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Touchwood Case Review

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Go down  Message [Page 13 of 16]

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 Fri Jan 04, 2013 4:29 pm by Bachus

Venkat, the advert may not help us, this may help to prevent new victims to fell into the TW's trap, but how would you advertize around the world?
Our goal is to recover our actual or potential loses. I agree with the statement "Do it without giving them a Head start.
There are, I am sure people from this (Fake) Company/s must be reading this too." and suggest that we go out from this forum.
May Lord Toad and/or Mr Dinga please coordinate the action?
Regards,

Post Fri Jan 04, 2013 5:15 pm by venkat1711

Dear Bachus, By giving an advertisement ( at least in Colombo first if not international) we can make it public that Touchwood is a scam company cheating several investors. Right now they are happily carrying on business as usual in Srilanka as investors there are not aware of anything. They are still collecting millions of Dollars and enjoying ... they are still not hurt and the management must be happily flying around the world or driving around in posh cars with investors money. That should be stopped. It will cut money supply to them and they may sit and take notice of our notices.As such it looks like they are not hurt and not willing to pay any heed to our hue & cry..
Note for Mr Dinga... So this Monpassorn cancelled her meeting with you Crying or Very sad ... No surprise at all. I suspected she is talking too butterly...& friendly and giving a feeling that she is too much concerned about our problems & she is going to solve all problems slowly..... Guess its all eye wash & Touchwood management tactic to keep investors at bay giving them false hopes so that you keep waiting and don't take any action against them...This will allow them to carry on business in Srilanka as usual... I think this is their strategy and we need to realize this... They need to get hurt thro' some means...

Post Fri Jan 04, 2013 6:26 pm by Kithsiri

If Foreigners involved then take a Court order stopping them leaving the country First.
Once one of them is cornered, then the killing will be much easier.
(Unless the D Company is behind this again).
Think like a Scoundrel ( Gentleman approach will not get you anywhere in situations like this.
That will shake them and then a coordinated effort from there on by investors.
Good Luck.



Last edited by Kithsiri on Fri Jan 04, 2013 6:31 pm; edited 1 time in total (Reason for editing : spelling errors.)

Post Fri Jan 04, 2013 8:03 pm by venkat1711

Dear friends , I have drafted an article (regarding the plight of investors in Touchwood) which can be published in some of the News papers the contact e-mails for which I have collected from the web. Some of our friends in this forum can also help us in identifying more New papers and help us in this regard. If all feel O.K. I shall put that draft here and all can edit and the same can be sent to the local News Papers in srilanka. If they are willing to publish it can help us in some way and also stop them from further cheating many more investors. Kindly let me know your idea about this.

avatar

Post Sat Jan 05, 2013 9:22 am by Lord Toad

I am here

We have a group of 20 so far and a website with more on it. Please join us we are getting together.

[url=Website link is here]http://touchwoodinvest.com/[/url]

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Post Sat Jan 05, 2013 9:33 am by venkat1711

Hi LordToad, That was a great work and put together consuming all of your precious time & creative thinking !!! Thanks for all the hardwork ....
In the Investment options drop down you could have provided " Agarwood & Bamboo" as people like me invested in both. Any it doesn't matter much...
Let's hope that we could jointly take some constructive action quickly without jeopardizing the safety of our Returns Neutral

avatar

Post Wed Jan 09, 2013 12:01 pm by dinga

venkat1711 wrote:Hi LordToad, That was a great work and put together consuming all of your precious time & creative thinking !!! Thanks for all the hardwork ....
In the Investment options drop down you could have provided " Agarwood & Bamboo" as people like me invested in both. Any it doesn't matter much...
Let's hope that we could jointly take some constructive action quickly without jeopardizing the safety of our Returns Neutral

Hear, hear Venkat1711! Just looked at the CSE website and noted TWOD's share prices ie. All Time High - 272; All Time Low - 8; Last Trade - 8.9 WOW!

avatar

Post Wed Jan 09, 2013 12:12 pm by venkat1711

Hi Dinga, I have kept a tab on their share price for quite some time and it is very clear traders have got a whiff of this scandal... Not encouraging at all... I am in touch with this Mr Asanka and he keeps saying they have issues and not able to immediately come back on the returns due to that. They simply keep buying time without any action... Ms Monpossorn has stopped communicating. I have lodged the complaint with both Colombo Stock Exchange & KPMG (using LordToad links) ... However,not sure if any action will be taken ... I urge other members also to earnestly do it to see if these authorities will wake up !! I have a lots at stake and indicators don't seem to be positive at all...

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Post Wed Jan 09, 2013 5:08 pm by econimistSL

Lord Toad wrote:I am also a Touchwood investor.

The closure on the BKKK office in haste is a fact.

There are other rumours innuendos et al floating about.

Smoke and fire spring to mind - I will post more when I have real facts.
I was paid last year but only after real fight to get my money

I you have been paid, why the fuss? keep the money & shut up....

avatar

Post Wed Jan 09, 2013 7:13 pm by Fresher

dinga wrote:
venkat1711 wrote:Hi LordToad, That was a great work and put together consuming all of your precious time & creative thinking !!! Thanks for all the hardwork ....
In the Investment options drop down you could have provided " Agarwood & Bamboo" as people like me invested in both. Any it doesn't matter much...
Let's hope that we could jointly take some constructive action quickly without jeopardizing the safety of our Returns Neutral

Hear, hear Venkat1711! Just looked at the CSE website and noted TWOD's share prices ie. All Time High - 272; All Time Low - 8; Last Trade - 8.9 WOW!

ever heard of stock splits and rights issues?

avatar

Post Wed Jan 09, 2013 8:40 pm by dinga

npp wrote:
dinga wrote:
venkat1711 wrote:Hi LordToad, That was a great work and put together consuming all of your precious time & creative thinking !!! Thanks for all the hardwork ....
In the Investment options drop down you could have provided " Agarwood & Bamboo" as people like me invested in both. Any it doesn't matter much...
Let's hope that we could jointly take some constructive action quickly without jeopardizing the safety of our Returns Neutral

Hear, hear Venkat1711! Just looked at the CSE website and noted TWOD's share prices ie. All Time High - 272; All Time Low - 8; Last Trade - 8.9 WOW!

ever heard of stock splits and rights issues?

Indeed I have - is that the reason for the huge reduction in unit price? (if so, that would seem unbelievably extraordinary - at least to me). Could you please elaborate.

BRs

avatar

Post Wed Jan 09, 2013 8:49 pm by Fresher

dinga wrote:
npp wrote:
dinga wrote:
venkat1711 wrote:Hi LordToad, That was a great work and put together consuming all of your precious time & creative thinking !!! Thanks for all the hardwork ....
In the Investment options drop down you could have provided " Agarwood & Bamboo" as people like me invested in both. Any it doesn't matter much...
Let's hope that we could jointly take some constructive action quickly without jeopardizing the safety of our Returns Neutral

Hear, hear Venkat1711! Just looked at the CSE website and noted TWOD's share prices ie. All Time High - 272; All Time Low - 8; Last Trade - 8.9 WOW!

ever heard of stock splits and rights issues?

Indeed I have - is that the reason for the huge reduction in unit price? (if so, that would seem unbelievably extraordinary - at least to me). Could you please elaborate.

BRs

OT: FYI

Yes. 100/- share split into 10 shares then price will adjust to 10/- but the value is the same. Go to the announcements section and check how many times TWOD has split, issued rights and capitalized reserves. Check with the date of your All time high and compare the prices.

avatar

Post Wed Jan 09, 2013 8:51 pm by Malaysian Investor

The fact remains they are a gang of cr**ks who bounce cheques and do not honour contracts - and they can sue me for libel if they dare - they are th***es and a realistic share value is about zero



Last edited by npp on Wed Jan 09, 2013 10:17 pm; edited 1 time in total (Reason for editing : let's keep the forum clean in public, however bad the situation is)

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Post Wed Jan 09, 2013 10:13 pm by trendfollower

"KPMG – Sri Lanka has resigned from the role of statutory auditors of Touchwood Plc of Sri Lanka with effect from 5 December 2012..." , this is the official reply from Managing Partner of KPMG -Sri Lanka (I also emailed to KPMG - Hong Kong & International hotline).
The big 4 auditor's resignation is a very bad signal to the current status of Touchwood of Sri Lanka. Anyone knows who is the new auditior?

avatar

Post Wed Jan 09, 2013 10:16 pm by Fresher

trendfollower wrote:"KPMG – Sri Lanka has resigned from the role of statutory auditors of Touchwood Plc of Sri Lanka with effect from 5 December 2012..." , this is the official reply from Managing Partner of KPMG -Sri Lanka (I also emailed to KPMG - Hong Kong & International hotline).
The big 4 auditor's resignation is a very bad signal to the current status of Touchwood of Sri Lanka. Anyone knows who is the new auditior?

that's news!
didn't see an announcement!

avatar

Post Wed Jan 09, 2013 10:24 pm by Fresher

Something I was wondering, Isn't there a single Sri Lankan who had invested in these products? At least someone who has some kind of idea in this forum?

Or have they too been cheated and have not found out about the internet?

We all know how scams in the recent past have created serious reactions. All though this is a long term thing, if people from Thailand and ME have been affected, then what about here??

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Post Wed Jan 09, 2013 10:59 pm by Whitebull

trendfollower wrote:"KPMG – Sri Lanka has resigned from the role of statutory auditors of Touchwood Plc of Sri Lanka with effect from 5 December 2012..." , this is the official reply from Managing Partner of KPMG -Sri Lanka (I also emailed to KPMG - Hong Kong & International hotline).
The big 4 auditor's resignation is a very bad signal to the current status of Touchwood of Sri Lanka. Anyone knows who is the new auditior?
According to the company profile at CSE still they are the auditors.
http://www.cse.lk/company_profile.do
DETAILS



Established

1999



Quoted Date

2002-05-28 (yyyy-mm-dd)



Financial Year Ends

31st March



Secretaries

M/S Corporate Advisory Services (Private) Limited



Auditors

KPMG Ford Rhodes, Thornton & Company




Registered Office

No. 28, Joseph Lane, Colombo 04.



Sector

Land & Property

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Post Wed Jan 09, 2013 11:13 pm by trendfollower

npp,

It is possible that agarwood plan is only 6 years but those plans in Sri Lanka are not agarwood but longer term plant plan, then the scam in Sri Lanka is still not discovered. Some members in this forum seem reacting not irrelevant to this scam, but I can tell you that the CSE-listed companies will get very bad images to all Asian countries once our local mass media reported this scam (HK mass media loves report scams). This is our first case of scam from CSE-listed companies. Even a Sri Lanka listed company is cheating and behaving like this way, how can we trust a small Sri Lanka company and do a business with it?
If we put this case as a normal business activity but not investment, Touchwood received our money but make a breach of our contract in which cutting the trees and selling in the market. Touchwood takes our money and no product delivery and run away without any notice. In this view, Touchwood is still doing the real business?

avatar

Post Wed Jan 09, 2013 11:34 pm by trendfollower

Below is the original email message, if you don't believe, you can check with the KPMG partner of Sri Lanka:

"" Received your e mail dated 8 January 2013 on Touchwood Investments Plc of Sri Lanka .

We wish to bring to your attention that KPMG – Sri Lanka has resigned from the role of statutory auditors of Touchwood Plc of Sri Lanka with effect from 5 December 2012 . Accordingly, we trust you would appreciate that we will not be able to discuss any client related matters due to professional reasons.
Please contact the Company directly regarding your concerns.

Regards

Reyaz Mihular
Managing Partner
KPMG
32A, Sir Mohamed Macan Markar Mawatha,
Colombo 00300
Sri Lanka
Tel (Direct) : +94 11 2343105 / +94 11 5426500
Mobile : +94 727 313360
Fax : +94 11 2445872
Email : reyazmihular@kpmg.com ""

Even the auditor is afraid of this scam discovered and left. I can't believe now some guys still believe Touchwood is doing real business.

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Post Thu Jan 10, 2013 6:58 am by Lord Toad

The auditor resignation is true - I have several people who have confirmed that individually from KPMG.

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Post Thu Jan 10, 2013 7:19 am by Fresher

Lord Toad wrote:The auditor resignation is true - I have several people who have confirmed that individually from KPMG.

That requires immediate disclosure to the CSE scratch

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Post Thu Jan 10, 2013 7:42 am by dinga

Lord Toad wrote:The auditor resignation is true - I have several people who have confirmed that individually from KPMG.

Do we know the reason for KPMG's resignation? For what it's worth, my bet is the auditor has finally concluded TW is not a going concern.

If this is so, the auditor itself could be in a sticky position since it seems to me there may have been a series of 'red flags' that were missed. A couple of questions to the forum's knowledgeable members:

1. Is it common in SLanka for Auditors to be enjoined in class actions by investors? (it certainly is in other jurisdictions - like Australia - where heavy penalties have recently been imposed against some of the Big 4)

2. What are the penalties, if any, for a company and its Directors if it is found to have continued to trade while insolvent?

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Post Thu Jan 10, 2013 7:53 am by Lord Toad

KPMG are an international company and they will be insured.

If the suggestion is made that KPMG might be culpable they are obliged to put their insurer on notice - even if no claim is made

avatar

Post Thu Jan 10, 2013 8:14 am by dinga

Lord Toad wrote:KPMG are an international company and they will be insured.

If the suggestion is made that KPMG might be culpable they are obliged to put their insurer on notice - even if no claim is made

Indeed so - insurers' deep pockets can be a very attractive lure to investors especially where the adequacy of the 'assets' of the company and its Directors are themselves doubtful.

Couple more questions:

1. Has KPMG resigned as auditor for all of the TW entities including TW Forestry Thailand; TW Asia (Thailand); TW Limited (HK); TW Australia etcetc??? Assume so, but this be confirmed?

2. Why has TW not notified the CSE?? (nothing I can see on the website). What are the penalties for failure to immediately provide market-sensitive information?

3. Are litigation funders active in matters SLanka???? If so, would appreciate contact details.

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Post Mon Jan 14, 2013 10:30 am by Malaysian Investor

Just so you all know. This issue has not gone away. As TW reps. will not comment on here, but have been reading this, we have moved our comments/actions to a more private place

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Post Wed Jan 16, 2013 6:44 pm by cyril_madrid

What do you mean "to a more private place" ? Do you mean you are negotiating with TW ?
I think affected investors have interest in this going public, and being kept in the loop, instead of the forum to go quiet and leave everyone in stand by.
We need to know if our trees are looked after, that's the first step, if we need to change caretaker for the trees, ...

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Post Wed Jan 16, 2013 9:49 pm by Lord Toad

cyril_madrid wrote:What do you mean "to a more private place" ? Do you mean you are negotiating with TW ?
I think affected investors have interest in this going public, and being kept in the loop, instead of the forum to go quiet and leave everyone in stand by.
We need to know if our trees are looked after, that's the first step, if we need to change caretaker for the trees, ...

There is a group I am a member of who are trying to sort things out. Join the email list on this site http://touchwoodinvest.com.

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Post Thu Jan 17, 2013 3:33 pm by Kay2

Dear All,

I don't understand what all of you are talking about its as if the company has abandoned clients. This is not true, the company is speaking to clients in Thailand from the Touchwood Forestry Company and also speaking to Sri Lankan clients from their Local office which is Touchwood Investments PLC.

Why not speak to either company and get things resolved. They have appointed a Harvest Processing Team in Sri Lanka and In Thailand as well. If you speak to them and meet them you could discuss your concerns.

I strongly suggest the only way to resolve this matter is to talk it out with the right people in the company, I also know that the few clients have visited the plantations in Thailand and was very pleased with the management of the trees.

tnx

avatar

Post Thu Jan 17, 2013 3:36 pm by Malaysian Investor

Kay2 wrote:Dear All,

I don't understand what all of you are talking about its as if the company has abandoned clients. This is not true, the company is speaking to clients in Thailand from the Touchwood Forestry Company and also speaking to Sri Lankan clients from their Local office which is Touchwood Investments PLC.

Why not speak to either company and get things resolved. They have appointed a Harvest Processing Team in Sri Lanka and In Thailand as well. If you speak to them and meet them you could discuss your concerns.

I strongly suggest the only way to resolve this matter is to talk it out with the right people in the company, I also know that the few clients have visited the plantations in Thailand and was very pleased with the management of the trees.

tnx


When a company bounces cheques on you, refuses to respond to emails and letters, has no plan to pay up, and has sold on the trees the have "bought" from you what do you suggest we do ?

sureshot

Post Thu Jan 17, 2013 3:40 pm by sureshot

Kay2 well said. U r right.

if there is a cheque return you can go to the police and complain.
Posting here will not help you guys.
this is my suggestion only .....




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