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Sri Lanka Equity Forum » Expert Chamber » Touchwood Case Review

Touchwood Case Review

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1 Touchwood Case Review on Tue May 24, 2011 4:07 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
First topic message reminder :

Unofficial information that the expected Touchwood case against Sri Lanka Accounting and Auditing Standards Monitoring Board(SLAASMB) next hearing will be on 26th May 2011. Yes everyone looking the favorable outcome. Today, there are rumors that outcome will be favorable to the company and some brokers recommend to buy at current price. I could see some collection (about 820,000 shares) was made @ 23.60 levels.

I just did some research on the Touchwood Case. It looks like decision will be favorable to company. (This is not a promotion, just merely to getting your views. To be honest I do not have TWOD shares at the moment.)

We all know about the case related to the valuation of biological assets. I extracted some facts from SLAASMB website of case information to start from beginning.

The Sri Lanka Accounting and Auditing Standards Monitoring Board has determined that the estimates of fair value of biological assets used by Touchwood Investments Limited in its financial statements for the years ended 31 March 2005 and 31 March 2006 are clearly unreliable. The Company has also not been able to provide the Board with any other estimates which are reliable. Further, the method of valuation used for the year ended 31 March 2005 was not in accordance with International Accounting Standard, IAS 41 Agriculture, which the company has purportedly adopted.

As the company has purportedly adopted International Accounting Standard, IAS 41 Agriculture, the Board has concluded that the biological assets should have been valued at a value which approximates cost in accordance with paragraph 24 (b) of IAS 41 or at cost less accumulated impairment in accordance with paragraph 30 of IAS 41. Based on such valuation the company would not show a net profit for the relevant financial periods.

As the impact on the financial statements is substantial the Board has decided to refer the non-compliance to the Attorney General. The Board has also decided to investigate the compliance with auditing standards by the auditors in relation to the audit of the financial statements of the Company.

Based on the above information I can see in the absence of Sri Lanka Accounting Standards, company uses International Accounting Standards 41, Agriculture for the valuation of biological assets. But SLAASMB argument is that estimates of fair value of the biological assets in not accordance with IAS 41 and the financial statements are unreliable.

Further I have received BASL News Letter (Bar Association) of December 2010, there talked about some legal judgment (I attached the newsletter in our research forum http://research.srilankaequity.com/t96-touchwood-case-basl-bar-association-news-letter-judgement-views , refer page 4 for the Touchwood case). There they briefed about the case and given their views. Based on that, Board had not statutory power to challenge the valuation of the Petitioner on non compliance with IAS 41.

Further company received the Certificate of Compliance by the Institute of Chartered Accountants of Sri Lanka for the Annual Report Awards 2010. This certificates covers the CSR, Financial, Presentation and Compliance. Therefore, this reveals that the company practice in valuing biological assets in accordance with IAS 41 as the certificated awarded by ICASL which is the statutory for setting the Accounting Standards

Followings extract from Touchwood website

Certificate Of Compliance

January 24th 2011

We are proud to announce that our Sri Lankan office, Touchwood Investments PLC has been awarded the “CERTIFICATE OF COMPLIANCE” by the Institute of Chartered Accountants of Sri Lanka for the Annual Report Awards 2010 - at the ceremony held on 7th December 2010.

This award is granted by the Inst. of Chartered Accountants of Sri Lanka every year. They evaluate and grant awards in key areas such as - CSR, Financials, presentation, compliance, etc.

This certificate emphasizes that all requirements are being met in order for us to achieve our goals and serve our investors with industry leading standards.

For the year to come Touchwood Investments PLC has its goals set on the CSR awards to be handed out in the 2011 ceremony.

Thank you to all our accounting and administration staff who made the award possible.

http://www.touchwood.com/news/certificate-compliance

So Guys, Based on the above information and facts, to me the decision would be favorable to company. How do you all look into that..

Pls Share ur thoughts and views


281 Re: Touchwood Case Review on Thu Jan 03, 2013 2:48 pm

dinga


Equity Analytic
Equity Analytic
@Malaysian Investor wrote:I have sales agreements that have not been honoured and bounced cheques from Touchwood

I will share these with moderators if they ask

I have reported this to CSE and TW auditors all to no avail.

Touchwood seems to be a scam

Could you please clarify a few aspects:
1. Which TW entity issued the cheques?
2. What were the responses, if any, by CSE and KPMG?
3. What are your investments and where are they located?

BRs

282 Re: Touchwood Case Review on Thu Jan 03, 2013 2:53 pm

Malaysian Investor


Stock Analytic
Stock Analytic
1. That currently remains between me and the Police Force of the country where the cheque was issued as they are investigating.

2. CSE refused to take any action. I have this in writing, this forum does not let me quote, as a new user. but I have emails from dilmeeatcse.lk

3. Agarwood in Thailand.



283 Re: Touchwood Case Review on Thu Jan 03, 2013 2:57 pm

dinga


Equity Analytic
Equity Analytic
@Malaysian Investor wrote:
@Whitebull wrote:There are lot of investers worldwide criticizing Touchwood. Could a techie search IP addresses to check the validity of location of these new comers ?

I can provide Sales agreements not honoured, cheques that have bounced. Why are you defending them ?

An apologist, methinks! Wondering what relationship Whitebull has to TW..........

MODS - what do you need us to do to get released from prison?

Plenty of fellow TW sufferers have now offered to provide documents. Check the IP locations by all means - our Touchwood complaints are REAL, and consistent with my own experience. Hence I conclude that, like me, other posters here have no motive other than to protect our individual investments.

284 Re: Touchwood Case Review on Thu Jan 03, 2013 3:01 pm

dinga


Equity Analytic
Equity Analytic
@Malaysian Investor wrote:1. That currently remains between me and the Police Force of the country where the cheque was issued as they are investigating.

2. CSE refused to take any action. I have this in writing, this forum does not let me quote, as a new user. but I have emails from dilmeeatcse.lk

3. Agarwood in Thailand.



Thanks. I also have Agarwood in Thailand (along with bamboo) - hence I can deduce the answers to my Q1! I think it likely I'll be following a similar complaint route shortly - once I get the necessary 10 point credit, I'll email you separately

BRs

285 Re: Touchwood Case Review on Thu Jan 03, 2013 3:03 pm

dinga


Equity Analytic
Equity Analytic
@dinga wrote:
@Malaysian Investor wrote:1. That currently remains between me and the Police Force of the country where the cheque was issued as they are investigating.

2. CSE refused to take any action. I have this in writing, this forum does not let me quote, as a new user. but I have emails from dilmeeatcse.lk

3. Agarwood in Thailand.



Thanks. I also have Agarwood in Thailand (along with bamboo) - hence I can deduce the answers to my Q1! I think it likely I'll be following a similar complaint route shortly - once I get the necessary 10 point credit, I'll email you separately

BRs
Sorry - one more thing.... What was the essence of the response from CSE?

286 Re: Touchwood Case Review on Thu Jan 03, 2013 3:41 pm

Malaysian Investor


Stock Analytic
Stock Analytic
in essence - nothing to do with us - contact TW company secretary - which I did with no response. My lawyer has written to CSE making them now jointly liable.

287 Re: Touchwood Case Review on Thu Jan 03, 2013 6:50 pm

cyril_madrid


Stock Trader
Whitebull, will it help a lot to do an IP search and find out I am in Spain ??? What difference does this make ?

Is the regulator you contacted the Sri Lankan SEC Securities Exchange Commission ? It would be highly surprising if they replied this has nothing to do with us, as their lack of action and supervision could potentially make the state of Sri Lanka liable for negligence and lack of supervision.

I am also an Agarwood investor in Thailand. Actually I visited the plantation in situ, the trees were there !

288 Re: Touchwood Case Review on Thu Jan 03, 2013 7:04 pm

Fresher


Moderator
I'm not sure if CSE is legally bound to check these things. But I don't think SEC can do anything about it.

This is not the only company to have such allegations. People are talking since the amount involved is huge. There are many companies which although not engaged in questionable business, do not treat customers at all.

289 Re: Touchwood Case Review on Thu Jan 03, 2013 7:15 pm

Slstock

avatar
Director - Equity Analytics
Director - Equity Analytics
Alright as there was atleast some evidence provided and there "appears" to be some geuine concern to protect investments ( not collective gang efforts to put down TWOD) , I will move this out of prison.

But poster please be aware not to abuse this freedom and to discuss concern in a decent manner. Also once you get to 10 posts you can pm each other.

290 Re: Touchwood Case Review on Thu Jan 03, 2013 7:21 pm

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@dinga wrote:
@Malaysian Investor wrote:
@Whitebull wrote:There are lot of investers worldwide criticizing Touchwood. Could a techie search IP addresses to check the validity of location of these new comers ?

I can provide Sales agreements not honoured, cheques that have bounced. Why are you defending them ?

An apologist, methinks! Wondering what relationship Whitebull has to TW..........

MODS - what do you need us to do to get released from prison?

Plenty of fellow TW sufferers have now offered to provide documents. Check the IP locations by all means - our Touchwood complaints are REAL, and consistent with my own experience. Hence I conclude that, like me, other posters here have no motive other than to protect our individual investments.
First of all I do not have any contact with TW or I have not invested in their plantation or I have not got single TW share in my PF.And I am not defending them.
But you people seems to be cropping everyday complaining about TW.So do you think is it unwise to do some ground digging about this matter ?
And if you people are realy in trouble accept my apology for hurting ur feelings.

291 Re: Touchwood Case Review on Thu Jan 03, 2013 7:23 pm

cyril_madrid


Stock Trader
Of course the Securities and Exchange Commission of Sri Lanka has supervisory responsibility of listed companies.
I also gladly see it is a member of IOSCO, an international organisation of stock market supervisory bodies, so we can call the attention of IOSCO, if SEC Sri Lanka does not meet its duties at this respect.
Another thing is that SEC Sri Lanka investigates the issue, but does not disclose the status or even the existence of investigations, this is common practise of regulators.

292 Re: Touchwood Case Review on Thu Jan 03, 2013 7:24 pm

Malaysian Investor


Stock Analytic
Stock Analytic
You are welcome to check my IP. I have been extremely patient with TW. However, it is time that their business practices are exposed

293 Re: Touchwood Case Review on Thu Jan 03, 2013 7:29 pm

Fresher


Moderator
@cyril_madrid wrote:Of course the Securities and Exchange Commission of Sri Lanka has supervisory responsibility of listed companies.
I also gladly see it is a member of IOSCO, an international organisation of stock market supervisory bodies, so we can call the attention of IOSCO, if SEC Sri Lanka does not meet its duties at this respect.
Another thing is that SEC Sri Lanka investigates the issue, but does not disclose the status or even the existence of investigations, this is common practise of regulators.

It is my view only. I am not sure on this. This is what I found though
http://www.sec.gov.lk/?page_id=2222&lang=en

294 Re: Touchwood Case Review on Thu Jan 03, 2013 9:05 pm

Malaysian Investor


Stock Analytic
Stock Analytic
@Whitebull wrote:
@dinga wrote:
@Malaysian Investor wrote:
@Whitebull wrote:There are lot of investers worldwide criticizing Touchwood. Could a techie search IP addresses to check the validity of location of these new comers ?

I can provide Sales agreements not honoured, cheques that have bounced. Why are you defending them ?

An apologist, methinks! Wondering what relationship Whitebull has to TW..........

MODS - what do you need us to do to get released from prison?

Plenty of fellow TW sufferers have now offered to provide documents. Check the IP locations by all means - our Touchwood complaints are REAL, and consistent with my own experience. Hence I conclude that, like me, other posters here have no motive other than to protect our individual investments.
First of all I do not have any contact with TW or I have not invested in their plantation or I have not got single TW share in my PF.And I am not defending them.
But you people seems to be cropping everyday complaining about TW.So do you think is it unwise to do some ground digging about this matter ?
And if you people are realy in trouble accept my apology for hurting ur feelings.

we are really in trouble - it is only now coming to light how badly TW have acted, and criminal acts have taken place

295 Re: Touchwood Case Review on Thu Jan 03, 2013 10:30 pm

cyril_madrid


Stock Trader
Npp, my take would be that if indeed issuers (companies) are not regulated entities as such, they have a series of obligations (disclosure of information, ...) vis a vis the regulator, and the regulator in turn has some powrs with respect to their stock, for example suspending trading of the stock. I cannot post here, but if you do a search on SEC Sri Lanka suspends trading, you will get a number of hits.
Suspiscious of fraud could trigger a request of information from the SEC Sri Lanka to the company, failure to disclose information could trigger sanctions and eventually suspension from trading.[i]

296 Re: Touchwood Case Review on Fri Jan 04, 2013 12:13 am

Chinwi

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
To all those who are in trouble:

We will try to find out what is the position of this Company in Sri Lanka.
Two months ago they even opened a new branch.

There are acres of plantations with them here in SL also. They cannot take them away.
Somehow, they always thrived with the money collected from the new policy holders.
I think they have reached the top of the Pyramid.
Now they have to generate real cash from their business.



297 Re: Touchwood Case Review on Fri Jan 04, 2013 5:07 am

dinga


Equity Analytic
Equity Analytic
@dinga wrote:G'day Bacchus - some quick thoughts:

1. Take a look at the reverse of your Certificate. In my case, an Australian TW entity is also included in the definition of "Promoter". Seems to me, action is potentially available against all five (5) specified TW entities - individually and collectively.

2. Am wondering if the "country in which the Tree Sale Order was entered into" may well be the location where the TW entity signed it (ie. Hong Kong). Interesting, since HK is not a 'country' but a Special Administrative Region of the Peoples' Republic.

3. I have appointment with TW's Khun Monpassorn on 4 January 2013 (she apparently has been given the task of sorting out the mess). I'll decide what's best for me after that meeting but think collective actions by investors are likely to bring the best results rather than any shotgun approaches by individual aggrieved fellow sufferers. Have you joined LordToad's group?

Disappointed - but not surprised to report that I just received a very brief email from Khun Monpassorn cancelling today's meeting. Methinks it's time to gird the loins....

298 Re: Touchwood Case Review on Fri Jan 04, 2013 1:55 pm

Bachus


Stock Analytic
Stock Analytic
Similarly Ms. Arunee Tippilar [arunee@touchwood.com] and Mr. asanka@touchwood.lk did not fulfilled their promises to respond to my query by the 2nd Jan.
Since TW is not able to deliver, we investors have to take back the ownership of our plantations and appoint another Forestry Manager to either harvest matured plots or continue cultivation of those which are still growing.
Who knows what is the right legal entity who can rule the rights of the ownership?
Hopefully TW did not sell the same plot to multiple investors...

299 Re: Touchwood Case Review on Fri Jan 04, 2013 2:08 pm

Kithsiri

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Do it without giving them a Head start.
There are, I am sure people from this (Fake) Company/s must be reading this too. Very Happy
@Bachus wrote:
We investors have to take back the ownership of our plantations and appoint another Forestry Manager to either harvest matured plots or continue cultivation of those which are still growing.
Hopefully TW did not sell the same plot to multiple investors...



Last edited by Kithsiri on Fri Jan 04, 2013 2:10 pm; edited 1 time in total (Reason for editing : clarity)

300 Re: Touchwood Case Review on Fri Jan 04, 2013 3:27 pm

venkat1711


Stock Analytic
Stock Analytic
Hi All, Slowly more & more people cheated by Touchwood scam are joining this forum. I am not sure if "Lord Toad' is actively following this forum. He already has the contacts of a dozen people affected . Either Lord Toad or Mr Dinga could coordinate to start a YahooGroup or something like that and we all can register and discuss how to go about this issue jointly instead of disturbing this Srilankan Equity Forum as many people feel we are fakes!!

One of the issues where Touchwood plc Srilanka is likely to take shelter and escape direct legal action is that they have issued all our certificates from Touchwood, Honkgong / Toucwood forestry Bangkok. So they are showing total indifference to our e-mails and calls and just keeping cool.

I am just wondering if all the affected persons could issue a joint Advst. in one of the Daily Newspapers having large circulation regarding this scam ?? Will it help in our cause?? Also the problem is how to share the cost and transfer money etc and who will help us in doing that??

Please share your thoughts & lets decide to move forward to see what best could be done to recover our investments ( if any possibility is there!!) which I have almost lost all hopes.

301 Re: Touchwood Case Review on Fri Jan 04, 2013 4:29 pm

Bachus


Stock Analytic
Stock Analytic
Venkat, the advert may not help us, this may help to prevent new victims to fell into the TW's trap, but how would you advertize around the world?
Our goal is to recover our actual or potential loses. I agree with the statement "Do it without giving them a Head start.
There are, I am sure people from this (Fake) Company/s must be reading this too." and suggest that we go out from this forum.
May Lord Toad and/or Mr Dinga please coordinate the action?
Regards,

302 Re: Touchwood Case Review on Fri Jan 04, 2013 5:15 pm

venkat1711


Stock Analytic
Stock Analytic
Dear Bachus, By giving an advertisement ( at least in Colombo first if not international) we can make it public that Touchwood is a scam company cheating several investors. Right now they are happily carrying on business as usual in Srilanka as investors there are not aware of anything. They are still collecting millions of Dollars and enjoying ... they are still not hurt and the management must be happily flying around the world or driving around in posh cars with investors money. That should be stopped. It will cut money supply to them and they may sit and take notice of our notices.As such it looks like they are not hurt and not willing to pay any heed to our hue & cry..
Note for Mr Dinga... So this Monpassorn cancelled her meeting with you Crying or Very sad ... No surprise at all. I suspected she is talking too butterly...& friendly and giving a feeling that she is too much concerned about our problems & she is going to solve all problems slowly..... Guess its all eye wash & Touchwood management tactic to keep investors at bay giving them false hopes so that you keep waiting and don't take any action against them...This will allow them to carry on business in Srilanka as usual... I think this is their strategy and we need to realize this... They need to get hurt thro' some means...

303 Re: Touchwood Case Review on Fri Jan 04, 2013 6:26 pm

Kithsiri

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
If Foreigners involved then take a Court order stopping them leaving the country First.
Once one of them is cornered, then the killing will be much easier.
(Unless the D Company is behind this again).
Think like a Scoundrel ( Gentleman approach will not get you anywhere in situations like this.
That will shake them and then a coordinated effort from there on by investors.
Good Luck.



Last edited by Kithsiri on Fri Jan 04, 2013 6:31 pm; edited 1 time in total (Reason for editing : spelling errors.)

304 Re: Touchwood Case Review on Fri Jan 04, 2013 8:03 pm

venkat1711


Stock Analytic
Stock Analytic
Dear friends , I have drafted an article (regarding the plight of investors in Touchwood) which can be published in some of the News papers the contact e-mails for which I have collected from the web. Some of our friends in this forum can also help us in identifying more New papers and help us in this regard. If all feel O.K. I shall put that draft here and all can edit and the same can be sent to the local News Papers in srilanka. If they are willing to publish it can help us in some way and also stop them from further cheating many more investors. Kindly let me know your idea about this.

305 Re: Touchwood Case Review on Sat Jan 05, 2013 9:22 am

Lord Toad


Equity Analytic
Equity Analytic
I am here

We have a group of 20 so far and a website with more on it. Please join us we are getting together.

[url=Website link is here]http://touchwoodinvest.com/[/url]

306 Re: Touchwood Case Review on Sat Jan 05, 2013 9:33 am

venkat1711


Stock Analytic
Stock Analytic
Hi LordToad, That was a great work and put together consuming all of your precious time & creative thinking !!! Thanks for all the hardwork ....
In the Investment options drop down you could have provided " Agarwood & Bamboo" as people like me invested in both. Any it doesn't matter much...
Let's hope that we could jointly take some constructive action quickly without jeopardizing the safety of our Returns Neutral

307 Re: Touchwood Case Review on Wed Jan 09, 2013 12:01 pm

dinga


Equity Analytic
Equity Analytic
@venkat1711 wrote:Hi LordToad, That was a great work and put together consuming all of your precious time & creative thinking !!! Thanks for all the hardwork ....
In the Investment options drop down you could have provided " Agarwood & Bamboo" as people like me invested in both. Any it doesn't matter much...
Let's hope that we could jointly take some constructive action quickly without jeopardizing the safety of our Returns Neutral

Hear, hear Venkat1711! Just looked at the CSE website and noted TWOD's share prices ie. All Time High - 272; All Time Low - 8; Last Trade - 8.9 WOW!

308 Re: Touchwood Case Review on Wed Jan 09, 2013 12:12 pm

venkat1711


Stock Analytic
Stock Analytic
Hi Dinga, I have kept a tab on their share price for quite some time and it is very clear traders have got a whiff of this scandal... Not encouraging at all... I am in touch with this Mr Asanka and he keeps saying they have issues and not able to immediately come back on the returns due to that. They simply keep buying time without any action... Ms Monpossorn has stopped communicating. I have lodged the complaint with both Colombo Stock Exchange & KPMG (using LordToad links) ... However,not sure if any action will be taken ... I urge other members also to earnestly do it to see if these authorities will wake up !! I have a lots at stake and indicators don't seem to be positive at all...

309 Re: Touchwood Case Review on Wed Jan 09, 2013 5:08 pm

econimistSL


Stock Trader
@Lord Toad wrote:I am also a Touchwood investor.

The closure on the BKKK office in haste is a fact.

There are other rumours innuendos et al floating about.

Smoke and fire spring to mind - I will post more when I have real facts.
I was paid last year but only after real fight to get my money

I you have been paid, why the fuss? keep the money & shut up....

310 Re: Touchwood Case Review on Wed Jan 09, 2013 7:13 pm

Fresher


Moderator
@dinga wrote:
@venkat1711 wrote:Hi LordToad, That was a great work and put together consuming all of your precious time & creative thinking !!! Thanks for all the hardwork ....
In the Investment options drop down you could have provided " Agarwood & Bamboo" as people like me invested in both. Any it doesn't matter much...
Let's hope that we could jointly take some constructive action quickly without jeopardizing the safety of our Returns Neutral

Hear, hear Venkat1711! Just looked at the CSE website and noted TWOD's share prices ie. All Time High - 272; All Time Low - 8; Last Trade - 8.9 WOW!

ever heard of stock splits and rights issues?

311 Re: Touchwood Case Review on Wed Jan 09, 2013 8:40 pm

dinga


Equity Analytic
Equity Analytic
npp wrote:
@dinga wrote:
@venkat1711 wrote:Hi LordToad, That was a great work and put together consuming all of your precious time & creative thinking !!! Thanks for all the hardwork ....
In the Investment options drop down you could have provided " Agarwood & Bamboo" as people like me invested in both. Any it doesn't matter much...
Let's hope that we could jointly take some constructive action quickly without jeopardizing the safety of our Returns Neutral

Hear, hear Venkat1711! Just looked at the CSE website and noted TWOD's share prices ie. All Time High - 272; All Time Low - 8; Last Trade - 8.9 WOW!

ever heard of stock splits and rights issues?

Indeed I have - is that the reason for the huge reduction in unit price? (if so, that would seem unbelievably extraordinary - at least to me). Could you please elaborate.

BRs

312 Re: Touchwood Case Review on Wed Jan 09, 2013 8:49 pm

Fresher


Moderator
@dinga wrote:
npp wrote:
@dinga wrote:
@venkat1711 wrote:Hi LordToad, That was a great work and put together consuming all of your precious time & creative thinking !!! Thanks for all the hardwork ....
In the Investment options drop down you could have provided " Agarwood & Bamboo" as people like me invested in both. Any it doesn't matter much...
Let's hope that we could jointly take some constructive action quickly without jeopardizing the safety of our Returns Neutral

Hear, hear Venkat1711! Just looked at the CSE website and noted TWOD's share prices ie. All Time High - 272; All Time Low - 8; Last Trade - 8.9 WOW!

ever heard of stock splits and rights issues?

Indeed I have - is that the reason for the huge reduction in unit price? (if so, that would seem unbelievably extraordinary - at least to me). Could you please elaborate.

BRs

OT: FYI

Yes. 100/- share split into 10 shares then price will adjust to 10/- but the value is the same. Go to the announcements section and check how many times TWOD has split, issued rights and capitalized reserves. Check with the date of your All time high and compare the prices.

313 Re: Touchwood Case Review on Wed Jan 09, 2013 8:51 pm

Malaysian Investor


Stock Analytic
Stock Analytic
The fact remains they are a gang of cr**ks who bounce cheques and do not honour contracts - and they can sue me for libel if they dare - they are th***es and a realistic share value is about zero



Last edited by npp on Wed Jan 09, 2013 10:17 pm; edited 1 time in total (Reason for editing : let's keep the forum clean in public, however bad the situation is)

314 Re: Touchwood Case Review on Wed Jan 09, 2013 10:13 pm

trendfollower


Stock Trader
"KPMG – Sri Lanka has resigned from the role of statutory auditors of Touchwood Plc of Sri Lanka with effect from 5 December 2012..." , this is the official reply from Managing Partner of KPMG -Sri Lanka (I also emailed to KPMG - Hong Kong & International hotline).
The big 4 auditor's resignation is a very bad signal to the current status of Touchwood of Sri Lanka. Anyone knows who is the new auditior?

315 Re: Touchwood Case Review on Wed Jan 09, 2013 10:16 pm

Fresher


Moderator
@trendfollower wrote:"KPMG – Sri Lanka has resigned from the role of statutory auditors of Touchwood Plc of Sri Lanka with effect from 5 December 2012..." , this is the official reply from Managing Partner of KPMG -Sri Lanka (I also emailed to KPMG - Hong Kong & International hotline).
The big 4 auditor's resignation is a very bad signal to the current status of Touchwood of Sri Lanka. Anyone knows who is the new auditior?

that's news!
didn't see an announcement!

316 Re: Touchwood Case Review on Wed Jan 09, 2013 10:24 pm

Fresher


Moderator
Something I was wondering, Isn't there a single Sri Lankan who had invested in these products? At least someone who has some kind of idea in this forum?

Or have they too been cheated and have not found out about the internet?

We all know how scams in the recent past have created serious reactions. All though this is a long term thing, if people from Thailand and ME have been affected, then what about here??

317 Re: Touchwood Case Review on Wed Jan 09, 2013 10:59 pm

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@trendfollower wrote:"KPMG – Sri Lanka has resigned from the role of statutory auditors of Touchwood Plc of Sri Lanka with effect from 5 December 2012..." , this is the official reply from Managing Partner of KPMG -Sri Lanka (I also emailed to KPMG - Hong Kong & International hotline).
The big 4 auditor's resignation is a very bad signal to the current status of Touchwood of Sri Lanka. Anyone knows who is the new auditior?
According to the company profile at CSE still they are the auditors.
http://www.cse.lk/company_profile.do
DETAILS



Established

1999



Quoted Date

2002-05-28 (yyyy-mm-dd)



Financial Year Ends

31st March



Secretaries

M/S Corporate Advisory Services (Private) Limited



Auditors

KPMG Ford Rhodes, Thornton & Company




Registered Office

No. 28, Joseph Lane, Colombo 04.



Sector

Land & Property

318 Re: Touchwood Case Review on Wed Jan 09, 2013 11:13 pm

trendfollower


Stock Trader
npp,

It is possible that agarwood plan is only 6 years but those plans in Sri Lanka are not agarwood but longer term plant plan, then the scam in Sri Lanka is still not discovered. Some members in this forum seem reacting not irrelevant to this scam, but I can tell you that the CSE-listed companies will get very bad images to all Asian countries once our local mass media reported this scam (HK mass media loves report scams). This is our first case of scam from CSE-listed companies. Even a Sri Lanka listed company is cheating and behaving like this way, how can we trust a small Sri Lanka company and do a business with it?
If we put this case as a normal business activity but not investment, Touchwood received our money but make a breach of our contract in which cutting the trees and selling in the market. Touchwood takes our money and no product delivery and run away without any notice. In this view, Touchwood is still doing the real business?

319 Re: Touchwood Case Review on Wed Jan 09, 2013 11:34 pm

trendfollower


Stock Trader
Below is the original email message, if you don't believe, you can check with the KPMG partner of Sri Lanka:

"" Received your e mail dated 8 January 2013 on Touchwood Investments Plc of Sri Lanka .

We wish to bring to your attention that KPMG – Sri Lanka has resigned from the role of statutory auditors of Touchwood Plc of Sri Lanka with effect from 5 December 2012 . Accordingly, we trust you would appreciate that we will not be able to discuss any client related matters due to professional reasons.
Please contact the Company directly regarding your concerns.

Regards

Reyaz Mihular
Managing Partner
KPMG
32A, Sir Mohamed Macan Markar Mawatha,
Colombo 00300
Sri Lanka
Tel (Direct) : +94 11 2343105 / +94 11 5426500
Mobile : +94 727 313360
Fax : +94 11 2445872
Email : reyazmihular@kpmg.com ""

Even the auditor is afraid of this scam discovered and left. I can't believe now some guys still believe Touchwood is doing real business.

320 Re: Touchwood Case Review on Thu Jan 10, 2013 6:58 am

Lord Toad


Equity Analytic
Equity Analytic
The auditor resignation is true - I have several people who have confirmed that individually from KPMG.

321 Re: Touchwood Case Review on Thu Jan 10, 2013 7:19 am

Fresher


Moderator
@Lord Toad wrote:The auditor resignation is true - I have several people who have confirmed that individually from KPMG.

That requires immediate disclosure to the CSE scratch

322 Re: Touchwood Case Review on Thu Jan 10, 2013 7:42 am

dinga


Equity Analytic
Equity Analytic
@Lord Toad wrote:The auditor resignation is true - I have several people who have confirmed that individually from KPMG.

Do we know the reason for KPMG's resignation? For what it's worth, my bet is the auditor has finally concluded TW is not a going concern.

If this is so, the auditor itself could be in a sticky position since it seems to me there may have been a series of 'red flags' that were missed. A couple of questions to the forum's knowledgeable members:

1. Is it common in SLanka for Auditors to be enjoined in class actions by investors? (it certainly is in other jurisdictions - like Australia - where heavy penalties have recently been imposed against some of the Big 4)

2. What are the penalties, if any, for a company and its Directors if it is found to have continued to trade while insolvent?

323 Re: Touchwood Case Review on Thu Jan 10, 2013 7:53 am

Lord Toad


Equity Analytic
Equity Analytic
KPMG are an international company and they will be insured.

If the suggestion is made that KPMG might be culpable they are obliged to put their insurer on notice - even if no claim is made

324 Re: Touchwood Case Review on Thu Jan 10, 2013 8:14 am

dinga


Equity Analytic
Equity Analytic
@Lord Toad wrote:KPMG are an international company and they will be insured.

If the suggestion is made that KPMG might be culpable they are obliged to put their insurer on notice - even if no claim is made

Indeed so - insurers' deep pockets can be a very attractive lure to investors especially where the adequacy of the 'assets' of the company and its Directors are themselves doubtful.

Couple more questions:

1. Has KPMG resigned as auditor for all of the TW entities including TW Forestry Thailand; TW Asia (Thailand); TW Limited (HK); TW Australia etcetc??? Assume so, but this be confirmed?

2. Why has TW not notified the CSE?? (nothing I can see on the website). What are the penalties for failure to immediately provide market-sensitive information?

3. Are litigation funders active in matters SLanka???? If so, would appreciate contact details.

325 Re: Touchwood Case Review on Mon Jan 14, 2013 10:30 am

Malaysian Investor


Stock Analytic
Stock Analytic
Just so you all know. This issue has not gone away. As TW reps. will not comment on here, but have been reading this, we have moved our comments/actions to a more private place

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