Big Names Caught in Cellos Singapore Share Scandal
Recently the Cellos Board of Directors fired up the printing press, they have openly admited to having issued over 300 million new shares to selected investors, and explained the shareholders who suffered severe dilution and drop in share price that “there was no requirement for the Company to obtain shareholder approval to proceed with these capital raisings”.
The new 5c raise was a major drop from the $25 the stock was being sold at just before the new board seized power in what is said to be a complete fraudulent action.
Interestingly enough, a number of influential Singaporeans have purchased the highly discounted shares at $0.05c in the questionable raise, well aware of the fact that:
– Cellos Board did not generate any new revenue since taking over
– Share price crashed from formerly USD 25 per share to today a ridiculous 0.05c
– Ongoing investigations by Singapore and Australian Authorities.
The below listed investors are all highly educated and financially savvy…. Why would such investors put significant sums of money in a company which such questionable track record??? We are yet to hear from the shareholders as to what they were promised from the company.
A selection of these investors includes:
– Inderjit Singh – a former member of the Parliament, invested USD 250,000
– Aje Saigal – former executive at GIC (Government of Singapore Investment Corporation)
– Paramjeet Singh Bhalla (Peter) – Trader, invested around USD 1 million
– Vlad – Russian investor who works at IFC in HK for an investment bank invested around USD 1 million
– Constance Peck – Director of Cellos, invested over USD 2 million
– Janifer Yeo-Tan – Chairman of Cellos, invested over USD 2 million
It seems the circle of those involved in the mass dilution scheme is wider than expected and includes a number of influential people who are now being accused by other shareholders of potentially using their connections and influence to shield off any investigations and ensure the party can go on for the illegitimate Board.
With the large number of new shares being issued recently, the majority of existing shareholders who was left out from the raise have now been entirely diluted and robbed off their voting power!
However, for all those who have not been invited to join the privileged circles, the Board comforted them recently and assured that “if re-elected [at the upcoming AGM on 31 March 2017], the existing directors intend to raise additional funds through an offer to shareholders later in this calendar year at the same price as the equity raising undertaken by the Company in 2016. This would give shareholders who did not participate in the previous capital raising the opportunity to acquire additional shares in CellOS at an issue price of $0.05 per share.”