CHGS early termination gets investors’ nod

The Chairman of the meeting, JD Menon, did a good tough job to ensure a very acceptable ending of CHGS, almost 100% !!

"J D Menon, who was elected to chair the meeting, described the verdict as a “moral victory” for both sides. However, he noted that growers were unhappy that they had locked up their money in the investment for a long period of time. The termination came five years after it was launched in 2007.

“Nevertheless, growers are happy now that they will be getting back their investment.

“It (the offer of repayment within six months) is fair. If it were two years, then the growers wouldn't be getting any money during this period,” said Menon.

He added that Lee's personal offer was a “noble thing to do to maintain his credibility”.

Menon also said the Companies Commission of Malaysia should monitor such schemes closely in the future to protect investors."

I personally wish to thank Tan Sri LEE for boldly launching this scheme which many of us joined in with the hope to "Invest in Certainty". Due to many reasons, some unfortunate, some unavoidable, some usual human mistakes, ... , it must have been tough on Tan Sri Lee to take this route to ask us to agree to accept VT and end CHGS. 10,000 investors would react in different human ways which we have seen over the last three weeks. We thank too Pn.Rita of MSWG for the very reasonable WIN-WIN counter proposal which Tan Sri Lee had finally kindly agreed to. In six month time, investors will indeed have not lose any money, but would had gotten back every bit plus a good profit. "Invest in Certainty" is then true!!!
Tan Sri Lee has kept the promise to the Growers, albeit only for a short ride 2007-2013. We wish him well in the continuing management of the oil-palm estates and their future revenues or their eventual disposal will bring him very good profits.

When asked how much he had lost in the scheme, Lee said: “It is a very big loss but I have maintained my integrity and want to be responsible.”

“This is a happy ending and the company has a lot of responsibilities going forward and delivering what has been promised.

“I hope the growers appreciate what I have done and understand my good intentions,” Lee said.

The termination is accepted by >75% of the attendee at the meeting and applicable too for the rest who did not attend.

The CCM will monitor PGCB actions until all terms of termination are completed.
Companies Commission of Malaysia to ensure proper Country Heights Grower Scheme refunding

Yes it is reality that we are the multitude common people and the big player movers are the few.
We can only look out for the best income source and where to grow the wealth we already have.

Hence we have achieved for the short ride our objectives. Are you big plantation owner who is willing to share ? You will know where to find suiyee.

This Nanyang's article was based partly on The Edge's news on the morning of Feb-8 before the EGM was held. The meeting referred to here is the EGM that had indeed proceeded that day as scheduled, and the RM25million Goodwill Package had indeed been accepted by the Growers. CHGS is now considered terminated and no longer will be calling any further meeting. CCM will monitored compliance of termination procedures.

To all growers, Tan Sri LKY had given his personal guarantee to pay this Goodwill package. When? hopefully by 28-February-2013...

Thanks for sharing this reply.


Hence the payments are :
10% buyback within 30 days
90% buyback within six months
12% Goodwill Package within six months

sam sam is right.
30 days from EGM date would be 10-March-2013.