Then why meeting date just before CNY , if genuinely want to discuss?

It is a rush date to wrap up the Termination before 2012 dividend payment due date on 14-Feb. Then PGCB can avoid its payment withour liability under the Trust Deed.
If they win the Vote FOR, they need not pay last dividend as our CHGS is Terminated after 8-Feb meeting.

To ALL Perak CHGS Grower members

It is short notice. I propose a meeting on Monday 28-January-2013
Time : 5pm
Location : AEON Jusco Ipoh Garden - Starbuck

Look for the person with the CHGS yellow folder.

The investment is solid plan. Its a feasible, economical viable and realistic program. The only thing that is "grower" is the minority and the "company" take advantages from "grower". If Tan Sri play fair and gentleman, everyone is a winner. But now it seem they had played the "growers" from day one, someone sit on the meeting table and suggest.. "If the company aren't ready to spend 5-7years waiting the palm to grow up... why don't we use our goodwill to ask people invest in with over price option which will cover our ass and their stupidity over the years? At the end, sure we can had some clause to make them look like an idiot and we are harmless from any liabilty"

So, here play the part of the great sound great plan scheme. If the 20% gold scheme people think is real, then this plantation related investment with 8% is damm real.

The people is totally not at fault here, is a reasonable return scheme, a solid company backing and a genuine asset to be invest in it. But the "company" use their resources to make sure they get the fund in, and make sure everyone is happy for the initial period and then make sure when time is right, then fv you .

Its all legal and nothing the "grower" able to do anything.. just worst to worst.. company wind off .. sell the assets and see what it left... but wait... you are not the share holder, or even close. All scheme participants only buy their rights in participation and earn their share of participation. No clause claim that your enrollment entitle you to title of any plot or even any share in the offeror "company". Just like trust fund, you trust your fund in other people hand you dont own the company that sell you the fund.

Just let say, the "grower" finally able to achieve a victory to enjoy priviledge of the assets, the land is est at RM129mil instead of the RM215mil paid. So if the luck is good, the asset said fetch a RM100mil, your capital had lost over 53%, the max you can expect your capital return is 45-50%

KEEP IN MIND, the return rate is guarantee, but not the capital, if the 'company" decide to pay you back your 100%, the "grower" still wasted their 5 years and also the supposing profit sharing which is rightfully belong to the "grower"

The government has to step up and teach them a lesson, not to team up with them and hurt us. People the rakyat alot save up years and years just hope to able to make sound investment. If PLC can do this to us, then why not the government as well ?

Hi Jeff
You have good technical and legal knowledge. What can we do now?

Hi Guys - Just came to know about this.

Some questions we may want to discuss.....

1. Is there a tender being called for Corp Advisor to be appointed?
2. What are the resposnsibilities and liabilities of the directors for this scheme?
3. The financial performance looks healthy, with profit turning to positive territory from 2010 to 2011 and continue to grow in 2012. Why the sudden/abrupt negative impact happened within such short time frame?
4. Is there a mismanagement or misappropriation of the funds?
5. Should there be a police report to lodge to launch investigation on this? (This may drag on the whole process and procedures and Growers claims would be delayed)

the big boys are always bullying the public retailers like us.

You see, last time the clause mention if Palm price drops to RM800 per ton, then company may have to terminate the grower scheme , no profit or company lose money, cannot pay you all dividend , close scheme, ok la, fair enuff.If this happens, they also wont pay back full amount of what you have invested, they want you to share their losses.

But now, what is the palm price??

RM2300!!!, the company must be making alot of money already, and when the time comes for the people who buy the growers scheme to get some good return, the big boys play dirty, wanna cancel the scheme liao...

LAst time starting time, the big boys wanna use your money to lessen their financial burden. If scheme lose money people share their losses.

Now the scheme is going to make big money, the big boys wanna push the small investors all out.

As if that was not dirty enuff, the RM215 million people put in last time , is now valued at only RM129 million, who decides on the land value, they themselves.

And the fox's tail is most revelaing when the AGM is hurriedly rushed to the most ungodly days of the month, just 1 day before people all go back for long CNY Leave - so that not many of you can find time to attend.

THis type of tactic is also played by banks in their structured product.
To attract people to give them money to invest, they offered high return rate, but linked it to certain index, KLIBOR etc..

To cover their back side, or cheat the investors, they add in a call back clause.

Product losing money, consumers take the loss, no dividends paid.
Bank wont call back, it will go on and on till maturity 5 years, and consumers get 0 return, the bank get to use the millions from people for free.

Product making money, ie the reference index always fall within the range, (bank's miscalculation liao..), bank must keep paying you the high dividend stated at the beginning, now the bank will play dirty, call back the scheme and return you your money.

I kena this before.

This post has been edited by guy3288: Jan 27 2013, 01:59 AM

I agree. This is a major con job. Someone please help. False Alias, you are right. We cannot vote to so call volunteer terminate. These people are a bunch of liars. Let's fight this till the very end. Bastards!!!

quote=SabahMan,Jan 27 2013, 06:02 AM
I agree. This is a major con job. Someone please help. False Alias, you are right. We cannot vote to so call volunteer terminate. These people are a bunch of liars. Let's fight this till the very end. Bastards!!!


Country Height has not kept promises in their other ventures.
eg. the CH Damansara project
Now can they be trusted when they said they will pay us within two years our balance of 90%?

The Trustee of our Deed , CIMB Commerce Trustee Berhad, should not have allowed the meeting date to be 8-Feb when only a few can attend.
Has the Trustee been doing their job with responsibility and utmost care ???

This post has been edited by mkhor7: Jan 27 2013, 08:39 AM

Thanks for giving some background infor. I am no expert. Just speaking my mind here.

If they are doing this to benefit themselves, then fight all the way. If it is business gone wrong, then take it with a gram of salt.

Suggest to contact Bank Negara or other licensing body (CH needs to get a license for this scheme, right?), Consumer Protection Agency, etc and see if they can help.

Write to newspapers and make this public. Then they will be less pushy etc. as the public is watching.

If the resale land value is less than the original purchase price, make sure that the new buyer is not connected to them as they can abuse this with another one of their own companies pretending to be the buyer.

All the best!

Agreed we must persist to keep CHGS alive instead of terminating it just because PGCB current profit level does not support the 2012 dividend due on 14-Feb.

Using figures from the Prospectus and Circular:
As at 31-Dec-2010, RM80million was loaned to Bee Garden Holdings s/b interest free, unsecured with no fixed repayment terms.

The plantation has currently at least 800 hectares of mature area. This is producing at 8000 MT of FFB. The mill can output 1600 tonnes of CPO from this.
At least another 900 hectares are can start harvest soon. Then next year will be another 1500 hectares.
By 2015 there should be at least 3000 hectares of mature trees for harvesting giving at least 30000 MT of FFB.
PGCB can get at least 5% to 15% returns yearly depending on labour supply, etc.

It is possibility of the low 5% that frightened LKY because our CHGS agreement is based on CPO price which will remained high.
LKY should treat us as partner and re-negotiate the rate of annual yield of the CHGS.

It is good to invest in land based resources, and many of us want to stay on to "Invest in Certainty".

Update:
CHGS and the Gua Musang plantation is NOT making losses. Right now the revenue is too low for PGCB to pay us 12% yield.


This post has been edited by mkhor7: Jan 31 2013, 09:21 PM

I didn't see this type of message yet
So I am posting

In the event we abort the termination of chgs, dividend of 12 percent needs to be paid for 2012 should not be negotiated on since its in the contract
Dividend for 2013 can be negotiated since we have no entered into the year.

We have to make up our mind now what to do in the event the motion to stop chgs does not got thru and to deal with the after effects

Agree with you.
Alternatively if LKY want to keep the plantation all to himself, he should refund us 100% straitaway which would definitely and easily get his 75% FOR votes.

Please note that the RM76million of Net Assets in Bee Garden Holdings s/b accounts is should be used to pay back to PGCB.

I will attend the meeting too at Penang YMCA too. Any changes on time and venue, please notify.

During the Asian Financial Crisis in the 90s, Country Heights bonds defaulted on the payment, at the end the bondholders have to take 50% hair cut. So you judge if this is a trustworthy person.

An old link from a Bloomberg interview with Country Heights's Lee about the Grower scheme:

``It's like money dropping from the tree,'' Lee, managing director of developer Country Heights Holdings Bhd., said July 2. ``I'm a very conservative guy. The only risk they take is the price of the palm oil.

Bee Garden Holdings Sdn., owned by Lee's wife and which runs the project, has sold 8,000 of the available plots, and expects to sell the rest by the end of the year, said Lee.

"Under the so-called Country Heights Grower Scheme, plot buyers will receive 12 percent each year on the amount invested if palm oil averages above 2,100 ringgit a ton from the fourth year onward, and a further 5 percent depending on the plantation's output. If palm oil prices are lower, the annual return drops on a sliding scale, paying 1 percent if the price of palm oil is between 901 ringgit and 1,100 ringgit a ton. There is no return on a price below 800 ringgit. ``It's very difficult for the price to drop below 800,'' Lee said. ``The potential is so great on palm oil.'' In total, annual returns will probably range from 11 percent to 17 percent from the fourth year onwards, the project's prospectus says."

With palm oil around RM 2,300 per ton, annual returns should be good, so MSWG's concerns regarding the termination of the contract seem to be correct.


A more general article about Malaysian investors hungry for yield and the rise of unregulated investment schemes can be found on Bloomberg.

http://cgmalaysia.blogspot.com/2013/01/wee...ights-gold.html

http://www.malaysiarealestate.com.my/listi...rSale-1544281-S

BIG QUESTION MARK?

Why Tan Sri LKY only have 8plots??????????????????

I believed you all small fish(ikan bilis) got more plots individually than him, the big fish(ikan paus).

Please think of it, and question him what is his intention during the meeting.

So can you trust him to return the balance of 90% within 2 years.

We must vote against the proposal unless we get full refund within 30days.

Some of us depend of the capital to generate side income, 2 years is too long unless the 2 years also got dividend payment.

Do you guys realised the agenda of the meeting on that day itself ?

It has only 1 agenda for the day. You either vote "for" or "against". The flow of the meeting on the day would be :

1. 10am sharp, Chairman of the meeting confirm the quorum
2. Chairman read out the proposal.
3. Someone from the floor (probably a guy planted there) would propose
4. Someone from the floor (also a guy planted there) would second
5. Chairman ask the floor for poll
6. Chairman announce the meeting approve the agenda
7. Chairman thank the floor and announce dismissal

Everything will kaotim in 3 minutes. If there are questions in between, the chairman will shoot it down fast.

There is no agenda for you guys to discuss, to ask question, to propose another resolution or for anything else except to vote "for" and "against". And you guys should expect "the other side" already have enough votes to vote "yes" to the proposal

Are you guys prepared ? You guys got to appoint a few spoke person to stop the chairman. Hopefully some lawyers who are also growers can be in the meeting to stop him. If not, the meeting will be over before you all can react. The big shot has all the experience in this type of meeting. They come prepared. I am sure they even get ready enough security guards to chuck out anyone who make a scene in the meeting room. Whereas I see you guys are just preparing to meet somewhere and the venue is all scattered and not even confirmed ! How do you guys have consensus on what to do ? Do you guys have any lawyer and accountant to answer your questions in your meeting ? You guys got to have a united game plan to take on the big fish

If in KL there is any meeting, I'm up for it. SS2 Murni as suggested by some is fine with me. Just tell me the time will do.

Plan of Action

1. Don't act as victims. We are not small fish to be pushed around

2. We are legitimate investors with rights

3. Find out from our lawyers, whether they are contractually bound to give us interest of at least 12% since the price of CPO is more than RM 2000

4. Find out what can be done if they default.

5. If they are unable to, it is we who should be telling them what they should do. ie the options should come from us. Since when do people who owe us money tell us what choices we have.

6. I vote that we give them the option of full refund within 12 months which is in legal black and white if they can't fulfill their obligations of the 12% interest

7.LKY and his cahoots may threaten bankruptcy etc. Well, let them go ahead then! His shitty reputation will tank and it will affect his other companies.

8. LEGAL ADVICE. We need it.

9. We need a divorce from this company. We want all our money back on our terms not on his ridiculous terms. Don't harbour any illusions of continuing this relationship.

so far, the meeting still firm. same date, same time. any changes, will let u guys know.
pls check with ur respective agents. i believe they can invite more ppl as they have all the contacts.
thanks