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 Country Heights Grower Scheme (CHGS), anyone heard before?

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mengTH888
post Jan 21 2013, 07:38 PM

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they should not terminate the scheme.

All growers must take lower payout in this crisis.

Instead of the max 12% dividend payout, growers should accept it at 6%.

When crisis is over, the return should increase accordingly.

Any suggestions are welcome.
mengTH888
post Jan 22 2013, 03:26 PM

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Growers kena scam right from the start. CHGS bought the land at dirt cheap price and sell it to growers at super inflated price. Even they sell the land to other investor at discounted price, they still making profit and we have to suffer the losses.

LKY only got 8plots…..strange. If he got more plots, he will do whatever in his capacity to revive this scheme instead of terminates it so early out of the 23years life span. “hangat-hangat tahi ayam” only.

The most worrying part is FHCA statement of no guarantee of return of remaining 90% of grower capital and growers have to suffer mental depression for 2 agonizing years waiting for the outcome.(or maybe no outcome because no buyer)
I believe when we parted with our money because the introducer informed us that the capital is guarantee.

mengTH888
post Jan 23 2013, 09:06 AM

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link to Ng Yen Yen contact.

http://www.drngyenyen.com/contact.html

Pls call her up today.

You All Must Call.

To Let her handle this CRISIS.

She endorsed the so called "Invest in Certainty"

What we are certain is to get all our hard-earned money back in full sum ASAP.
2 years of waiting will cause us mental depression and have to seek Dr. Gila Gila(psychiatrist)

One call to her is not enuf. ALL MUST CALL AND LET HER KNOW THE TRUTH OF "INVESTMENT OF CERTAINTY"

We need all the growers to contact others growers to call/gather at her office and call reporters to know that
we are SERIOUS of getting back our investment in full sum ASAP.

Now is PEOPLE POWER. PEOPLE POWERRR!!!!!!! WE ARE NOT ALONE. STAY FIRM TO OUR DEMAND AND DON'T
LET THE BIG FISH MAKAN US or else our money will FLYYYY!!!!

Don't see-see, don't think-think, do it now. IS Your HARD-EARNED MONEY. Click the link.

http://www.drngyenyen.com/contact.html

Tel : 03-88917000 or 03-88917011
mengTH888
post Jan 27 2013, 09:22 PM

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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
mengTH888
post Jan 27 2013, 09:52 PM

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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.




mengTH888
post Jan 29 2013, 06:41 PM

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After Tan Sri LKY "INVESTMENT OF CERTAINTY" become "INVESTMENT IN PANG SAI CHUA" and cause all nation Growers in worrying state n difficult situation/depress/cannot sleep well/cannot makan well/cannot pangsai well and etc.....Now come another new similar scheme

Who dare to participate? KAKALAI ..... KAKASEEE

http://biz.thestar.com.my/news/story.asp?f...32&sec=business

Golden Agro offers 70% of grower plots to public

KUALA LUMPUR: Golden Agro Plantation Sdn Bhd has allocated 70% of the grower plots, or 29,240 plots, to the public to participate in its Golden Agro Growers Scheme.

Its chief executive officer, Datuk Allan Lim Kim Huat, said the management would retain 30% of the plots in the plantation in Mukah, Sabah.

"Each plot is equivalent to 1/4 acre and will be offered at RM8,000 each. "The scheme offers a guaranteed 7% returns for the first five years (projected at different palm oil prices).

"Currently, the price for the commodity is around RM2,300 a tonne," he said at the soft launch of the scheme here on Tuesday.

Lim said one ha of oil palm could produce four to 5.5 tonnes of crude palm oil (CPO) annually, which made it five to 10 times more efficient than any other commercially-known oil crop on a per ha basis.

He said Malaysia accounted for 39% of the total CPO production and 44% of total world exports.

"If we take into account all other oils and fats produced in the country, Malaysia accounts for 12% and 27% of the world's total production and exports of oils and fat respectively.

"Therefore, as one of the largest producers and exporters of palm oil products worldwide, Malaysia has a very important role to play in fulfilling the rapidly-expanding global demand for oils and fats," he said.

He said the Companies Commission of Malaysia has approved the scheme.

Subject to availability of the plots, there was no limit to the number of plots each investor could subscribe to.

"The plots are freely transferable after two years," he said.

Lim said 100% of the audited net profit would be distributed from year six onwards until the maturity of the plantation in 20 years.

The share of net proceeds from the sale of plantation land then would be distributed upon maturity, he said.

On the choice of the land in Mukah, he said, there was no need for investors to worry as the land was safe and free from the wild animals. - Bernama
mengTH888
post Jan 31 2013, 12:00 PM

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CHGS is not PONZI scheme....CHGS is PANGSAI scheme...LKY PANGSAI on top of all the growers head now.

To LKY : We all agree the termination provided we get full capital refund in 30days. After all we pay you also in lumpsum and pay you immediately before buying you plots of so called "INVESTMENT IN CERTAINTY".

DO You know what is the meaning of CERTAINTY: LISTEN, LISTEN, LISTEN = CERTAINTY is GUARANTEE.

Why we all can pay you lumpsum ASAP but you cannot? 2 years we all have to eat pasir/rumput and ikat perut....we want FULL IMMEDIATE 100% REFUND and if possible give little bit angpow for this CNY to us. Not need 12%, 6% pun cukuplah. At least it cool down our FIRE!!!! with the small ANGPOW.

You want to terminate also choose a good daylah...like 1 or 2 months before CNY or after CNY. At least we not kalam kabut like now and cause all the growers cannot enjoy this CNY with smilling face. This year CNY mood is very bad for we all. You also got celebrate CNY, correct or not....what is your feeling if you are in our position now?

So please PITY all the growers, return the CAPITAL FULLY ASAP and GONG XI FA CAI and may all the GROWERS pls smile even your FIRE is still burning wild now.


mengTH888
post Feb 3 2013, 09:49 AM

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QUOTE(hpcp @ Feb 2 2013, 11:03 PM)
Why the inconsistency? Was this done intentionally?

http://bursastocktalk.blogspot.com/2013/02...scheme-why.html

In the Country Heights Grower Scheme prospectus dated 8 June 2012, they include the financial statement of the management company, which showed the company has been profitable since 2007 (see page 38 of the prospectus)

However, when it comes to the proposed voluntary termination of the scheme, Gua Musang plantation account, which is less impressive was used instead.

Why the inconsistency? One is to attract investors and the other is for the termination the scheme. But for the same scheme, why different accounts were used? Good if Tan Sri can explain this to the growers.
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GOOD JOB, HPCP

After almost sold all his plots and left with just 8 plots and announced want to close shop.

If rich taikoon like him only got 8 plots left, sure got something wrong one.

WOI, Tan SRI LKY...I know you are reading in this forum. WHY IS THE ACCOUNT IS SO MUCH DIFFERENT????? you do COOKing?

Please Speak UP, what is your clear intention when you initially start this "INVEST IN CERTAINTY" or "MONEY DROP FROM THE SKY" scheme. Please explain to all the disgruntled GROWERS ASAP.

Only left a few days more is CNY and we have to postpone "balik kampung" just to attend your closing shop meeting. You got "heart" or not?

Make sure you pay our hard-earned money ASAP and not in 2 years time. Pay with your pocket money 1st and you wait for 2 years, not we the Growers wait for 2 years.
mengTH888
post Feb 5 2013, 09:01 PM

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http://www.starproperty.my/index.php/prope...wer-scheme-saga


New twist to Country Heights Grower Scheme saga
Posted on February 5, 2013 - Featured, Property News.
MSWG-led group makes counter proposal for scheme’s termination

By WONG WEI-SHEN
weishen.wong@thestar.com.my


MSWG forum on the proposed termination of CHGS. From left: MSWG head of corporate monitoring Quah Ban Aik, general manager of corporate services Lya Rahman, Bushon and associate Datin Rusila Abd Razak



KUALA LUMPUR: The ongoing saga of the proposed voluntary termination of Country Heights Grower Scheme (CHGS) – the country’s first oil palm farm-sharing investment scheme – has taken a new turn with a Minority Shareholder Watchdog Group (MSWG)-led group making a counter proposal to its founder Tan Sri Lee Kim Yew for the scheme’s termination.

The first issue the group addressed was the postponement of the general meeting to a later date, from Friday, so as to have more time for pressing issues to be ironed out.

“Investors are quite concerned about the issue of this scheme, and they feel quite short-changed with the early termination. Nevertheless, they are willing to negotiate certain terms,” MSWG chief executive officer Rita Benoy Bushon said.

Some 60-plus of about 10,000 investors in the scheme gathered at the MSWG office in Kuala Lumpur yesterday to discuss Kim Yew’s proposal to terminate the scheme.

In a phone interview, Kim Yew said: “The MSWG might have actually undermined those who might want to vote for the proposed voluntary termination to pass.”

He said that Plentiful Gold-Class Bhd – the management company of CHGS – had proposed to hold the general meeting on Friday as meeting at a later date could result in the scheme’s default.

He added that as per the trust deed of the scheme, if the management company did not fulfil the payout on Feb 14, the scheme would automatically go into default and would then be handled by the trustee – CIMB Commerce Trustee Bhd.

Kim Yew said the management company was receptive to any proposal the group of investors made. “No matter what it is, there will be some objection. We want the ‘minority’ group to understand this,” he said.


He urged CHGS investors to attend the meeting and voice their concerns there.

Bushon, meanwhile, said the Companies Commission of Malaysia (CCM) had been alerted on the issue. “If no action is taken, the growers will get a court injunction to postpone the meeting,” she said.

She also said the investor group would agree to the termination if CHGS paid the 12% dividend, due on Feb 14. Additionally, 10% of their capital is to be paid within a month, while the remaining 90% is returned within six months.


As had been reported earlier, Kim Yew said the management company was unable to deliver the payout; hence it was proposing to terminate the scheme. If the proposal is approved, then the company would return 10% of the capital within a month, and the remaining 90% within two years.

However, he said the remainder could be paid out in six months or earlier, should everything proceed smoothly.

The management company had already paid out dividends totalling 48% yield in the past five years.

Kim Yew said investors would receive about RM294mil compared with the RM215.5mil amount raised when the scheme was first launched in 2007.

The plantation land will be up for sale via an open tender at a reserve price of RM170mil if the proposed termination is approved. Any difference between the sale price and the total buyback amount will be borne by the parent company Bee Garden Holdings Sdn Bhd.

Earlier yesterday, Plentiful Gold-Class sent a letter to MSWG addressing the queries raised.

Plentiful Gold-Class director and chief executive officer Lee Kim Heong said it was a public company with a paid-up capital of only RM5mil.

“The management company proposed to the grower to consider the proposed voluntary termination based on the issues stated in the circular and those highlighted in our chairman’s statement, given the current plantation output that is unable to generate the expected yield income to meet the yield payment,” he said.

Bushon said if the management company did not accept the investors’ counter proposal, they would opt to go against the scheme and let the process take its course.

“CCM must ensure that these schemes are properly managed and properly governed. Even termination should be properly done so that the market has confidence in such other schemes. It should be well conceived and not structured badly. As an oversight body, you must make sure it is a well-conceived scheme,” Bushon said.

It is understood that Plentiful Gold-Class communicated with Bushon later in the day that MSWG should address the issues through an official letter to the company.

Plentiful Gold-Class would need more than 75% of investors to agree for the proposal to go through.


mengTH888
post Feb 5 2013, 09:05 PM

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http://biz.thestar.com.my/news/story.asp?f...71&sec=business


Companies Commission probes early Country Heights Grower Scheme termination
By LIZ LEE
lizlee@thestar.com.my




The commission summons managing company’s senior representatives and trustees

PETALING JAYA: The Companies Commission of Malaysia (CCM) is probing Country Heights Grower Scheme's (CHGS) proposed early termination, summoning the managing company's senior representatives and trustees to determine if they had complied with the laws, rules and regulations.

CCM, which regulates interest schemes in Malaysia, clarified that in accordance with CHGS's trust deed and related agreements, an early termination of its scheme was allowed, as long as the terms and conditions of early termination as stipulated were fully complied with.

“Taking into consideration the commercial reality, in the absence of fraud and mala fide, a business undertaking such as CHGS must be allowed to run freely and independently from regulator's constant interference,” CCM said in a press statement, adding that it was overseeing the early termination of CHGS in compliance with the trust deed and the law, lest it had to take enforcement action.

Acknowledging interest schemes as the new catalyst for wealth generators, CCM has also finalised a new legal framework for such schemes.

“Going forward, as part of its law reform programme, CCM has completed the review process of the interest scheme legal framework towards introducing a more dynamic, modern and responsive regulatory framework,” it said.

Under the proposed new legal framework, CCM said it could stimulate the industry by opening up business opportunities to small and medium-scale enterprises in creating new business deals and offering new products to the public via interest schemes running within the confinement of the law.

The new legal framework will also strengthen the governance framework through specific duties and responsibilities of management companies and trustees, enhance the rights of interest holders, and address issues relating to the requirement for periodical reporting and appointment of auditors for the approved scheme.

CCM will subsequently be in a better position to protect investor interest, including by way of injunctions and restitution. “It is our intention that all registered interest schemes are workable and viable to generate the promised returns to its respective investors.”

Nevertheless, CCM advised the public to understand the risks associated with the investment and their rights as investors.

CHGS founder Tan Sri Lee Kim Yew had recently proposed the termination of the scheme, setting off alarm among some investors about their investments.

Lee clarified that he had no hidden agenda to profit from the termination.
mengTH888
post Feb 7 2013, 07:18 PM

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http://biz.thestar.com.my/news/story.asp?f...85&sec=business








Lee:(left) ‘I would like to lodge an official complaint to you as chairman of MSWG. Bushon:(right) ‘We have held several forums of such nature such as Petra Perdana.’
PETALING JAYA: Tan Sri Lee Kim Yew, the founder of the Country Heights Grower Scheme (CHGS), has issued a complaint letter to the Minority Shareholder Watchdog Group (MSWG) after discovering that its chief executive officer, Rita Benoy Bushon, held eight plots of land under the scheme.

In a hand-delivered letter dated Feb 6, 2013 addressed to MSWG chairman Tan Sri Abdul Halim Ali, Lee expressed shock that Bushon had subscribed to eight plots and was an interested party in CHGS as a grower.

The letter was made available to the press.

“I would like to lodge an official complaint to you as chairman of MSWG, for comments and representations made by your CEO on behalf of MSWG to the growers, media and public at large which undermined Plentiful Gold-Class Bhd's circular and the independent advice of our independent advisor, Ferrier and Hodgson Corporate Finance,” Lee said.

MSWG declared on its website yesterday that Bushon had eight plots of CHGS.

The general meeting will still be held on Feb 8, 2013.

When contacted, Bushon refrained from commenting, saying that MSWG would hold a board meeting tomorrow to discuss the complaint letter.

Lee also questioned MSWG's decision to “exert its first public influence of this scale over a non-listed entity.”

“We have held several forums of such nature such as Petra Perdana Bhd and IOI Properties Bhd. So, this is not the first time,” said Bushon.

She added that the group would look at the nature of complaints before deciding to assist in facilitating a forum.

MSWG had, on Monday, facilitated a forum to discuss the proposed termination of CHGS. As a result, some 60-odd growers had made a counter proposal seeking a 12% dividend payment, 10% of the capital to be returned in one month and the remaining portion in six months' time.

The scheme is not initiated or owned by Country Heights Holdings Bhd. Instead, Plentiful Gold-Class, a wholly-owned subsidiary of Bee Garden Holdings Sdn Bhd, manages CHGS.

Plentiful Gold-Class had initially proposed the termination of the scheme due to its inability to deliver the dividend payout on the stipulated date, Feb 14, 2013.

The company decided to hold the general meeting before that date, on Feb 8, to vote on the proposal, as otherwise, the scheme could face default, meaning it would be then handled by the trustee.

Plentiful Gold-Class would need 75% approval from investors attending the general meeting in person or by proxy.

CHGS, which was launched in 2007, had raised RM215.5mil. The company had given out 48% of dividends over the five-year period, totalling the return to RM78.5mil.

“If carried through on Feb 8, 2013, the growers will not lose any money. Instead, they will be receiving RM294mil as opposed to the RM215mil that the scheme raised,” Lee said in the letter.
mengTH888
post Feb 8 2013, 05:03 PM

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I just came back from the meeting.

LKY gave his personal assurance he will pay the ANGPOW abt 12%(more than I expected) and full capital refund within 6mths witness by abt 1000 plus growers.

All talks are recorded and filmed.

Trustee requested for written black n white from LKY for his assurance. LKY lawyer assured all growers abt LKY personal assurance but some growers want to adjourn the meeting bcos don't trust his personal assurance.

But I believed the LKY is a honest guy. He alrdy appeared so many press conference to give his assurance.

He never runaway from this problem, unlike some other conman. He just want to "STOP LOSS" before the losses become too great and all will suffered.

I voted for the termination even the new proposal was not written in paper bcos I don't thing he will absconded we our hard-earned money.

So TAN SRI LKY, I trust you this time, pls dont upset us.







mengTH888
post Feb 8 2013, 05:19 PM

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http://biz.thestar.com.my/news/story.asp?f...39&sec=business



Heights Growers Scheme investors agree to terminate scheme
By Leong Hung Yee




KUALA LUMPUR: Tan Sri Lee Kim Yew, the founder of Country Heights Growers Scheme (CHGS), proposal to terminate the scheme received overwhelming approval at Friday's meeting.

A total of 98.98% voted in favour to end the scheme while 1.018% were against.

Lee had, during the meeting with the shareholders, gave his personal commitment of RM25mil as a ”goodwill package”.

The meeting, which saw more than 1,300 scheme investors attending, he was also to put his commitment in writing by the trustee of the company.

An investor had proposed the meeting to be adjourned to a later date.

The investors of the scheme also requested Lee's personal commitment on the goodwill package and payment be made within six months.

As at about 12.30pm, 8.49% of the investors had voted for the termination while 7.99% against termination. The voting would be until 3pm.

 

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