant go down in a such manner, its going down as if they have declared for bankruptcy. This is just panic selling, see the amount of bids coming in now. At any moment it can go up, so keep an eye on it.

http://www.slaasmb.org/significant_cases_detected1.htm

349Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Tue Feb 19, 2013 8:02 am

K&M


Senior Equity Analytic
Senior Equity Analytic
the case is on the 30th may

350Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Fri Feb 22, 2013 3:10 pm

eastlight


Stock Trader
@dinga wrote:
@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....)

Dinga - I visited the Kabinburi plantation only last week. All seemed ok to me so I'm shocked by all these revelations. Our guide on the day was Monpassorn Chuntharath. I would add that the management personnel on site did not seem to be of the same calibre as those who I met on a previous visit. Other than that - all very co-operative and helpful. Just my recent experience of course

Just another observation - last week (Thursday 14th Feb) there was a major banking exhibition held in Pattaya, Thailand. Amongst the exhibitors I am told - yes, Touchwood had a large stand there and were handing out promotional literature in a variety of languages. So heavy promotion was still going at that time.



Last edited by eastlight on Fri Feb 22, 2013 9:07 pm; edited 1 time in total (Reason for editing : Update)

351Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Tue Mar 05, 2013 8:08 am

Lord Toad


Equity Analytic
Equity Analytic
There was a meeting of investors in Bangkok last Friday. A lot was said at the meeting in particular there was a report by the organiser of Investors Group. He and others had been to the plantations and he had had a series of meetings in Bangkok. This is the link to the comments now mailed to the investors group

It is not pretty reading I fear.

352Touchwood Case Review  - Page 18 Empty TWOD 70 Million Foreign Purchase. WOW! on Tue Mar 05, 2013 5:49 pm

dinga


Equity Analytic
Equity Analytic
@Lord Toad wrote:There was a meeting of investors in Bangkok last Friday. A lot was said at the meeting in particular there was a report by the organiser of Investors Group. He and others had been to the plantations and he had had a series of meetings in Bangkok. This is the link to the comments now mailed to the investors group

It is not pretty reading I fear.

Indeed it is not pretty reading, but Friday's discussions were even more thought provoking & distressing. I am shortly going to visit what I hope are my trees and will report back.

I initially found the below report astounding, but am now hoping a White Knight is galloping in to swiftly put Baloney to the sword and save us long suffering investors the trouble.


What TWOD 70 Million Foreign Purchase
by K&M Today at 3:36 pm

.foreign Fund bought more than 70 Million shares of touchwood.

Refer the below link

http://Deleted/mubasherFileServer/File.Exchange_English_Reports/deleted%20SWOT%20Report%20-05th%20Mar.pdf

TWOD has become quite a interesting and confusing topic in the recent past, many alleging there business model is fraudulent and its a ponzi scheme. Under all these allegation and difficulties who must have bought this large stake. .

353Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Tue Mar 05, 2013 10:15 pm

Fresher


Moderator
Moderator

354Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Tue Mar 05, 2013 11:42 pm

K&M


Senior Equity Analytic
Senior Equity Analytic

Well its not virtually certain weather there is a white horse or not.. But i found this information on DU invest SWOT analysis report. Until now all the foreign transaction they reported were right i cross checked it with CSE report.

If you looked at 4th march CSE report there were foreign buying worth Rs 876,418,432. Nearly 450 M of this came from COMB and this report clearly states that and remaining amount is said to be bought by TWOD according to SWOT report.

355Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Tue Mar 05, 2013 11:54 pm

Fresher


Moderator
Moderator
K&M wrote:

Well its not virtually certain weather there is a white horse or not.. But i found this information on DU invest SWOT analysis report. Until now all the foreign transaction they reported were right i cross checked it with CSE report.

If you looked at 4th march CSE report there were foreign buying worth Rs 876,418,432. Nearly 450 M of this came from COMB and this report clearly states that and remaining amount is said to be bought by TWOD according to SWOT report.

http://www.cse.lk/cmt/upload_cse_report_file/daily_report_87_04-03-2013.pdf

page 15. Please see how many TWOD shares were traded

356Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Tue Mar 05, 2013 11:56 pm

K&M


Senior Equity Analytic
Senior Equity Analytic
I get what your saying this is why im confused too, did you DU invest and its past SWOT report ?

357Touchwood Case Review  - Page 18 Empty Damn: No White Knight on Wed Mar 06, 2013 1:40 pm

dinga


Equity Analytic
Equity Analytic
@dinga wrote:
@Lord Toad wrote:There was a meeting of investors in Bangkok last Friday. A lot was said at the meeting in particular there was a report by the organiser of Investors Group. He and others had been to the plantations and he had had a series of meetings in Bangkok. This is the link to the comments now mailed to the investors group

It is not pretty reading I fear.

Indeed it is not pretty reading, but Friday's discussions were even more thought provoking & distressing. I am shortly going to visit what I hope are my trees and will report back.

I initially found the below report astounding, but am now hoping a White Knight is galloping in to swiftly put Baloney to the sword and save us long suffering investors the trouble.


What TWOD 70 Million Foreign Purchase
by K&M Today at 3:36 pm

.foreign Fund bought more than 70 Million shares of touchwood.

Refer the below link

http://Deleted/mubasherFileServer/File.Exchange_English_Reports/deleted%20SWOT%20Report%20-05th%20Mar.pdf

TWOD has become quite a interesting and confusing topic in the recent past, many alleging there business model is fraudulent and its a ponzi scheme. Under all these allegation and difficulties who must have bought this large stake. .

Seems the reported major foreign investment in TWOD was indeed an error. Looks like we long suffering investors need to get rid of Baloney ourselves. Stay tuned....

358Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Thu Mar 07, 2013 6:08 am

Lord Toad


Equity Analytic
Equity Analytic
@dinga wrote:

Seems the reported major foreign investment in TWOD was indeed an error. Looks like we long suffering investors need to get rid of Baloney ourselves. Stay tuned....


Baloney is clearly 90% of the problem.

In the report of the meeting it was said
"There clearly was over optimism which has led to miss selling and unobtainable promises and goals.
There has also been some appalling management compounded by the fact that Roscoe Maloney wanted to run a fiefdom instead of a business. Anybody working for him had to do his bidding - without question – or risk dismissal. Thus anybody seeing problems was silenced. He surrounded himself with totally unqualified people.
He had a complexity of companies which added to admin problems as well as costs
Ideas which may have been worth investigating were actioned before they were properly considered and rash promises were made.
On top of that he was greedy for both fame and money. He clearly paid himself and his family more that they were worth whilst failing to pay and employ truly competent people in important roles such as forestry management.
If all that adds up to fraud so be it – but in my view it was arrogance backed up by crass incompetence - once he realized it was all was going wrong - he ran away. So he is a coward as well."


For investors in TWOD that should be looked at. I spoke to many past employees of TW and the sentiment of that statement was thoroughly endorsed by all. Balonay is considered as clever and manipulative which meant despite having good ideas he executed them badly and often refused to consider any caution from
others. He needs a strong and professional management team but he just wanted yes men.

The classic was his decision to invest in Cambodia - which it is believed cost TW $8 million. Anybody who knows anything about Cambodia would have said be very careful and do not risk the investment unless you can afford to lose the money. He was sucked in with the same kind of over optimistic promises he makes to his own forestry investors and lost the lot - a fact he refuses to acknowledge - and thus the whole edifice has come crashing down.

My research shows TWOD is a viable concept it just needs some decent management and the first job of new managers would be to take a long hard look and accept the reality of where they are. Hard decisions and hard work can save TWOD - it needs blocker not a stroke player - Baloney is a an ideal 20/20 no 6 - it now needs a test opener.

359Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Fri Mar 08, 2013 1:11 pm

Lord Toad


Equity Analytic
Equity Analytic

360Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Sun Mar 10, 2013 10:10 am

dinga


Equity Analytic
Equity Analytic
Re: TWOD new case
by Rapaport on Fri Mar 08, 2013 1:51 pm

.3 possible outcomes

1) restructure the comapany and management and this may require debt.

2) Sell stake to another company and move away from management. Most likely issuing new shares

3) Vanik route!

All possibilities will lead a drop in share price

I do not see any other possible positive path to escape current troubles

Company should clarify its position to investors and shareholders

Many directors and management guys have left the company knowing that alot of trouble and possible legal tangles up ahead.

Over to you Mr. Maloney

Cheers!.
Rapaport
Senior Manager - Equity Analytics

Posts: 448
Points: 1380
Join date: 2011-02-01


361Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Sun Mar 10, 2013 10:35 am

dinga


Equity Analytic
Equity Analytic
@Kay2 wrote:
@truthful wrote:KPMG was removed by a mandate from the shareholders, at the last AGM

This is true, i have verified this from many.

Please then advise who has been appointed as the replacement auditor (CSE website still shows KPMG as the auditor, and I note that TWOD's Financial Year closes on 30 March 2013).

362Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Mon Mar 11, 2013 12:46 pm

sadikeen


Stock Analytic
Stock Analytic

TWOD is really in trouble. The cheques issued in SL too bouncing, apparently due to no funds in their bank accounts. What is next ??? Bankrupcy ???

363Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Mon Mar 11, 2013 1:01 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Did this happen to you? Any confirmation ?


@sadikeen wrote:
TWOD is really in trouble. The cheques issued in SL too bouncing, apparently due to no funds in their bank accounts. What is next ??? Bankrupcy ???

364Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Mon Mar 11, 2013 1:22 pm

sadikeen


Stock Analytic
Stock Analytic

No not for me but to one of my close friends. I have seen the documents including the advise from the. I have scanned copies with me.

365Touchwood Case Review  - Page 18 Empty Re: Touchwood Case Review on Mon Mar 11, 2013 1:25 pm

sadikeen


Stock Analytic
Stock Analytic
A correction.

I have seen the documents including the bank advise.

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