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FINANCIAL CHRONICLE™ » EXPERT CHRONICLE™ » Touchwood Case Review

Touchwood Case Review

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seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
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

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Post Sun Mar 10, 2013 10:35 am by dinga

@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).

Post Mon Mar 11, 2013 12:46 pm by sadikeen


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 ???

Post Mon Mar 11, 2013 1:01 pm by Slstock


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 ???

Post Mon Mar 11, 2013 1:22 pm by sadikeen


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.

avatar

Post Mon Mar 11, 2013 1:25 pm by sadikeen

A correction.

I have seen the documents including the bank advise.

sureshot

Post Mon Mar 11, 2013 9:04 pm by sureshot

sadikeen r u collecting Twod shares ?

avatar

Post Tue Mar 12, 2013 11:09 am by dinga

@sureshot wrote:sadikeen r u collecting Twod shares ?
Hard impossible to imagine that would be the case. If it is possible to "short" TWOD (doesn't that acronym generates very appropriate mental images....), please let us know how.

How can I find out who is the replacement TWOD auditor? [want to make sure they're aware of possible contingent liabilities]

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Post Tue Mar 12, 2013 11:23 am by sadikeen

@sureshot wrote:sadikeen r u collecting Twod shares ?


Why would I collect shares of a troubled company. I have shared the information after withnessing all relevant documents to the benefit of others. It is upto you to make your decision.

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Post Tue Mar 12, 2013 3:39 pm by dinga

@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.
FUNNY? Just been looking at the last TWOD (I love that...)Annual Report and Agenda Item 7 for the AGM scheduled for 28/9/2012 was for the re-appointment of KPMG - see .

What happened?????? Who are the new auditors???????

Slstock

Post Tue Mar 12, 2013 3:42 pm by Slstock

If/when they changed auditors, don't they have to report to CSE?



@dinga wrote:
@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.
FUNNY? Just been looking at the last TWOD (I love that...)Annual Report and Agenda Item 7 for the AGM scheduled for 28/9/2012 was for the re-appointment of KPMG - see .

What happened?????? Who are the new auditors???????

avatar

Post Tue Mar 12, 2013 3:56 pm by dinga

@slstock wrote:If/when they changed auditors, don't they have to report to CSE?



@dinga wrote:
@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.
FUNNY? Just been looking at the last TWOD (I love that...)Annual Report and Agenda Item 7 for the AGM scheduled for 28/9/2012 was for the re-appointment of KPMG - see .

What happened?????? Who are the new auditors???????
On 15//1/13 I was advised that my concerns had been forwarded to the CSE Regulatory Affairs Division. I have just sent this follow up: Most worryingly, I have heard nothing more on this issue. CSE website still shows KPMG as the TWOD auditor, and the company itself has made no announcements.

Given there are apparently very serious issues concerning TWOD, please urgently examine this matter as it is clearly of material concern to investors.

avatar

Post Mon Apr 15, 2013 11:42 pm by Sanjayacom

@Chinwi wrote:
@dinga wrote:G'day

I am an investor, via Touchwood Asia, in bamboo and agarwood trees in Thailand.

Seems the company has closed its office in Bangkok without any notification to investors. I should by now have been paid a modest amount for the 2012 bamboo harvest but am still waiting.

Emails and telephone enquiries to the Colombo HQ remain unanswered. I am told the separate company that maintains the plantations is still operating but frankly my pessimistic side wonders if this will continue given the very bad signals and silence from Touchwood Asia.

Am very concerned about my investments. Appreciate any insights about what is, or may be, happening with Touchwood?


Saa wadi craap. dinga naai.

Khoon kheu krai?

Khoon bpen mai khohn see lan ga chai mai ?

Baawk khwam jing.

Khop khoon kraap.

- Chinwi

Hi Dinga

Touchwood is NOT IN TROUBLE. But the investors are / will be in trouble. Coz Twood evade returns on investments. They give 1001 reasons for not paying the returns. There is no one resposible for your returns. Melonys are bunch of Robbers. This is a green scam!

avatar

Post Mon Apr 15, 2013 11:46 pm by Sanjayacom

npp wrote:There was someone like you who joined just to complain about the company which hasn't paid. Not wrong considering it's listed and we discuss about listed companies.

But in that case the company responded quickly and promised payment. I don't think you should panic too much and if you are in doubt, you should make it a point to somehow contact them. Calls are unanswered is a bit hard-to-believe. Anyway since it is an important thing, you should probably visit them personally to get a response, instead of posting on public forums.

Touchwood is not in trouble, but investors are in trouble. Twood has defaulted payments / returns of overseas projects. Nice part is there is no one responsible for the default.
Big Melony has quit from his stake in TWOOD.

avatar

Post Mon Apr 15, 2013 11:52 pm by Sanjayacom

@traderathome wrote:we are seeing some strange emails lately...guys where were you......all this time...just joining to post ....show us the proof .........its not right just to complain w/o valid proof that you have invested and your calls were unanswered.

to keep it short and simple....please show...

firstly any documents indicating you are a genuine investor of the company...
secondly prove to the forum members that your payment is now due...
thirdly your reminders such as emails sent to the concerned company....
finally snapshot of the that company office that is closed.....

i am not a spokesperson for the company...but to be fair you need to back up with some concrete proof to see for all of us.....to know your concerns are real......

no offense.......

Touchwood is not in Trouble, but the investors are in trouble. The company has stopped paying returns. Twood is financing for troubled companies, defaulting investors. Melonys are cunning people. International racketiers. Even smarter than Lalith Kotalawela, Sakvithi & Danduwam mudalali.

avatar

Post Tue Apr 16, 2013 12:06 am by Sanjayacom

Touchwood is not in trouble, but the investors are in trouble. Touchwood has started defaulting their investors. The majority will come into effect later. One should prevent new people getting into trouble. I have now lost. But I have a duty towards others who will get into this green scam. Bunch of these robbers should bring behind bars before they get vanished.

avatar

Post Tue Apr 30, 2013 1:56 pm by Sanjayacom

Touchwood bank accounts are closed. These people issue cheques from their closed bank accounts. These are crimes. Within next few days others can see in Newspapers.

@Sanjayacom wrote:
npp wrote:There was someone like you who joined just to complain about the company which hasn't paid. Not wrong considering it's listed and we discuss about listed companies.

But in that case the company responded quickly and promised payment. I don't think you should panic too much and if you are in doubt, you should make it a point to somehow contact them. Calls are unanswered is a bit hard-to-believe. Anyway since it is an important thing, you should probably visit them personally to get a response, instead of posting on public forums.

Touchwood is not in trouble, but investors are in trouble. Twood has defaulted payments / returns of overseas projects. Nice part is there is no one responsible for the default.
Big Melony has quit from his stake in TWOOD.

Marketinvest

Post Tue Apr 30, 2013 10:48 pm by Marketinvest

@Sanjayacom wrote:Touchwood bank accounts are closed. These people issue cheques from their closed bank accounts. These are crimes. Within next few days others can see in Newspapers.

@Sanjayacom wrote:
npp wrote:There was someone like you who joined just to complain about the company which hasn't paid. Not wrong considering it's listed and we discuss about listed companies.

But in that case the company responded quickly and promised payment. I don't think you should panic too much and if you are in doubt, you should make it a point to somehow contact them. Calls are unanswered is a bit hard-to-believe. Anyway since it is an important thing, you should probably visit them personally to get a response, instead of posting on public forums.

Touchwood is not in trouble, but investors are in trouble. Twood has defaulted payments / returns of overseas projects. Nice part is there is no one responsible for the default.
Big Melony has quit from his stake in TWOOD.
just for a concern How can u prove that touchwood has defaulted u or anyone, i hav nothing with touchwood this is just for clarification or else it could bring unnecessary problem to the forum

avatar

Post Wed May 01, 2013 2:12 pm by sadikeen

@Marketinvest wrote:
@Sanjayacom wrote:Touchwood bank accounts are closed. These people issue cheques from their closed bank accounts. These are crimes. Within next few days others can see in Newspapers.

@Sanjayacom wrote:
npp wrote:There was someone like you who joined just to complain about the company which hasn't paid. Not wrong considering it's listed and we discuss about listed companies.

But in that case the company responded quickly and promised payment. I don't think you should panic too much and if you are in doubt, you should make it a point to somehow contact them. Calls are unanswered is a bit hard-to-believe. Anyway since it is an important thing, you should probably visit them personally to get a response, instead of posting on public forums.

Touchwood is not in trouble, but investors are in trouble. Twood has defaulted payments / returns of overseas projects. Nice part is there is no one responsible for the default.
Big Melony has quit from his stake in TWOOD.
just for a concern How can u prove that touchwood has defaulted u or anyone, i hav nothing with touchwood this is just for clarification or else it could bring unnecessary problem to the forum

I also received a PDC dated 30/03/2013 for Rs. 1.4 M, issued from their bank account maintained with Sampath Bank. Afterwards I have received several messages from them requesting me not to encash the cheque as they are in the process of arranging a bank loan. Given below is one such emailed from them (in case if someone needs any proof).

Quote
From: Asanka Rathneweera (asanka@touchwood.lk)This sender is in your contact list.

Sent: Wednesday, March 27, 2013 5:18:57 AM

Mr. sadikeen,

As per the telecon we had while ago,please refrain from banking cheque No:744164 for Rs.1,465,100.00 on 30th March untill further we confirm within 1st week of April.

Tks,
ASsanka



avatar

Post Fri May 10, 2013 10:59 pm by jerelocke

Does anyone on this forum have contact information for someone connected to the Touchwood Hong Kong legal case? I'm on Lord Toad's list but want to explore all options.

avatar

Post Tue Aug 06, 2013 4:32 pm by Wayne Abbott

Good Evening

I would like to present myself as the Foreign Investor who paid for the entire purchase of CIFL in 2004 ,the purchasing of company was also attende by your current president Mr Mahinda Rajapaksa who at the purchase of CIFL was the prime minister of sri lanka,since I purchased CIFL in 2004 I was manipulated by Deepthi Perera into a shareholder of Aspic Corporation the owner now and identity who retains a majority shareholding of CIFL at the time of prospectus release
I have never received a return in 9 painful years and have been lied to by the company directors Mr Deepthi Perera continually over this period,he always states he is above the law and you need to speak to him if you require any answers
Just recently a Mr Roscoe Maloney of Touchwood in conjunction with Depthi Perera and lawyer from CIFL made attempts to purchase my shareholdings but as always it was fabricated and a continuation of lies and manipulation in which I received from the lawyer from CIFL Post Dated CHEQUES signed by Mr Roscoe Maloney to pay my shareholding off over 12 months,
Mr Deepthi Perera has advised me he has sold his interests after this was completed to protect once more his interests and I believe has absconded from Sri Lanka
Shirley Perera the former Vice President of CIFL has recognized my funds and purchasing of CIFL in his correspondence
The BOI and Mr Rajapaksa should now correct the wrong doings to a Foreign Investor who placed funds into Sri Lanka with trust and commitment meet with deceit and continual lies
Please show the foresight to assist in the return of my funds which were received by Fraudlent business practises
I await the replies prior to taken my situation to Mr Abbott the opposition leader and soon to be Prime Minister of Australia also to the current foreign trade politician.
Yours Sincerely
Concerned Foreign Investor
Wayne Steven Abbott

avatar

Post Tue Aug 06, 2013 4:55 pm by Wayne Abbott

Please also note I have received in documentation from Touchwood Mr Roscoe Anthony Maloney identity card 582803668V) of No. 412 Ganga Road, Madagama,Bandaragama signed by himself Shares Sale and Purchase Agreement in conjunction with copied Post Dated cheques with the payment schedule listed in USD from 01/03/2013 through to 01/02/2014 with K.S. V. Fernando Attorney at law & Notary Public also signed documents
They wanted me to sign and agree and return all DOCUMENTS SIGNED BY MYSELF so they take shareholdings IMMEDIATELY and pay me over 12 months as per payment schedule attached to Sales agreement
They stated if they do not pay all shares would be returned!

I leave the rest to your thoughts and decisions

Please can someone assist in the return of my funds as this is why Sri Lanka will always be viewed as a Indian state due to obvious corruption in business

Yours Sincerely

Wayne Steven Abbott

avatar

Post Tue Aug 06, 2013 5:08 pm by Wayne Abbott

Mr Roscoe Maloney has apparently paid 11 Million USD into CIFL but cannot reply to my calls or email correspondence despite I originally paid 100% for CIFL 2004 with written correspondence showing my returns and what was forecast by Mr Deepthi Perera prior to my payment of funds AND THEN WAS DUPED INTO A SHAREHOLDING OF ASPIC IN WHICH i BELIEVE WILL BE QUASHED AND REMOVED FROM OWNING ANY PART OF CURRENT COMPANIES UNDER THIS GUISE including CIFL Lumbini Aquarium and so forth
They will manouvere all away from myself and there will be absolutely nil left!
The facts are that Aspic on the prospectus being announced for the CIFL company to be a company on the Stock Market showed clearly at that time it's majority shareholding of CIFL also clearly stating my name as a shareholder
What has happened since I again request your thoughts to the procedures amplified with complete manipulation and deceit of the highest order
Yours Sincerely
Wayne Steven Abbott

avatar

Post Tue Aug 06, 2013 5:20 pm by Jana1

@Wayne Abbott wrote:Mr Roscoe Maloney has apparently paid 11 Million USD into CIFL but cannot reply to my calls or email correspondence despite I originally paid 100% for CIFL 2004 with written correspondence showing my returns and what was forecast by Mr Deepthi Perera prior to my payment of funds AND THEN WAS DUPED INTO A SHAREHOLDING OF ASPIC IN WHICH i BELIEVE WILL BE QUASHED AND REMOVED FROM OWNING ANY PART OF CURRENT COMPANIES UNDER THIS GUISE including CIFL Lumbini Aquarium and so forth
They will manouvere all away from myself and there will be absolutely nil left!
The facts are that Aspic on the prospectus being announced for the CIFL company to be a company on the Stock Market showed clearly at that time it's majority shareholding of CIFL also clearly stating my name as a shareholder
What has happened since I again request your thoughts to the procedures amplified with complete manipulation and deceit of the highest order
Yours Sincerely
Wayne Steven Abbott

I guess you made mistake. Why did you put such a large amount on unknown company??

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Post Tue Aug 06, 2013 5:41 pm by Wayne Abbott

Mistake yes,manipulated by very high end personel with years of banking expertise within the Sri Lankan Banking society,
BOI acknowledgment
Central Banks acknowledgement
Accountants and Lawyers acknowledgment
Current president attending the purchasing of CIFL at the time in 2004 the Prime Minsiter again creating more realism that all is correct and authentic
The facts are I have approached the BOI and other associated business sectors engulfed in Investment and all have failed miserably to advise anymore than broken statements and I believe benefits to do so!
Yours Sincerely
Wayne Steven Abbott

Prince

Post Tue Aug 13, 2013 9:45 am by Prince

@Seyon

Been a Global moderator you should have some sort of discipline when making a post in the forum. I strongly oppose your attempt on promoting a Share which can be name as a "Scam" by every means. You have wasted a lot of time preparing a post which could mislead the inexperienced membership of the forum.
Best thing for you to make a visit to the so called cultivation and see for your own eyes whether there is any cultivation of trees really taken place as the company boasts. I bet , you will not get permission even to enter their premises or the cultivation area. Let me know if you happen to make a visit and your observations. I am ready to make an apology from you at any moment I hear any good news.

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