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Sri Lanka Equity Forum » Expert Chamber » Touchwood Case Review

Touchwood Case Review

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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


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

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.

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

246 Re: Touchwood Case Review on Thu Dec 20, 2012 9:47 pm

Kithsiri

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@fatima172 wrote:test
Welcome to the Forum : Very Happy

247 Re: Touchwood Case Review on Fri Dec 21, 2012 9:08 pm

Bachus


Stock Analytic
Stock Analytic
I made further investigation on the Touchwood companies:
Touchwood Forestry Co.,Ltd (Bangkok), Touchwood Asia Co., Ltd (Bangkok), Touchwood Investments Ltd.(Colombo) and Touchwood Limited (Hong Kong) are all different companies, however they run the same business. In my case The Touchwood Forestry Co.,Ltd with whom I had a land lease agreement was responsible for plantation maintenance. The Tree Sale Order was signed off in behalf of Touchwood Limited, and the same company issued the Final Harvest Documents, so I assume my dispute is with Touchwood Limited.
How it is in other cases?
Which Touchwood company is listed on the Colombo Stock Exchange?

248 Re: Touchwood Case Review on Sat Dec 22, 2012 9:15 am

venkat1711


Stock Analytic
Stock Analytic
Hi Bachus, Same is the case for me also. Touchwood PLC is the company listed in Colombo and I suppose all others are subsidiaries/group companies. As informed earlier I am in touch with one Ms Luknam (who seems to be the Finance Head) regarding my Bamboo returns and she has been giving me some positive response. She said there is some management meeting regarding rescheduling/refixing price for both Bamboo / Agarwood and that she would update me with the outcome. While talking she mentioned about lower yield/ Yearly maintenance & harvest charges being much higher than thought earlier /Thai Baht-US $ fluctuation not favourable etc... She also indicated that she is working on Chairman communicating to all Investors regarding this issue. I will keep you all posted regarding this as and when info is available.

249 Re: Touchwood Case Review on Sat Dec 22, 2012 10:01 am

Kithsiri

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
As a small time investor in the CSE, where a off-shoot of this (Fake) company is listed, I wonder what actions the authorities have taken to avoid the local investors being taken for a ride by this (fake) company.

250 Re: Touchwood Case Review on Sat Dec 22, 2012 10:40 am

Slstock

avatar
Director - Equity Analytics
Director - Equity Analytics
I would like/encourage a rep from Touchwood to come and reply here. These complaint are not good for a company's future. One thing to note is that Touchwood has survived for a long time and is listed at CSE. So I presume they did not have fake intentions to be fair by them. But from the concerns were hear latetly they ( TWD) need to get their act together.

251 Re: Touchwood Case Review on Sat Dec 22, 2012 11:37 am

venkat1711


Stock Analytic
Stock Analytic
While I still believe Touchwood has been into a good business, there management has been totally un-professional without any proper financial planning & monitoring.. I am sure the Parent co. listed in Colombo has been giving returns without much issues as otherwise there would have been lots of hue & cry. I presume most of their regular yearly returns are only in Vanilla which is short term... It needs to be seen if they are honoring returns Mahogany/Teak etc which are long term and doubt if they have made their first return on these long term trees. Some local investor can confirm this. Plantation in Agarwood/Bamboo are not coming under this parent co.

I suppose the Auditors KPMG might not be aware / knowing whether Touchwood is honoring any returns due on their international investors...Also I have got hold of their 2011-12 Annual Report and note that while there is mention about Tocuhwood Asia in the report as an affiliate but no mention of Touchwood Ltd Hongkong or Touchwood Forestry, Bangkok. Most of the international investor certificates have been issue from Hongkong. If there is a possibility I could attach this Annual Report. Admin kindly advise. Some of the forum members who are financial experts can atleast give us some feedback reg. their financial position. Of course as such it looks like Touchwood Hongkong has nothing to do with this listed company and so the parent financials may not have any bearing on international investors getting their money back Crying or Very sad

I doubt if any Touchwood personnel would have the guts to register in this forum and give any kind of reply. As it is, their management has been trying to cover up everything under the carpet and I don't expect open statements.

252 Re: Touchwood Case Review on Sat Dec 22, 2012 12:58 pm

Slstock

avatar
Director - Equity Analytics
Director - Equity Analytics
Touchwood Annual report is already available at CSE.lk

253 Re: Touchwood Case Review on Sat Dec 22, 2012 2:51 pm

CML


Stock Trader
Hi all,

I would like to join the legal action as well. As most of us are not in SriLanka and I believe we may need someone local to take the action, the overseas offices are just sales units and may not be the counterparty we sign the contract with.

Trying to get 10 post to be able to PM, then we could discuss among us on what action to be taken.

Regards

254 Re: Touchwood Case Review on Sat Dec 22, 2012 4:50 pm

dinga


Equity Analytic
Equity Analytic
Sage advice of Forum Members requested:

If I have a Agreement that specifies "Touchwood Investments Limited (Sri Lanka)" - does that mean Touchwood Investments Plc Sorry if this is a dumb question....(but I wonder about the accuracy of the reference, and whether there is any wiggle-room...)

255 Re: Touchwood Case Review on Sat Dec 22, 2012 5:18 pm

Bachus


Stock Analytic
Stock Analytic
To Admin:
I made a comment some 2 hours ago and hit the "send" button, but I do not see this in the panel?
Can you please advise what could have happen with it?
Thanks

256 Re: Touchwood Case Review on Sat Dec 22, 2012 5:36 pm

venkat1711


Stock Analytic
Stock Analytic
Hi Dinga,
If the certificate is issued by Touchwood Investments Limited (Srilanka) ( which I presume as plc..) , then I would treat this as issued by the original parent company. This should definitely give you a legal edge in recovering your returns as this parent Co. is an existing listed Co. However, I doubt if for international investors (specifically for Agarwood/Bamboo), they would have issued the certificate by the original Co. If it is really so, you do have a clear advantage Very Happy

257 Re: Touchwood Case Review on Sat Dec 22, 2012 7:41 pm

Kithsiri

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Who is really behind this (Fake) Company mushrooming all over the places in different forms?
Is it another D Company work?
I got a funny feeling that this has D Company fingers somewhere, only because of the places it appears / operates.
If it is D Company work, then it cannot be tackled unless someone has the CIA & Pakistan's influences.
Good Luck (and I will be watching the future developments)

258 Re: Touchwood Case Review on Sat Dec 22, 2012 11:57 pm

trendfollower


Stock Trader
It seems all companies' chairmans are the same Roscoe Maloney, he can't escape from responsibility. If he wants to play tricks on company games, then it'd be an international scam. At the beginning, we had confidence to join the investment of this company owing to Touchwood is listed in Sri Lanka for a period of time and trusted CSE had screened the companies before letting them listed. In HK, the listed companies mean we can trust and they are running formal businesses.

259 Re: Touchwood Case Review on Sun Dec 23, 2012 12:34 am

Jiggysaurus

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@trendfollower wrote: At the beginning, we had confidence to join the investment of this company owing to Touchwood is listed in Sri Lanka for a period of time and trusted CSE had screened the companies before letting them listed. In HK, the listed companies mean we can trust and they are running formal businesses.

What bloody nonsense, it is not the exchange's job to screen companies that are listed. The idiots (sorry the smart investors) who invest in high risk ventures get the rewards as well as the losses.

The fraud hit Enron, World Com, Sino Forest were North American listed companies, the NYSE/TSE didn't screen those jokers because that's NOT THEIR JOB. (I'm using the NYSE listed frauds as an example since some ppl believe that everything is wonderful there and no manipulation and fraud takes place in North America)

Don't blame the CSE/Govt/SEC/God etc for your investment decisions. Stop whining like babies and try to recover your dues from the company. Far as we know the TWOD offices are still operating in Colombo and the husband and wife Baloney team are still living in Colombo.

Besides this forum itself had warnings about the risks of the woodies using the Sino Forest case as an example
http://forum.srilankaequity.com/t7033-twod-help-needed-on-worst-case-analysis#47946

260 Dispute on Sun Dec 23, 2012 2:59 pm

Bachus


Stock Analytic
Stock Analytic
I’m trying to find out who do I have a dispute with.
In my documents I have the following companies involved:
A. Touchwood Forestry Co.,Ltd (Bangkok),
B. Touchwood Asia Co., Ltd (Bangkok),
C. Touchwood Investments Ltd.(Colombo)
D. Touchwood Limited – Registered Office (Hong Kong)
E. Touchwood Limited – Operation Office (Bangkok)
The Tree Sale Order was signed off in behalf of D and confirmed (stamped) by A
The Touchwood Harvest Agreement (Certificate) was issued by A
The minimum price guarantee was issued by A
The first payment was received by C
The annual payments were received by D/E
The Final Harvest Confirmation Letter was issued by D
The Final Harvest documents signed were returned (as instructed) to B
By the way, the Thai Trade Center verified that the company called "Touchwood Forestry Co.,Ltd" still exist in Thailand. The share-holders of this company are as follows:
1.) Mr. RossKol Antoni Mario
2.) Ms. Swana Jamburigowa Gamashi Mario
3.) Ms. Arunee Thippira
The registered capital is 91.5 Million Baht.
Address: 29 Bangkok Business Center, 16th Floor, Room no. 1602 Soi Ekami, Sukhumvit 63 Road Klongton-North Watana, Bangkok
Objective of Company: Furniture Factory producing bamboo furniture and bamboo decorative items

In view of the above I assume that my dispute is with D and A.
According to the Agreement "Any dispute pertaining to the Tree Sale Order….. may be instituted in the country ….in which the same was entered into."
In my case the agreement was entered in the United Arab Emirates.
I suggest that before we undertake a legal action each of us will send a notice to his relevant TW company by registered post using the address indicated in the Agreement.
Can somebody draft the “last warning” letter please?

261 Re: Touchwood Case Review on Mon Dec 24, 2012 4:28 pm

dinga


Equity Analytic
Equity Analytic
G'day Bacchus - some quick thoughts:

1. Take a look at the reverse of your Certificate. In my case, an Australian TW entity is also included in the definition of "Promoter". Seems to me, action is potentially available against all five (5) specified TW entities - individually and collectively.

2. Am wondering if the "country in which the Tree Sale Order was entered into" may well be the location where the TW entity signed it (ie. Hong Kong). Interesting, since HK is not a 'country' but a Special Administrative Region of the Peoples' Republic.

3. I have appointment with TW's Khun Monpassorn on 4 January 2013 (she apparently has been given the task of sorting out the mess). I'll decide what's best for me after that meeting but think collective actions by investors are likely to bring the best results rather than any shotgun approaches by individual aggrieved fellow sufferers. Have you joined LordToad's group?

262 Re: Touchwood Case Review on Mon Dec 24, 2012 4:47 pm

dinga


Equity Analytic
Equity Analytic
@venkat1711 wrote:Hi Dinga,
If the certificate is issued by Touchwood Investments Limited (Srilanka) ( which I presume as plc..) , then I would treat this as issued by the original parent company. This should definitely give you a legal edge in recovering your returns as this parent Co. is an existing listed Co. However, I doubt if for international investors (specifically for Agarwood/Bamboo), they would have issued the certificate by the original Co. If it is really so, you do have a clear advantage Very Happy

Tks Venkat1711 - TW (Sri Lanka) is indeed included in the definition of "Promoter" in the Standard Terms & Conditions! (see my early post to Bacchus).

BRs

263 Re: Touchwood Case Review on Mon Dec 24, 2012 5:25 pm

venkat1711


Stock Analytic
Stock Analytic
Hi Dinga, Based on your comments, I flipped thro' the certificate backside ( the one issued for Agarwood) and indeed it talks about "promoters" being the 4 companies and any agents also... However, if you carefully see neither on the front side of the certificate nor on the agreement ( Land Lease / Forestry Management), there is any reference to the word "PROMOTERS" Rolling Eyes Also in the certificate issued for my Bamboo as well as the one for Agawood issued latest ( July 2012) there is nothing on the reverse Crying or Very sad The only two companies that have signed all documents is the one in Honkong & Touchwood Forestry in bangkok.

Earlier I had referred one Ms Luknam being in touch with me. The person name is "Monpassorn Chuntharath" ... Is it the same name you are also referring to?? She seems to be talking with "lots of butter in her words" but still not sure how much the promoters are serious about investors concern. There is no quick action although they keep saying they are working on it !!

For my first Agarwood investment done early in 2005/2006, they even gave some document (I suppose land lease) signed by some Thai authorities !!) which has to be cancelled before harvest... However, I don't find this kind of document for the latest agarwood investment. Also earlier they gave me a letter from the chairman Manoley ( issued by Touchwood Forestry) assuring of paying a minimum reserve price of 6000 Bahts/Tree !! Look s like all these were given to hoodwink all investors !!

Anyway this person " Monpassorn Chuntharath" is assuring some action.. If nothing happens in the next few days then serious action has to be taken. I am sure "LordToad" now has the details of 10-15 investors and joint action should be possible.

BTW - Dinga are you local to Srilanka or you are traveling from Bangkok to Colombo for this purpose . In any case we all will be very happy that a first hand information will be available for all of us to proceed with any action. Smile

264 Re: Touchwood Case Review on Mon Dec 24, 2012 6:58 pm

Bachus


Stock Analytic
Stock Analytic
Dinga,
I thought This forum is the LordToad's group, how otherwise can I enroll?
I've never heard about the person called Khun Monpassorn or Ms Luknam Monpassorn Chuntharath. Which company does she represent? Where are you meeting her - in Hong Kong?
I'm curious about results, hopefully you will share them with us.
In the meantime do not relax.
Venkat,
I confirm having similar documents related to my agarwood investment in hand: the land lease agreement signed by the TW Forestry representatives in English and Thai, as well as a letter (issued by Touchwood Forestry, signed by Asitha Koralage the Director) assuring of paying a minimum reserve price of 6000 Bahts/Tree.

265 Re: Touchwood Case Review on Mon Dec 24, 2012 7:38 pm

venkat1711


Stock Analytic
Stock Analytic
Dear Bachus, I think you have not gone thro' all posts in this topic. LordToad earlier had offered to register all those interested in joint action. I am giving below the post :
[Re: TOUCHWOOD: Is Touchwood in trouble?

Post by Lord Toad on Mon Dec 03, 2012 3:12 pm
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].

So you can register in the link. Regarding this Luknam Monpossorn, as I posted earlier, once I got a whiff that the female here in Dubai is going "Missing" since June, I immediately started contacting Bangkok... then after 3 months of "hot chase up" they said all papers are being moved to Srilanka and the e-mail had cc: to a person named Asanka... then I started chasing this person... I even called their Srilanka office several times whenever replies from Asanka was not forthcoming.. after 2 months this person said for Bamboo returns I have to correspond with this "Luknam"... That's the background to my chasing Touchwood one after another Smile .... Hopefully we get some positive feedbacks soon....

266 Re: Touchwood Case Review on Wed Dec 26, 2012 12:36 pm

dinga


Equity Analytic
Equity Analytic
G'day Venkat1711

To clarify/answer the matters you raised in your post of 24 December:
* You're right - seems there are different issues/considerations/options depending upon the products and timing of investments
* In relation to my agarwood one, I take some heart from the details on the reverse of the certificate - headed "Standard Terms and Conditions" and which specifies that this Certificate "contains all of the terms and conditions of the agreement between the Promoter and the Certificate Holder..." 'Promoter' being defined as meaning the 5 TW entities noted above plus "its subsidiaries and Authorised Agents"
* The reverse of my bamboo Certificates are blank, which probably isn't as helpful
* Yes - your Ms Monpassorn is the same as my Ms Monpassorn. Think she is/was the Group Finance Manager. So far, I have no reason to question her sincerity and hopefully I'll retain that view after our 4 January meeting. I live in Bangkok and we are to meet here.

BRs

267 Re: Touchwood Case Review on Sat Dec 29, 2012 8:53 pm

trendfollower


Stock Trader
Dear Dinga and Venkat1711,

Touchwood Hong Kong office is closed. It didn't notify any of the clients and fled away. It owes rents, staff salaries and other fees. Please ask any Toucwhood Sri Lanka staff come Hong Kong to handle the mess if they are really innocent. If there is still no positive reponse, it is not surpised that some clients report this scam to the police, as similar scams happened before, the police had investigated. We are waiting you guys on the result of Jan 4's meeting with Ms. Monpassorn. Thanks.


268 Re: Touchwood Case Review on Mon Dec 31, 2012 1:55 pm

Kay2


Stock Trader
Dear All,

According to my study and understanding Touchwood Investments PLC (Which is the local based entity) has got no liabilities with regards to Agarwood or Bamboo returns as indicated in their annual report. Hence all liabilities are held in the Thailand based company. However i know the local office is assisting Agarwood clients from Sri Lanka. I have met them and verified these details. at this point the best thing to do is to meet them in person and verify the status of your investment.

Thanks

269 Re: Touchwood Case Review on Tue Jan 01, 2013 3:31 pm

Bachus


Stock Analytic
Stock Analytic
Dear Kay2,
The "local" means where?
Your advise to "meet them in person" is not very helpful for me in Poland.
As far as "verification" is concerned we=investors have made enough efforts already to verify the status of our investments, and the results are as you can see from this forum.

Dear Admin,
How do you count the number of posts? The same number appears several times against various posts from the same person. Kindly please cllarify.
Regards,

270 Re: Touchwood Case Review on Tue Jan 01, 2013 5:00 pm

Fresher


Moderator
@Bachus wrote:Dear Kay2,

Dear Admin,
How do you count the number of posts? The same number appears several times against various posts from the same person. Kindly please cllarify.
Regards,

that number is the cumulative no. of posts up to now.

271 Re: Touchwood Case Review on Wed Jan 02, 2013 2:16 pm

Bachus


Stock Analytic
Stock Analytic
Dear npp,
Just on this page, all my posts on 21,22,23,24 Dec, and the 1 Jan are marked with no 8. Kindly please verify.
Regards

272 Re: Touchwood Case Review on Wed Jan 02, 2013 2:39 pm

Fresher


Moderator
@Bachus wrote:Dear npp,
Just on this page, all my posts on 21,22,23,24 Dec, and the 1 Jan are marked with no 8. Kindly please verify.
Regards

as I said, it is the cumulative number. Now it is 9 on all posts. When you post next, all will become 10. As simple as that. It does not show the post #.

273 Criminal Actions by Touchwood on Thu Jan 03, 2013 11:39 am

Malaysian Investor


Stock Analytic
Stock Analytic
I have sales agreements that have not been honoured and bounced cheques from Touchwood

I will share these with moderators if they ask

I have reported this to CSE and TW auditors all to no avail.

Touchwood seems to be a scam

274 Re: Touchwood Case Review on Thu Jan 03, 2013 12:29 pm

cyril_madrid


Stock Trader
Hello. I have bought Agarwood 2 years ago through Property Frontiers in the UK. Actually, I started to have doubts in February 12 when I requested a plot report and got something which didn't match with the trees I bought in particular in terms of date of plantation, age of the trees...
At that time, it tooks 4 months to get a message that I had been assigned some pre-planted tree, in contradiction to what I had been told when I visited the plantation in Thailand and was told my trees were about to be planted.

In any case, I had to pay my maintenance fee in November 12 and I did, probably throwing good money over bad, otherwise it would have been too easy to say my trees had died (and lost all the investment) due to lack of maintenance.

What are you doing or recommending with regards to these fees ?

I am also personnally pushing my agent Property Frontiers in the UK to get involved in this issue. They too have had difficulties in getting in touch with the management. Hopefully they will stand by their investors, as they have done in the past when some investments went sour.

275 Re: Touchwood Case Review on Thu Jan 03, 2013 12:32 pm

cyril_madrid


Stock Trader
One of the indicators I was following and which gave me some confidence was the stock price of Touchwood in the Colombo stock exchange. Being publicly traded, if it were evident this was a scam, the price would be down to 0, and it is 'only' down about 50 %.
Also we can expect the regulator to take action at some stage...

276 Re: Touchwood Case Review on Thu Jan 03, 2013 12:33 pm

Malaysian Investor


Stock Analytic
Stock Analytic
I informed the regulator 3 months ago. They were not interested

277 Re: Touchwood Case Review on Thu Jan 03, 2013 1:17 pm

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
There are lot of investers worldwide criticizing Touchwood. Could a techie search IP addresses to check the validity of location of these new comers ?

278 Re: Touchwood Case Review on Thu Jan 03, 2013 2:21 pm

Hanoifortune

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Malaysian Investor wrote:I informed the regulator 3 months ago. They were not interested

Pls contact the CBSL

279 Re: Touchwood Case Review on Thu Jan 03, 2013 2:28 pm

Malaysian Investor


Stock Analytic
Stock Analytic
Who and what is CBSL ? How can I contact them ?

280 Re: Touchwood Case Review on Thu Jan 03, 2013 2:35 pm

Malaysian Investor


Stock Analytic
Stock Analytic
@Whitebull wrote:There are lot of investers worldwide criticizing Touchwood. Could a techie search IP addresses to check the validity of location of these new comers ?

I can provide Sales agreements not honoured, cheques that have bounced. Why are you defending them ?

281 Re: Touchwood Case Review on Thu Jan 03, 2013 2:48 pm

dinga


Equity Analytic
Equity Analytic
@Malaysian Investor wrote:I have sales agreements that have not been honoured and bounced cheques from Touchwood

I will share these with moderators if they ask

I have reported this to CSE and TW auditors all to no avail.

Touchwood seems to be a scam

Could you please clarify a few aspects:
1. Which TW entity issued the cheques?
2. What were the responses, if any, by CSE and KPMG?
3. What are your investments and where are they located?

BRs

282 Re: Touchwood Case Review on Thu Jan 03, 2013 2:53 pm

Malaysian Investor


Stock Analytic
Stock Analytic
1. That currently remains between me and the Police Force of the country where the cheque was issued as they are investigating.

2. CSE refused to take any action. I have this in writing, this forum does not let me quote, as a new user. but I have emails from dilmeeatcse.lk

3. Agarwood in Thailand.



283 Re: Touchwood Case Review on Thu Jan 03, 2013 2:57 pm

dinga


Equity Analytic
Equity Analytic
@Malaysian Investor wrote:
@Whitebull wrote:There are lot of investers worldwide criticizing Touchwood. Could a techie search IP addresses to check the validity of location of these new comers ?

I can provide Sales agreements not honoured, cheques that have bounced. Why are you defending them ?

An apologist, methinks! Wondering what relationship Whitebull has to TW..........

MODS - what do you need us to do to get released from prison?

Plenty of fellow TW sufferers have now offered to provide documents. Check the IP locations by all means - our Touchwood complaints are REAL, and consistent with my own experience. Hence I conclude that, like me, other posters here have no motive other than to protect our individual investments.

284 Re: Touchwood Case Review on Thu Jan 03, 2013 3:01 pm

dinga


Equity Analytic
Equity Analytic
@Malaysian Investor wrote:1. That currently remains between me and the Police Force of the country where the cheque was issued as they are investigating.

2. CSE refused to take any action. I have this in writing, this forum does not let me quote, as a new user. but I have emails from dilmeeatcse.lk

3. Agarwood in Thailand.



Thanks. I also have Agarwood in Thailand (along with bamboo) - hence I can deduce the answers to my Q1! I think it likely I'll be following a similar complaint route shortly - once I get the necessary 10 point credit, I'll email you separately

BRs

285 Re: Touchwood Case Review on Thu Jan 03, 2013 3:03 pm

dinga


Equity Analytic
Equity Analytic
@dinga wrote:
@Malaysian Investor wrote:1. That currently remains between me and the Police Force of the country where the cheque was issued as they are investigating.

2. CSE refused to take any action. I have this in writing, this forum does not let me quote, as a new user. but I have emails from dilmeeatcse.lk

3. Agarwood in Thailand.



Thanks. I also have Agarwood in Thailand (along with bamboo) - hence I can deduce the answers to my Q1! I think it likely I'll be following a similar complaint route shortly - once I get the necessary 10 point credit, I'll email you separately

BRs
Sorry - one more thing.... What was the essence of the response from CSE?

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