Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය

Latest topics

» Political instability???
by Yahapalanaya Yesterday at 6:18 pm

» SL has negative outlook as of January 2018 - Moody’s
by samaritan Yesterday at 5:02 pm

» Wiser's TA Chart Room
by wiser Yesterday at 2:47 pm

» Sri Lanka’s USD500mn development bond oversubscribed
by ranferdi Yesterday at 1:09 pm

» CITH AMALGAMATION....
by Miss-Sangeetha Thu Jan 18, 2018 6:26 pm

» Don't Go to LB Finance...LEE BONNA FINANCE...
by venura Thu Jan 18, 2018 5:44 pm

» HVA getting ready once more
by anjelo Thu Jan 18, 2018 1:23 pm

» BERU.N0000
by lakmal87 Wed Jan 17, 2018 11:48 pm

» sira.......2.40/=
by TuTanKaman Wed Jan 17, 2018 2:32 pm

» TIME TO BUY KZOO.........
by max shanu Wed Jan 17, 2018 1:05 pm

» ALHP WILL MOVE UP SOON
by wisdom79 Tue Jan 16, 2018 10:01 pm

» RAL.N at Rs2.40
by lakmal87 Tue Jan 16, 2018 7:04 am

» ONLY GOODNESS OF YAHAJADAAPLANAS
by Ryan Hudson Tue Jan 16, 2018 5:50 am

» Pan asia power PAP
by Ran49 Mon Jan 15, 2018 8:11 am

» Lanka Cement
by Ran49 Mon Jan 15, 2018 8:09 am

» CTBL-Rights
by ruwan326 Fri Jan 12, 2018 11:57 am

» US revamps travel warning system; SL gets an okay
by TraderCSE Fri Jan 12, 2018 8:07 am

» What do you expect in CSE performance prior to LOCAL GOVT.ELECTIONS?
by ONTHEMONEY Thu Jan 11, 2018 10:35 am

» best stocks to buy now
by ranferdi Thu Jan 11, 2018 8:49 am

» FATAL ATTRACTION??????????
by samaritan Wed Jan 10, 2018 11:13 am

» CFT share එක මොනව හරි දෙයක් වෙනව වාගෙ.
by 2017 Cse Tue Jan 09, 2018 11:02 pm

» Treasury posts Rs22bn primary surplus in Budget, first time in 63 years
by kovida Tue Jan 09, 2018 4:23 pm

» UNION BANK (UBC)
by peiris Tue Jan 09, 2018 2:42 pm

» FUTURE GEMS - Kind help
by Elahara Mon Jan 08, 2018 10:47 am

» Perpetual Treasuries to get a most of Treasury Bill-Bond Business of New Government?
by ranferdi Mon Jan 08, 2018 8:22 am

HashFlare

You are not connected. Please login or register

Sri Lanka Equity Forum » Expert Chamber » Touchwood Case Review

Touchwood Case Review

Go to page : Previous  1, 2, 3, 4, 5, 6, 7, 8, 9, 10  Next

View previous topic View next topic Go down  Message [Page 6 of 10]

1 Touchwood Case Review on Tue May 24, 2011 4:07 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
First topic message reminder :

Unofficial information that the expected Touchwood case against Sri Lanka Accounting and Auditing Standards Monitoring Board(SLAASMB) next hearing will be on 26th May 2011. Yes everyone looking the favorable outcome. Today, there are rumors that outcome will be favorable to the company and some brokers recommend to buy at current price. I could see some collection (about 820,000 shares) was made @ 23.60 levels.

I just did some research on the Touchwood Case. It looks like decision will be favorable to company. (This is not a promotion, just merely to getting your views. To be honest I do not have TWOD shares at the moment.)

We all know about the case related to the valuation of biological assets. I extracted some facts from SLAASMB website of case information to start from beginning.

The Sri Lanka Accounting and Auditing Standards Monitoring Board has determined that the estimates of fair value of biological assets used by Touchwood Investments Limited in its financial statements for the years ended 31 March 2005 and 31 March 2006 are clearly unreliable. The Company has also not been able to provide the Board with any other estimates which are reliable. Further, the method of valuation used for the year ended 31 March 2005 was not in accordance with International Accounting Standard, IAS 41 Agriculture, which the company has purportedly adopted.

As the company has purportedly adopted International Accounting Standard, IAS 41 Agriculture, the Board has concluded that the biological assets should have been valued at a value which approximates cost in accordance with paragraph 24 (b) of IAS 41 or at cost less accumulated impairment in accordance with paragraph 30 of IAS 41. Based on such valuation the company would not show a net profit for the relevant financial periods.

As the impact on the financial statements is substantial the Board has decided to refer the non-compliance to the Attorney General. The Board has also decided to investigate the compliance with auditing standards by the auditors in relation to the audit of the financial statements of the Company.

Based on the above information I can see in the absence of Sri Lanka Accounting Standards, company uses International Accounting Standards 41, Agriculture for the valuation of biological assets. But SLAASMB argument is that estimates of fair value of the biological assets in not accordance with IAS 41 and the financial statements are unreliable.

Further I have received BASL News Letter (Bar Association) of December 2010, there talked about some legal judgment (I attached the newsletter in our research forum http://research.srilankaequity.com/t96-touchwood-case-basl-bar-association-news-letter-judgement-views , refer page 4 for the Touchwood case). There they briefed about the case and given their views. Based on that, Board had not statutory power to challenge the valuation of the Petitioner on non compliance with IAS 41.

Further company received the Certificate of Compliance by the Institute of Chartered Accountants of Sri Lanka for the Annual Report Awards 2010. This certificates covers the CSR, Financial, Presentation and Compliance. Therefore, this reveals that the company practice in valuing biological assets in accordance with IAS 41 as the certificated awarded by ICASL which is the statutory for setting the Accounting Standards

Followings extract from Touchwood website

Certificate Of Compliance

January 24th 2011

We are proud to announce that our Sri Lankan office, Touchwood Investments PLC has been awarded the “CERTIFICATE OF COMPLIANCE” by the Institute of Chartered Accountants of Sri Lanka for the Annual Report Awards 2010 - at the ceremony held on 7th December 2010.

This award is granted by the Inst. of Chartered Accountants of Sri Lanka every year. They evaluate and grant awards in key areas such as - CSR, Financials, presentation, compliance, etc.

This certificate emphasizes that all requirements are being met in order for us to achieve our goals and serve our investors with industry leading standards.

For the year to come Touchwood Investments PLC has its goals set on the CSR awards to be handed out in the 2011 ceremony.

Thank you to all our accounting and administration staff who made the award possible.

http://www.touchwood.com/news/certificate-compliance

So Guys, Based on the above information and facts, to me the decision would be favorable to company. How do you all look into that..

Pls Share ur thoughts and views


201 Re: Touchwood Case Review on Mon Dec 03, 2012 3:30 pm

Fresher


Moderator
@Lord Toad wrote:I wanted to send PMs to all the frustrated investors but I have not enough posts. I have asked for that to be fixed.
However I am in contact with some large scale investors and we believe there is little option but to take positive action (legal).
If you are an investor and would like to be kept informed of what is happening please sign up on this link http://ymlp.com/xgjqusbmgmgj

you need at least 10 posts in the forum to be able to send PMs

202 Re: Touchwood Case Review on Mon Dec 03, 2012 9:26 pm

Lord Toad


Equity Analytic
Equity Analytic
npp wrote:
@Lord Toad wrote:I wanted to send PMs to all the frustrated investors but I have not enough posts. I have asked for that to be fixed.
However I am in contact with some large scale investors and we believe there is little option but to take positive action (legal).
If you are an investor and would like to be kept informed of what is happening please sign up on this link http://ymlp.com/xgjqusbmgmgj

you need at least 10 posts in the forum to be able to send PMs

Thanks - it looks like I will have to be more verbose

203 Re: Touchwood Case Review on Tue Dec 04, 2012 8:35 am

Lord Toad


Equity Analytic
Equity Analytic
Just being as threatened

204 Re: Touchwood Case Review on Tue Dec 04, 2012 8:39 am

Lord Toad


Equity Analytic
Equity Analytic
If you are an investor and would like to be kept informed of what is happening please sign up on this link [url= http://ymlp.com/xgjqusbmgmgj[url][/url]] http://ymlp.com/xgjqusbmgmgj[url][/url][/url]

205 Re: Touchwood Case Review on Tue Dec 04, 2012 9:19 am

sureshot


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
lord its only 10 post .you can do it Very Happy

206 Re: Touchwood Case Review on Wed Dec 05, 2012 9:21 am

Sidath

avatar
Manager - Equity Analytics
Manager - Equity Analytics
u mean there are still people who think touchwood is a good investment???? Crying or Very sad

207 Touchwood not honouring Returns on Fri Dec 07, 2012 6:31 pm

venkat1711


Stock Analytic
Stock Analytic
Hi all, I am an Indian working in Abu Dhabi and invested in both Bamboo & Agarwood through their Dubai office. I have invested in 368 Agarwood Trees the return for which is due in Jan 2014 and an another one for 1000 Agarwood Trees the return for which is due in Jan 2018. I also made investment in Bamboo & my first return from Bamboo as due in June 2012 and the Dubai representative went to Colombo sometimes in June 12 and was in touch now and then giving me false hopes that she was arranging the return. I was also in touch with their Bangkok office until 3 months back who kept saying the CEO has to approve the returns. Then suddenly 2 months back they said all papers are being moved to Srilanka and shortly they will make arrangements for the return. Now of late the Dubai representative is totally absconding and not responding to either e-mails or telephone calls. My e-mails to the chairman/Directors and others have all gone to the dustbin and still struggling to find out if any return will be given by Touchwood. The Touchwood Colombo office is responding ( contacted them through telephone) and seems to be giving false hopes as nothing is moving. I am really worried with regard to my investments and tried to search any information on the net when I saw this forum of Srilankan equity.

I can provide any proof ...all communication by e-mail... but there is no proof in paper which Touchwood has sent. I have signed up in the website as recommended by Lord Toad. Please let me know what I should be doing to recover the investment. Appreciate any help in this regard form forum members.

208 Re: Touchwood Case Review on Fri Dec 07, 2012 6:55 pm

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
This issue seems to be realy serious.This is either genuine problem or organised agenda.I do not know what.
It is better if a responsible person either from company itself or from SEC may shed more light on this issue.

209 This is a genuine & serious problem on Fri Dec 07, 2012 7:07 pm

venkat1711


Stock Analytic
Stock Analytic
Dear Whitebull,

Your concern is correct since whatever posted here is through internet & anybody could post fake. However, I can tell you that I am a genuine person having invested quite a lot of money and I am really concerned with whatever is happening. If there is anything that could make you believe the genuinity, please tell me. I shall do it. Sitting in far away places we are not able to get in touch personally with Touchwood and know the truth. Definitely Touchwood is covering up for some mis-management & we are at their mercy since our money is stuck with them. At the end, if some help is forthcoming from the forum members I will be really happy.

210 Re: Touchwood Case Review on Fri Dec 07, 2012 7:39 pm

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@venkat1711 wrote:Dear Whitebull,

Your concern is correct since whatever posted here is through internet & anybody could post fake. However, I can tell you that I am a genuine person having invested quite a lot of money and I am really concerned with whatever is happening. If there is anything that could make you believe the genuinity, please tell me. I shall do it. Sitting in far away places we are not able to get in touch personally with Touchwood and know the truth. Definitely Touchwood is covering up for some mis-management & we are at their mercy since our money is stuck with them. At the end, if some help is forthcoming from the forum members I will be really happy.
Sorry friend if I hurt ur feelings.What I want is to open an eye of some responsible person regarding this issue.

211 Re: Touchwood Case Review on Fri Dec 07, 2012 7:54 pm

zenobia


Manager - Equity Analytics
Manager - Equity Analytics
I have read this topic from it's begining and still didnt see a single proof of any of the accusations made. whenever the topic goes down in the order of interest for a few days someone post a new complaint - usually a new comer, and the topic comes up. its still nothng but proofless accusations.

the other interesting observation is that no one from Touchwood has yet responded to anything said in this thread.
since everyone seem to speculate, can i also speculate that there may be an ulterior motive other than a genuine grievence behind this thread?
such as promoting a rival plantation company
or bring down share prices so much so that someone can accumulate?!

212 Re: Touchwood Case Review on Fri Dec 07, 2012 7:56 pm

Fresher


Moderator
@zenobia wrote:I have read this topic from it's begining and still didnt see a single proof of any of the accusations made. whenever the topic goes down in the order of interest for a few days someone post a new complaint - usually a new comer, and the topic comes up. its still nothng but proofless accusations.

the other interesting observation is that no one from Touchwood has yet responded to anything said in this thread.
since everyone seem to speculate, can i also speculate that there may be an ulterior motive other than a genuine grievence behind this thread?
such as promoting a rival plantation company
or bring down share prices so much so that someone can accumulate?!

with regard to proof, that was sent to the admins and verified. Thus the thread was reopened.

venkat1711


Stock Analytic
Stock Analytic
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.

214 Re: Touchwood Case Review on Sat Dec 08, 2012 7:12 pm

smallville

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@zenobia wrote:the other interesting observation is that no one from Touchwood has yet responded to anything said in this thread.
since everyone seem to speculate, can i also speculate that there may be an ulterior motive other than a genuine grievence behind this thread?
such as promoting a rival plantation company
or bring down share prices so much so that someone can accumulate?!

Can we expect the company representatives to come here and comment?? We cant.. That's their own will and they'll have to bring the proof as well.

For the time being, we got some valid proof by the way of lawyers rpresenting some clients and it was the only proof that TWOD has cheated its clients. On the other hand, no official letter from the company worrying us to the core..

215 Re: Touchwood Case Review on Sun Dec 09, 2012 7:41 pm

zenobia


Manager - Equity Analytics
Manager - Equity Analytics
if you got proof why are you still keeping this thread in "prison"?

216 Re: Touchwood Case Review on Sun Dec 09, 2012 7:59 pm

smallville

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@zenobia wrote:if you got proof why are you still keeping this thread in "prison"?

Didn't notice.. Moved..

217 Re: Touchwood Case Review on Sun Dec 09, 2012 10:07 pm

kas

avatar
Manager - Equity Analytics
Manager - Equity Analytics
Company has advertised in today's Sunday Observer about new investment packages for sandalwood,wonder what will happen to the investors if they are trouble in other Asian countries (as per this thread), or is this a way to attract funds so they could pay the investors in other countries? scratch

218 Re: Touchwood Case Review on Sun Dec 09, 2012 10:59 pm

venkat1711


Stock Analytic
Stock Analytic
I have seen latest Advst on their website for some Sandalwood Biculture...may be same Ad ... Earlier Agarwood was a 7 year term investment and sometimes back they advst for 3 years/4 years and now they advst for even 2 years... Hopefully they are not operating any ponzi scheme... Could be that they are using new investors money to pay the old and goes on like this... If by chance no new investor comes in & this cycle is broken then it goes bust.. This happened in India..With international investors scattered here and there, its very easy to attract to invest in their products with fantastic returns promised .... and also get away easily if their schemes don't work out ( just like what's happening now)... They know its very difficult for international investors to get together and take any action...This is my personal view ...I only pray that Touchwood is not into any such schemes...

219 Re: Touchwood Case Review on Sun Dec 09, 2012 11:07 pm

Fresher


Moderator
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?

220 Re: Touchwood Case Review on Sun Dec 09, 2012 11:29 pm

venkat1711


Stock Analytic
Stock Analytic
Hi npp... Yes all investors sign two agreements ... 1. Land Lease Agreement whereby the said land is leased to investors by Touchwood Forestry Company (a subsidiary) for the purpose of performing any agricultural activity only.. and 2. the Forestry agreement through which the investor essentially gives the Touchwood Forestry company the authority to grow and manage the trees. These agreements provide for clauses like "access" to the land & ownership of trees... One of the main problem is there is no transparency in activity... Even if we own the trees we really don't know what quality & if they have really grown the way they are supposed to have!! They do not regularly keep us posted of how the growth of the trees etc or anything...I was asking them to provide for some photographs of how the Bamboo has grown... even after more than 1 1/2 years they never provided any evidence... However for Agarwood they did provide some photos...The issue is even if we own the trees ( Asset) what do we do with it Crying or Very sad particularly sitting in some other country...I shudder to imagine final outcome of all these...

221 Parole on Mon Dec 10, 2012 8:45 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!

222 Re: Touchwood Case Review on Mon Dec 10, 2012 8:50 am

Kithsiri

avatar
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.

223 Re: Touchwood Case Review on Mon Dec 10, 2012 9:39 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.

224 Re: Touchwood Case Review on Mon Dec 10, 2012 11:33 am

Kithsiri

avatar
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

225 Forecasts & reality on Mon Dec 10, 2012 12:32 pm

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....)

226 Re: Touchwood Case Review on Mon Dec 10, 2012 3:04 pm

smallville

avatar
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.

227 Re: Touchwood Case Review on Mon Dec 10, 2012 5:40 pm

Kithsiri

avatar
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.

228 Re: Touchwood Case Review on Mon Dec 10, 2012 6:25 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).

229 Re: Touchwood Case Review on Mon Dec 10, 2012 7:03 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.

230 Re: Touchwood Case Review on Thu Dec 13, 2012 6:20 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.

231 Re: Touchwood Case Review on Thu Dec 13, 2012 6:25 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.

232 Re: Touchwood Case Review on Fri Dec 14, 2012 11:11 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.

233 Re: Touchwood Case Review on Mon Dec 17, 2012 6:47 pm

CML


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

234 Re: Touchwood Case Review on Mon Dec 17, 2012 7:36 pm

traderathome

avatar
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

235 Re: Touchwood Case Review on Tue Dec 18, 2012 3:46 am

Slstock

avatar
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

236 Re: Touchwood Case Review on Wed Dec 19, 2012 2:34 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.

237 Re: Touchwood Case Review on Wed Dec 19, 2012 12:43 pm

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.???

238 Re: Touchwood Case Review on Wed Dec 19, 2012 12:52 pm

Slstock

avatar
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.???

239 Re: Touchwood Case Review on Wed Dec 19, 2012 1:35 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,

240 Re: Touchwood Case Review on Wed Dec 19, 2012 1:52 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..

241 Re: Touchwood Case Review on Wed Dec 19, 2012 2:18 pm

Kithsiri

avatar
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.

242 Re: Touchwood Case Review on Wed Dec 19, 2012 3:53 pm

trendfollower


Stock Trader
Hi, chas,

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

243 Re: Touchwood Case Review on Wed Dec 19, 2012 11:07 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?

244 Re: Touchwood Case Review on Wed Dec 19, 2012 11:18 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.

245 Re: Touchwood Case Review on Thu Dec 20, 2012 9:23 pm

fatima172


Stock Trader
test

View previous topic View next topic Back to top  Message [Page 6 of 10]

Go to page : Previous  1, 2, 3, 4, 5, 6, 7, 8, 9, 10  Next

Permissions in this forum:
You cannot reply to topics in this forum