EGANAGOLDPFEIL (HOLDINGS) LIMITED 聯洲國際集團有限公司
Court of Appeal grants HK$622m compensation orders against ex-directors of EganaGoldpfeil (Holdings) Ltd
| Judgment
SFC, 29-Jun-2021
It's almost 14 years since Webb-site blew the whistle on this. No criminal charges were ever laid.
SFC, 29-Jun-2021
It's almost 14 years since Webb-site blew the whistle on this. No criminal charges were ever laid.
SFC obtains disqualification orders against ex-directors of EganaGoldpfeil
| Egana and Upbest
SFC, 11-May-2020
Almost 13 years after Webb-site blew the whistle on this fraudulent firm, which promptly collapsed, 3 of the culprits are banned as directors for 6-9 years. No compensation order is made. We remain surprised that no criminal charges were made.
SFC, 11-May-2020
Almost 13 years after Webb-site blew the whistle on this fraudulent firm, which promptly collapsed, 3 of the culprits are banned as directors for 6-9 years. No compensation order is made. We remain surprised that no criminal charges were made.
HKICPA fines Baker Tilly and Mr Au Yiu Kwan over 2006 Egana audit
| Our article, 26-Jul-2007
HKICPA, 27-Jun-2018
At last, 11 years after Webb-site blew the whistle on the Egana fraud in our article of 26-Jul-2007, Baker Tilly and its former director get a slap on the wrist and fines of HK$250k and HK$100k respectively for their duff audit. BT even tries to claim that it wasn't responsible for its directors' failings. The audit fee for that year alone was HK$1.47m, far more than the fines. Egana had a market value of HK$7.76bn (US$1bn) on the day of our article, all of which was lost in the collapse.
HKICPA, 27-Jun-2018
At last, 11 years after Webb-site blew the whistle on the Egana fraud in our article of 26-Jul-2007, Baker Tilly and its former director get a slap on the wrist and fines of HK$250k and HK$100k respectively for their duff audit. BT even tries to claim that it wasn't responsible for its directors' failings. The audit fee for that year alone was HK$1.47m, far more than the fines. Egana had a market value of HK$7.76bn (US$1bn) on the day of our article, all of which was lost in the collapse.
Raking muck, Part 6
Concluding our hexalogy, we look at a recent deal by COMG (0254). Existing shareholders were diluted to 2.54% in an acquisition valued at HK$1242m for a business which would need capital of HK$3.6m. We estimate that the vendor has already cashed in about $1812m by selling convertible bonds and shares. We also look at what comes next for COMG, and some unfinished business for the authorities. (11-Mar-2012)
Concluding our hexalogy, we look at a recent deal by COMG (0254). Existing shareholders were diluted to 2.54% in an acquisition valued at HK$1242m for a business which would need capital of HK$3.6m. We estimate that the vendor has already cashed in about $1812m by selling convertible bonds and shares. We also look at what comes next for COMG, and some unfinished business for the authorities. (11-Mar-2012)
SFC seeks disqualification and HK$2.13bn compensation orders against former directors of EganaGoldpfeil (0048)
SFC, 1-Aug-2011
We'd be amazed if they ever collect a penny, even if the order is granted. The defendants can just go through personal bankruptcy while they are serving (part of) the disqualification time. This does not preclude the possibility of criminal charges for fraud or false accounting in the case.
SFC, 1-Aug-2011
We'd be amazed if they ever collect a penny, even if the order is granted. The defendants can just go through personal bankruptcy while they are serving (part of) the disqualification time. This does not preclude the possibility of criminal charges for fraud or false accounting in the case.
Five guilty in Grand Field case
ICAC, 5-Mar-2010
This case was first brought to light by our article Cooking with Gas of 4-Mar-04. Charges were brought on 23-Jul-07, and then we wrote about Egana. No charges have yet been brought in that case.
ICAC, 5-Mar-2010
This case was first brought to light by our article Cooking with Gas of 4-Mar-04. Charges were brought on 23-Jul-07, and then we wrote about Egana. No charges have yet been brought in that case.
Peace Mark's warning signals
What went wrong at watch shop Peace Mark (0304), former associate of Egana (0048)? Webb-site.com shows you the warning signals which analysts missed. (16-Sep-2008)
What went wrong at watch shop Peace Mark (0304), former associate of Egana (0048)? Webb-site.com shows you the warning signals which analysts missed. (16-Sep-2008)
Commercial Crime Bureau searches premises, charges executive director
Company announcement, 13-Jun-2008
Company announcement, 13-Jun-2008
Egana update
We update you on the Egana (0048) situation, and the answers management provided to some of the questions in a recent conference call with investors. A recording of the call is now available for download from Webb-site.com, in the interests of fair disclosure. (6-Aug-2007)
We update you on the Egana (0048) situation, and the answers management provided to some of the questions in a recent conference call with investors. A recording of the call is now available for download from Webb-site.com, in the interests of fair disclosure. (6-Aug-2007)
Egana and Upbest
Following this week's charges by the ICAC against certain directors of Upbest (0335), Webb-site.com looks at the connections between EganaGoldpfeil (0048) and Upbest, and we don't like what we see. There's a mixture of out-and-back profit-generating transactions, innovative accounting policies, investments in closed-end funds, interest-free "deposits", rolling promissory notes and yes, an aborted gas transaction in the PRC. Are we looking at the next Moulin here? (26-Jul-2007)
Following this week's charges by the ICAC against certain directors of Upbest (0335), Webb-site.com looks at the connections between EganaGoldpfeil (0048) and Upbest, and we don't like what we see. There's a mixture of out-and-back profit-generating transactions, innovative accounting policies, investments in closed-end funds, interest-free "deposits", rolling promissory notes and yes, an aborted gas transaction in the PRC. Are we looking at the next Moulin here? (26-Jul-2007)
Eganagoldpfeil (0048): agreement with CSFB to terminate toxic convertibles, 5-May-2005
Company filing, 18-Aug-2006
Company filing, 18-Aug-2006
CSFB's Toxic Convertibles
Webb-site.com lifts the lid on the toxic convertibles scam in HK, in which small, mostly naive companies surrender control over future equity issuance to an investment bank, whose principal interest is to lock in a profit by converting bonds on a rolling basis at a deep discount to market and selling the resulting shares. CSFB has led the way down this value-destroying path, with Merrill Lynch recently joining the fray. We estimate that the banks make a gross profit on money raised of about 31%, and the average stock price has fallen 30% since a toxic convertible was launched. If you are a listed company, just say no. If you are an institutional investor, take your business elsewhere. (8-Jun-2005)
Webb-site.com lifts the lid on the toxic convertibles scam in HK, in which small, mostly naive companies surrender control over future equity issuance to an investment bank, whose principal interest is to lock in a profit by converting bonds on a rolling basis at a deep discount to market and selling the resulting shares. CSFB has led the way down this value-destroying path, with Merrill Lynch recently joining the fray. We estimate that the banks make a gross profit on money raised of about 31%, and the average stock price has fallen 30% since a toxic convertible was launched. If you are a listed company, just say no. If you are an institutional investor, take your business elsewhere. (8-Jun-2005)
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