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 Golden Palm Growers Scheme, Golden Palm Growers Scheme

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janwrite80
post Sep 21 2017, 01:44 PM

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http://www.asx.com.au/asxpdf/20140827/pdf/42rrvr0bxkpzcn.pdf

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FALSEALIAS
post Sep 22 2017, 08:05 AM

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QUOTE(Hansel @ Sep 18 2017, 09:35 AM)
Pls spell the firm's name properly,... don't use comments that did NOT come from them when you dare not spell their firm's names accurately,... from the way you wrote, you are still protecting yourself by using intentional wrong spellings in case there are reciprocals from the firms,...

Yeah, 'loya buruks' also can tell,...

Good luck,... hoping to see your names in the press soon,... then I would know who wrote all these statements,....  biggrin.gif And who your legal representatives are, supporting your cause,...  biggrin.gif

We continue in the courts in front of the judges,... remember,... don't back down, if you do,.. then you owe it to your own conscience and your own bloody pride that you said all these,..  thumbup.gif
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yawn...

save ur garbage psikologikal crap for sum1 who wil fall 4 it lah noob...

cheap personal attacks just to cover up for the fact that u got called on makin airhead statements...

puh-leez lah... i dun o u or blody anybody any damm thing... ur attempts to goad is just plain disgusting

take psychology class lah if wanna learn how to apply leverage prperly...

cili api mentality... make lofty comments when ppl tryin hard to get back hard earned $

BLOCKED!
Hansel
post Sep 23 2017, 11:08 AM

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QUOTE(FALSEALIAS @ Sep 22 2017, 08:05 AM)
yawn...

save ur garbage psikologikal crap for sum1 who wil fall 4 it lah noob...

cheap personal attacks just to cover up for the fact that u got called on makin airhead statements...

puh-leez lah... i dun o u or blody anybody any damm thing... ur attempts to goad is just plain disgusting

take psychology class lah if wanna learn how to apply leverage prperly...

cili api mentality... make lofty comments when ppl tryin hard to get back hard earned $

BLOCKED!
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Bro,... look,... first of all,... if you look at how all these arguments started,.. I did not reply you DIRECTLY,.. I replied Gark, BUT you came and attacked me personally. So, you instigated this first. Under the law in many countries, the one WHO HITS FIRST WILL, MOST OF THE TIME, LOSE A COURT-BATTLE.

Unless you are in 'UMNO',.. but yeah,.. most of the time,..

But, it's okay,... I know how you feel,... I apologised if the impression I have created for you is harshness and has no bearings to your struggle.

..........make lofty comments when ppl tryin hard to get back hard earned $....


I have been through the above situation too. Mine was with a 'bloody' developer who did not give me one of a human being's basic necessity, and too bought with hard-earned $$$.

If you really wished to fight, think and plan properly, bro,... protect your capital, choose your objective well.
Hansel
post Sep 23 2017, 11:14 AM

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THIS MLAYSIA IS VERY HARD,... REALLY 'F'-ED THAT'S WHY I NEVER BOUGHT PROPERTY OR ASSETS HERE ANYMORE.

It's not a place for the normal, law-abiding citizen,.. it's for people who have unfair advantages, and who need to kiss asses in order to do well. If one is a normal person, the standard of living will be very poor, and times are getting harder by the days,...
FALSEALIAS
post Sep 26 2017, 04:32 PM

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QUOTE(Hansel @ Sep 23 2017, 11:08 AM)
Bro,... look,... first of all,... if you look at how all these arguments started,.. I did not reply you DIRECTLY,.. I replied Gark, BUT you came and attacked me personally. So, you instigated this first. Under the law in many countries, the one WHO HITS FIRST WILL, MOST OF THE TIME, LOSE A COURT-BATTLE.

Unless you are in 'UMNO',.. but yeah,.. most of the time,..

But, it's okay,... I know how you feel,... I apologised if the impression I have created for you is harshness and has no bearings to your struggle.

..........make lofty comments when ppl tryin hard to get back hard earned $....
I have been through the above situation too. Mine was with a 'bloody' developer who did not give me one of a human being's basic necessity, and too bought with hard-earned $$$.

If you really wished to fight, think and plan properly, bro,... protect your capital, choose your objective well.
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lol

ait dude, peace.

hopefuli future people c the plight of how even edukated guys like us get chewed up by entities... ever1 reli need to pore over ur kontraks wid magnifying glass & strait ask selling agent "in worse case senario - wat happen?"

the answer shud b determinant factor whether wanna invest or not... else lotta heartache and grief down the line...


Hansel
post Sep 26 2017, 08:06 PM

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QUOTE(FALSEALIAS @ Sep 26 2017, 04:32 PM)
lol

ait dude, peace.

hopefuli future people c the plight of how even edukated guys like us get chewed up by entities... ever1 reli need to pore over ur kontraks wid magnifying glass & strait ask selling agent "in worse case senario - wat happen?"

the answer shud b determinant factor whether wanna invest or not... else lotta heartache and grief down the line...
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Bro,.. don't even trust what the selling agent says,.. he might not be around in future to justify his explanations,... the contract is the best place to justify the risk/reward consideration,... this also need to think if can be trusted, and how much is the contract governed by the jurisdiction concerned.

...........
dummies
post Sep 28 2017, 03:22 PM

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latest news : http://www.thestar.com.my/business/busines...bites-the-dust/

FALSEALIAS
post Oct 3 2017, 01:11 PM

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QUOTE(dummies @ Sep 28 2017, 03:22 PM)
http://www.theedgemarkets.com/article/gold...year-find-buyer
janwrite80
post Oct 3 2017, 01:39 PM

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http://www.sterlingplantations.com/about_s...ingbiofuels.htm

The sole business revenue of Sterling Plantations Ltd seems to be palm oil.



https://markets.ft.com/data/equities/tearsh...ctors?s=SBI:ASX

Some info on directors and compensation.


FALSEALIAS
post Oct 4 2017, 10:54 AM

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QUOTE(janwrite80 @ Oct 3 2017, 01:39 PM)
http://www.sterlingplantations.com/about_s...ingbiofuels.htm

The sole business revenue of Sterling Plantations Ltd seems to be palm oil.
https://markets.ft.com/data/equities/tearsh...ctors?s=SBI:ASX

Some info on directors and compensation.
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key question - where the hell is andrew phang?

why ran off?
edwmc
post Jul 30 2018, 05:04 PM

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Anyone still following the progress? The latest update by GPGB on engaging consultant to initiate tender exercise just dun do growers any good particularly at the time now when the CPO price is plunging. Dun think our money will be repaid anytime soon.
Xaser_3
post Sep 10 2018, 01:41 PM

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It's almost coming up to one year since last years EGM. Anybody heard any news about them making the reimbursement of the investors capitol?
nexona88
post Sep 10 2018, 08:40 PM

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Wah.. Its still going on..
I thought already settled everything...
FALSEALIAS
post Oct 5 2018, 01:15 AM

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hmm... if ur readin this - u got that ^&* notis frm those @#$% this week lah

yeah ppl - they DELAYED things. AGAIN.

$%& the ^&* who voted to allow them to do the 12 month bs...

let the discussions began!

PS: readin all the old comments - damm proud i stick to my guns... as all now know - the country underwent a HUGE transformation that was thought impossible... even the winners suprised they actually won... so nuthin is impossible... just keep keep calm & fight the good fight ppl

we'll come tru this crisis well if we stick together & make our voice heard & use it to levarage those #$%^

unite!


ord_joe P
post Apr 30 2019, 04:43 PM

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QUOTE(FALSEALIAS @ Oct 5 2018, 01:15 AM)
hmm... if ur readin this - u got that ^&* notis frm those @#$% this week lah

yeah ppl - they DELAYED things. AGAIN.

$%& the ^&* who voted to allow them to do the 12 month bs...

let the discussions began!

PS: readin all the old comments - damm proud i stick to my guns... as all now know - the country underwent a HUGE transformation that was thought impossible... even the winners suprised they actually won... so nuthin is impossible... just keep keep calm & fight the good fight ppl

we'll come tru this crisis well if we stick together & make our voice heard & use it to levarage those #$%^

unite!
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ord_joe P
post Apr 30 2019, 04:46 PM

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Anyone can update what happened in the last meeting in Apr?
prophetjul
post Jul 18 2019, 02:40 PM

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https://www.theedgemarkets.com/article/gold...arming-scheme-0

Golden Palm Growers applies to wind up its share farming scheme

KUALA LUMPUR: Golden Palm Growers Bhd (GPG) has filed an application to the High Court to wind up its share farming scheme, the Golden Palm Growers Scheme, following rejection of three resolutions at a growers’ meeting in April.

“The growers, at their meeting of April 22, 2019, failed to carry the required 75% approval for the resolutions presented,” it said.

It said the first resolution would have extended the realisation period — the period during which the company was supposed to find a buyer for its Kelantan plantation — from Jan 1, 2019, to June 30, 2019, and would have allowed GPG to make amendments to the trust deed.

The second resolution comprised a corporate restructuring exercise involving a private placement with a potential “white knight” and issuance of shares in exchange for all grower plots.

“With the rejection of the first resolution, the third resolution was not required to be put to vote and thereby failed. The third resolution would have resulted in a final sale via public tender.

“The application to court also entails the appointment of a liquidator who will be empowered to act in the interest of all growers,” the company said.

In October 2017, 98% of the 1,358 growers of the scheme voted at a general meeting in favour of giving the company one year to look for a suitable buyer for its plantation in Kelantan, as opposed to an immediate sale to recover their capital.

GPG had previously cited inclement weather, increasing labour costs, scarcity of experienced management personnel, persistent mammalian attacks and high transportation costs among challenges that resulted in a cash flow deficiency.
NMB
post Oct 17 2019, 01:58 PM

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Does anyone here have any updates on this? I am also one of the investors and still waiting for any proceeds from the liquidations. It seems their website is down and there is nobody to contact any longer.
NMB
post Oct 17 2019, 02:00 PM

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KUALA LUMPUR: The High Court will hand down its decision on an investment scheme dispute between Golden Palm Growers Bhd (GPG) and its investor growers on Nov 11, following the conclusion of the hearing yesterday.

GPG had sought a court order to wind up the scheme prompting the scheme investors to launch a counterclaim for some RM36.5 million in monies due and owing, plus guaranteed yields.

Lawyers from both sides had argued over the purpose of a valuation exercise undertaken on the plantation concession owned by GPG. The valuer, Raine & Horne International, had valued the assets at RM220 million.

Jerry Ling, representing himself and the growers, told the court the purpose of the valuation was to give the impression that GPG would be able to sell the assets in order to recoup an amount, which would then be paid to the growers.

This was ostensibly done to persuade investors at a general meeting in October 2017 to vote in favour of giving the company a year to find a suitable buyer for its plantation in Kelantan.

However, the company failed to find a suitable buyer, leading to the cessation of the scheme. No payment was made to the growers.

“This was done to impress on the investors that the management company has the right to sell the land and the assets on the land. However, they do not own the land and only have the concession. How would they sell something they do not own?” Ling pointed out.

GPG counsel Gopal Sreenevasan said the RM220 million refers to the value of the concession only and does not include the value of the land.

“If that is so, then how would you explain your client not being able to get even 50% of the value?” asked High Court Judge Ong Chee Kwan, to the laughter of the growers who filled up all the seats in the courtroom.

“The reality is palm oil prices have dropped significantly. No one wants to buy. Our client has met with many companies and there were no buyers,” said Gopal.

Another point debated was a term in the investment agreement signed by the growers, which stated that GPG shall buy back any interest from the interest holder.

Ling said that no timeline was given for this term, and therefore it would be up to the investor as and when the investor would like to pull their money out of the scheme.

However, GPG had imposed a 10% limit to the amount of funds that could be withdrawn, which the lawyer said was in breach of the buyback term in the agreement.

Justice Ong queried if the word “shall” can mean “as and when the investor asks to withdraw”.

“That is one way to read it. But the agreement does not say it ‘shall act upon the request’,” Gopal replied.

“So, it does not provide any qualification. Would that not allow the scheme owner to avoid the obligation that is devised to protect investors?” asked the judge.

Gopal said that the commercial reality of an investment such as this has to be weighed, as if a group of growers had pulled out of the scheme, it would jeopardise the remainder of investors that may want to continue, which was why a limit was imposed.

“Well, if the scheme was good, the investors would not pull out,” observed the judge.

In its suit, GPG had also asked the court to appoint Jayapulasingam as liquidator of the scheme on the grounds that the scheme can no longer be operated or managed, given the decision by the growers to close the scheme at a general meeting in April.

However, Ling said the investors would like to appoint two other liquidators, as the investors have lost trust in the company managing the investment scheme.

The judge expressed concern over the appointment of two liquidators as it is uncertain whether they would be able to work together.

He said he would require some time to decide on the matter and fixed Nov 11 to hand down his decision.
nexona88
post Oct 17 2019, 03:54 PM

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count myself lucky...
didn't join this scheme..

now u all shall wait THE DAY which is Nov 11

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