AEM

Discussion in 'Acquistion Targets' started by zuolun, Sep 16, 2012.


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  1. zuolun

    zuolun Well-Known Member

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    starshine,

    The market will always give people a 2nd chance but most people do not know how to make full use of it.

    咸鱼翻身 aka dead fish could never be alive...it's an illusion (昙花一现)...



     
  2. zuolun

    zuolun Well-Known Member

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    [video=youtube;9fxOegQ923Q]http://www.youtube.com/watch?v=9fxOegQ923Q[/video]

    Kickback (回佣 / 回扣)
    A kickback is a payment of money, favors, or some other valuable to another individual to perform a certain desired action or to make an important decision in the kickbacker's favor. The desired action is often a referral that results in a transaction that benefits the person who paid the kickback. A kickback can be either legal or illegal, depending on the circumstances of the action. A kickback is generally done in secret. In investing, a common kickback is a broker's reduced commission charged to someone who invests frequently through the broker. Another example is referral payments for finding clients. Kickbacks occur not only in business, but also in government sectors. The US government has laws that prohibit kickback behavior.

    Example:
    A top man of a company called ABC invests company's fund, $1 billion in a company called XYZ with full knowledge that it's going to be bankrupt soon. Prior to investing in XYZ, he liaises a 50/50 split with the owner of XYZ that each will get $500 million once he gets the money. After a while, XYZ really goes bankrupt. It doesn’t affect ABC's top man as the $1 billion loss belongs to ABC and he answers to no one as he is the top man of ABC. So what is rightfully company ABC’s money has now become the top man of ABC's personal money, and it’s all legal and above board.
     
    Last edited: May 14, 2013
  3. zuolun

    zuolun Well-Known Member

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    nottibird,

    Would like your comments on the AEM court case, here.

    Btw, the lady involved, Kammy was my ex-colleague for 3 years in a typical Chinese company in the late-80's.

    This is what I thought about Kammy; 近朱者赤,近墨者黑。

    “When you lie down with dogs you get fleas.” Inevitably we become more and more like the people we surround ourselves with day to day. If we surround ourselves with people who are dishonest and willing to cut corners to get ahead, then we’ll surely find ourselves following a pattern of first enduring their behavior, then accepting their behavior, and finally adopting their behavior. If you want to build a reputation as a person of integrity then surround yourself with people of integrity.

     
  4. zuolun

    zuolun Well-Known Member

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    Ex-exec chairman jailed 12 weeks, fined for corruption

    By Khushwant Singh
    Aug 15, 2012

    The former executive chairman of listed AEM-Evertech Holdings pleaded guilty to corruption but claimed he was not the main perpetrator. Tok Kian You, 51, maintained that he took the cue from the firm's co-founder and former chief executive Ang Seng Thor.

    It counted little in the end.

    On Wednesday, Tok, 51 was sentenced to 12 weeks in jail and fined $60,000. He is appealing against the sentence.

    Ang, 48, was initially fined $200,000 for corruption but had this replaced by a 12-week jail term and a $50,000 fine in 2011 when the prosecution appealed.

    Tok and Ang had admitted to bribing Mr Siow Sing Heng, a manager with STS Shenzhen, in return for him recommending that STS award more business to AEM-Evertech.

    Court documents state that a total of $110,649 was given either in Singapore or Shenzhen, in China, in 2004. Both men also admitted to handing $50,000 to Mr Tan Gek Chuan, an operations director of Infineon Technologies in Malacca, in the same year, to award the purchase of four inspection machines to AEM-Evertech.

    Tok had also been charged with abetting the company's former chief financial officer Kammy Choo Swee Keng to alter the accounts of Ever Technologies. But these charges were withdrawn on Wednesday and he was granted a discharge amounting to an acquittal.

    Ms Choo, 57, was sentenced to three months' jail in 2011 for helping to cover up more than $1 million in kickbacks to customers. She succeeded in her appeal and was sentenced to a day in jail and a $70,000 fine.

    Tok's lawyer Edmond Pereira had argued that Ang was the mastermind, who had initiated the plans to hand out bribes. In reply, Deputy Public Prosecutor Pushpa S. said that Tok was more than a passive offender as he had signed and approved all the paperwork and made arrangements to meet and deliver the bribes in cash.

    AEM-Evertech, which went public in December 2000, was formed by merging AEM-Tech and Ever Technologies. It changed its name to AEM Holdings in 2007.


    Whistleblowing CEO spared jail term in landmark ruling

    AEM-Evertech's Ang Seng Thor fined, barred from board seats for 5 years.

    By Grace Leong
    Oct 12, 2010

    SINGAPORE - A former executive of Singapore-listed AEM-Evertech whose whistle-blowing resulted in his own conviction for bribery and corruption received what his attorney called a lenient sentence because he helped expose corrupt practices by his firm's top management.

    In a landmark ruling for proponents of laws encouraging whistleblowing in Singapore, Ang Seng Thor, a former CEO and managing director of AEM-Evertech, whose whistleblowing also led to the conviction of another company executive, didn't get a jail term.

    Ang, who pleaded guilty to two charges of bribery and corruption, was sentenced yesterday to $200,000 in fines and disqualified from holding directorships for five years. If Ang defaults on the fines, a term of five months' imprisonment will be imposed per charge.

    Graft offences are punishable with a fine not exceeding $100,000 and or a jail term of up to five years per charge.

    In a ruling issued yesterday, Subordinate Court District Judge John Ng noted that 'corruption has long been seen as a cancer of society. It is incumbent upon all of us to use whatever tools are available to remove it from our system.'

    'This case might not have seen the light of day if not for the actions taken by the accused. To give due credit to the accused in this case would send the right signal to people who are caught in the surreptitious acts of corruption to come out of the dark,' Judge Ng wrote.

    'For the people who choose to take that step, the courts must and will accord a significant recognition of their brave decision,' he wrote.

    'I am tremendously relieved to be given a second chance,' Ang said after his sentence was passed.

    'It has been a difficult journey for me but I continue to believe it was the right decision to come clean. I am truly remorseful for my past mistakes,' Ang said.

    In deciding on the severity of the sentence, Judge Ng took into consideration that Ang's whistleblowing helped result in the conviction of AEM's former chief financial officer Kammy Choo Swee Keng for her role in helping cover up more than $1 million in kickbacks to customers.

    Ang, 47, was charged with paying more than $180,000 in bribes to Seagate Technology International and Infineon Technologies Malaysia staff in 2004 and 2005 in exchange for favours for AEM-Evertech.

    He is accused of paying three bribes totalling $157,508 to Seagate Technology International's assistant engineer Ho Sze Khee. And, together with the company's former chairman Tok Kian You, he was also accused of paying a $50,000 bribe in January 2004 to Infineon's operations director Tan Gek Chuan to secure the sale of four inspection machines to Infineon.

    Under a plea bargain deal, Ang pleaded guilty only to the charges of paying $97,158 in bribes to Ho and $50,000 to Tan.

    In ruling on the bribery charge, Judge Ng found that 'the accused was not the initiator. His role was in following up on the illegal proposition put forth by the receiver (Ho). In that situation and in the context of a commercial setting, I would be slow to impose a custodial sentence.'

    As for the remaining charge, Judge Ng found that 'it was not without basis for the defence counsel to suggest that the accused played a passive role and was not the pivotal figure in that transaction' with Infineon's Tan.

    Wendell Wong, Ang's attorney, who argued against the imposition of a custodial sentence or imprisonment, said the court 'showed leniency' in the ruling.

    He added that this sentence will serve as an encouragement for whistleblowers to step forward.

    'Whistleblowers play an important and vital role in the combat against white collar crime,' Mr Wong said.

    What this case shows is that whistleblowing will be a mitigating factor when the court decides on the appropriate sentence, said Lee Eng Beng, managing partner of Rajah & Tann LLP.

    This is a positive step, as corporate wrongdoing may be very difficult to detect and whistleblowing may be instrumental in uncovering such wrongdoing, he said.

    'But considering whistleblowing at the sentencing stage may not encourage whistleblowing in all cases, as sentencing remains at the court's discretion and there is no certainty for the whistleblower,' Mr Lee noted.

    'A system which grants immunity from prosecution may provide a stronger incentive for whistleblowing. But this may have wider policy implications, such as whether we should allow whistleblowers and informants to negotiate for immunity before they reveal wrongdoing,' he said.

    'Ultimately, whistleblowing as a mitigating factor for sentencing purposes may well strike the correct balance,' Mr Lee said.


    Ex-CFO gets jail for faking accounts

    By Khushwant Singh
    Mon, Mar 29, 2010

    THE former chief financial officer (CFO) of a listed company was sentenced to three months' jail yesterday for her role in helping to cover up more than $1 million in kickbacks to customers.

    Kammy Choo Swee Keng, 54, admitted that she falsified the accounts of AEM-Evertech to cover up a string of payments in 2004.

    A district court heard that Corrupt Practices Investigation Bureau (CPIB) investigations in 2007 revealed AEM-Evertech had been paying commissions to representatives of client companies.

    The sales team had been told to offer kickbacks, allegedly by the firm's then chairman Tok Kian You, 49, and chief executive Ang Seng Thor, 46, the court heard. Both were also joint managing directors at the time.

    Sales staff would get a cash cheque from the then finance executive Tan Ann Nee allegedly without having to produce supporting documents.

    This practice alarmed Choo when she was appointed CFO in November 2004. She had joined AEM-Evertech as financial controller six months earlier.

    She raised her concerns with Tok but was assured that payments had to be made to the 'right parties' so as 'to get orders for the company'.

    Choo's fears proved correct when external auditors KPMG queried her in 2005 on the lack of supporting documents for the payment of these commissions.

    She consulted Tok again, who is said to have advised her to obtain false invoices for a fee from Halo Tech, a company incorporated in Thailand.

    Court documents state that Choo then instructed Tan, 45, to arrange for the fake invoices to cover up the trail of improper payments.

    Choo's counsel, Mr Anand Nalachandran, asked for a fine to be imposed as the practice of paying kickbacks was in place even before his client joined the company.

    When the management told her to mask the improper payments with false invoices, she had gone along but was so disturbed, she resigned in August 2005.

    The conviction has left her financial career in tatters, Mr Nalachandran added.

    Deputy Public Prosecutors G. Kannan and Ang Feng Qian told the court that Choo was the least culpable among those involved. The court was also told that she was the first to be prosecuted. The others will be dealt with later.

    District Judge Ch'ng Lye Beng said a fine would not be sufficient punishment as Choo should not have helped to cover up the payment of kickbacks.

    He jailed her a month for each of seven charges, with three sentences to run consecutively and the rest concurrently. A further 50 charges were also taken into consideration.

    Choo is appealing against the sentence. She is out on $30,000 bail, put up by her sister, until her appeal is heard in the High Court.

    AEM-Evertech, which is now known as AEM, provides engineering and manufacturing services to the electronics sector.
     
  5. zuolun

    zuolun Well-Known Member

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    Stocks that exhibit certain chart patterns (Cup and Handle, Double Bottom and Flat Base) can lead to strong price appreciation when they breakout on strong volume.

    AEM - 咸鱼翻身

    [​IMG]

     
  6. zuolun

    zuolun Well-Known Member

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    AEM - 咸鱼翻身

    [​IMG]

    AMEDIA - 咸鱼翻身

    [​IMG]
     
    Last edited: Sep 16, 2012
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