FE CREDITOR’S MEETING ON THURSDAY 3 OCTOBER 2013 DATE : THURSDAY 3 October 2013 TIME : 9.30am (Please come 1 hour earlier to register) VENUE : Chinese Assembly Hall, Jalan Maharajalela, Kuala Lumpur (Advertised in THE SUN on 20 Sept 2013) We have reached a stage whereby the liquidators Ferrier Hodgson (FH) are no longer willing to cooperate with & listen to the COI. The COI have taken Court Action to remove FH and replace them with a friendly liquidator who is willing cooperate with the COI. FH earlier verbally agreed not to contest. Now they have deceived us and have decided to contest. They claim that the COI do not have the majority creditors to support our action to remove them. They do not acknowledge that they are no longer welcome to handle FE matters. To complicate matters, the 4 mysterious creditors who earlier went to court in June 2012 to remove GTC and replace them with FH are also contesting the COI action to remove FH. Their total POD is only minimal. Do you want these 4 creditors to sabotage our efforts to remove FH? The next hearing date is fixed for 10 Oct 2013. The reasons the COI wish to remove FH are as follows: 1. FH wishes to distribute the stocks according to POD and not POF (yellow form). They refuse to listen to our explanation not to use POD. 2. FH does not recognize POF. By using POD, creditors who have already received their stock will still get further stock. 3. Ivy and Bernard submitted a proposal for stock distribution in Nov 2012 which FH refuse to accept. Unfortunately, 3 other COI also did not support this proposal. Or did not bother to read it. 4. Some perishable FE stock held in the Kepong warehouse near their expiry date and will be worthless unless they are distributed fast. 5. FH has been charging the FE account with exorbitant disbursements to make further profit at our expense. (eg RM1.00 per sheet for Photostat. We only managed to reduce it to 0.70 cents). Photostat costs billed for the Dec 2012 Creditors Meeting was RM15,631.70 6. To date, FH are still unable to confirm the proper formula for submitting POD. They refuse to listen to our explanations. They have not even checked the PODs in their possession, because they themselves do not know how to check accurately. Some creditors submitted based on cost, cost less receipts, or cost plus future revenue. No consistency. They now state they also do not recognize our E-Wallet balances. 7. FH only wishes to distribute the stock their own way & pay out the FE account residue and wash their hands on the matter. Not willing to pursue further to find evidence to charge PT & Co for any crime (CBT). Ivy & Bernard came into the COI to help find an equitable way to get the stock distributed and also to get evidence to charge the culprits. However, 3 COI are not in favour to use the FE funds to get this evidence. They prefer to distribute the FE funds and maybe everyone will receive 1 cent to the dollar. There is only about RM1 million left in FE a/c. Is this what the creditors wish for? The 3 COI have isolated Ivy and Bernard and are acting without any discussion with us. They claim the 3 of them have the majority so they can do as they wish. They now act in secrecy without any transparency. Although the 3 COI (operating as QLI) refuse to cooperate with us, they are currently compiling letters from creditors to remove FH. We support this & encourage all creditors to cooperate with them on this issue & send them your letters. Their website and contact are as follows: quantumlife.my/ tel +603-78322131 or email to [email protected] Ivy & Bernard are in the COI to impartially serve all creditors interests, despite the hostile treatment from the 3 COI. We hope to gather feedback & consensus from the creditors at the 3 Oct Creditor’s Meeting to resolve the following issues: a) To remove FH & appoint a friendly liquidator b) Confirm the criteria & method of stock distribution c) Agree on the correct formula for POD d) Whether to distribute the residue of FE funds at (maybe) 1 cent to the dollar e) Whether to pursue punitive action to get evidence to convict PT & Co by using the FE funds to finance an investigative audit, appoint a good criminal lawyer & a good Private Investigator to trace PT & his money trail. f) Whether to aim to charge the culprits under Sect 409 of the Penal Code (CBT) which carries a maximum penalty of 20 years jail, fine & whipping g) Whether the creditors support the way the 3 QLI COI are misusing their majority and isolating Ivy & Bernard Ivy & Bernard have tried to serve the creditors interests impartially since they were elected to the COI in July 2012 & re-elected in Dec 2012. However, Bernard has constantly been attacked by some hostile COI members who seem to have their own selfish agenda. They have been making accusations without any material proof. The sad part is that some creditors believe their lies without bothering to find out the truth. (Read THE TRUTH in the COI facebook ). They offered nothing constructive while Ivy & Bernard sacrificed their time & effort to help contest the WWF & GTC bills. These 3 COI also did not bother to attend the last 2 COI meetings with FH in May & June. Lack of quorum. Bernard Simon Foo Committee of Inspection (COI) 25 Sept 2013
Posted on: Wed, 25 Sep 2013 17:29:56 +0000
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