Monday, 23 November 2015

Proven Oil Asia in trouble? (2)

Five days after my last posting the MAS (Monetary Authority of Singapore) put the Capital Asia Group on their "Investor Alert List":

The company still advertises the Proven Oil Asia scheme on their website, mentioning "high returns from secure investments", "proven track record / non speculative", "proven strength of Conserve Oil Group Inc.":

Thursday, 12 November 2015

Proven Oil Asia in trouble?

I have written several times about Proven Oil Asia.

The reason I wrote about this investment scheme was that a very similar one (Proven Oil Canada) in Germany seemed to have run in problems. Many of the names connected to the two schemes were the same. At the very least I had expected the authorities to have a close look at the scheme.

Both the Securities Commission and Bank Negara in Malaysia did indeed take action, Focus Malaysia and Kinibiz have written articles about the scheme.

In Singapore however I have not noticed any action whatsoever from the authorities, the media have also not given it any attention.

That might have been a mistake.

From recent information it looks like not only Proven Oil Canada but also Proven Oil Asia has run in some serious troubles.

MNP Ltd. ("one of Canada’s leading firms in Corporate Recovery & Restructuring") has a webpage devoted to Conserve Oil Group Inc., COGI Limited Partnership and Canadian Oil & Gas International. On October 26, 2015, MNP Ltd. was appointed as Receiver and Manager of these three companies.

Of interest are several of the articles listed on the webpage, for instance this one, some excerpts:

Another article with some excerpts:



The difficult structure of companies:

The convoluted structure might be a headache to unravel for investors in the schemes, but a field day for the lawyers involved.

In Germany a group has been formed by investors in the Proven Oil Canada scheme, the website is mostly in German, but Google Translate might help.

Tuesday, 10 November 2015

When will Hibiscus bloom? (3)

From the previous posting about this subject:

".... the Company believes that there may be some shareholders who have been subject to margin calls on shares that have been collateralised and are being asked to regularise their margin positions."

It looks like at least one party has been revealed who was selling in the market due to margin calls, according to this announcement:


No of securities disposed 45,923,900

Circumstances by reason of which Securities Holder has interest Disposal on open market due to margin call forced selling

Hibiscus' shares were suspended yesterday, for the fifth time this year:

3D Oil (Hibiscus invested in the company and partially funds the exploration of the Sea Lion project) had a rather bad announcement today:

Its share price plunged 33% today:

Wednesday, 4 November 2015

Scan: sloppy announcement

I wrote before about Scan Associates' rather "frivolous" legal action against Bursa Malaysia.

The company made the following announcement:

Four times the term "Material Litigation".

But, as detailed in an announcement the following day, it actually concerns a "Letter of Demand".

A case of rather sloppy reporting.

Of a much more serious nature was the announcement last week"

"The directors wish to announce that the auditors were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the Company’s and Group’s financial statements for the period ended 30 June 2015."

Next to that, there are the very serious allegations against the ex-CEO and ex-CFO.

The company is losing money badly, and has a negative net asset value. A miracle is needed, soon.