Mr. Chong $5.7million debt

[Eyke]

anyone got his past work experience?

 

he's an artist,

but can't draw bery well,

that's y owe so much money.

[Vroomtattat]

anyone got his past work experience?

 

Where's our CSI team? Com'on!

[Booboon]

the legend appeared in tis evening sin ming ?

yes, pg 10.

[Tjkbeluga]

Sigh... Apparently, the case has been settled privately. From Adrian's last post, sound pretty much like he kena threathened, but oh well, we can only hear what he can/want to say.... Feel disappointed of never able to know what that a-----e's retribution is.

[5936]

CSI team you mean the "Gale-oil"..no more sound

 

 

 

I was wondering if Bankrupt can still drive not to mention owning a car?

 

 

[Parkingidiot]

Sigh... Apparently, the case has been settled privately. From Adrian's last post, sound pretty much like he kena threathened, but oh well, we can only hear what he can/want to say.... Feel disappointed of never able to know what that a-----e's retribution is.

 

 

even though its settled between chong and adrian .. the main issue of double standard application of the law still not settled. Elite can get away with special treatment, whilst peasants on their own...

[Blackyv]

CSI team you mean the "Gale-oil"..no more sound

 

 

 

I was wondering if Bankrupt can still drive not to mention owning a car?

 

 

bankruptcy can even enjoy a $1000 sultan fish AS long he didnt pay for it.....

[Tjkbeluga]

Yes I know... but since Adrian has settled with him, no matter who win who lose, we have to respect his decision. However, I wonder after the newspaper publicity, what if gahmen want to save face and decide to sue that bugger again?

[Parkingidiot]

Yes I know... but since Adrian has settled with him, no matter who win who lose, we have to respect his decision. However, I wonder after the newspaper publicity, what if gahmen want to save face and decide to sue that bugger again?

 

 

gahmen can't be bothered la .. this kind of ikan bilis issue compared where got time to look at, especially now there's no further push from the protagonist.

[SimonTan]

Reputation is important to get his bankrupty cleared.

I guess the fear of stiring up hornet nest and forever under bankrupty is very real.

Not forgetting there are many crazy kaypoh singaporeans who will visit the actual place to see show.

Remember the everitte dispute? After the news, many kapo people was reported to drive thru the houses to look see look see.

I think the publicity is shameful for his reputation, among his relatives and friends. He could be a millionaire and respected guy before his bankruptcy, but today his reputation went one step lower.

 

 

 

 

 

[Doosan]

kamseah , shall buy & read in detail.....

[Icedbs]

who the hell is this Mr. Chong?

 

I thought the hot news now is HP CEO Mark Hurd play with woman and forced to resign (and yet walk away with 28 million, wow)

Edited August 7, 2010 by Icedbs

[Soonmunn]

Ok...those experts in stocks and shares please comment.

 

How much contra or contract or deals must a person transect/execute to lose so much as $5.7million like Mr. Chong?

 

Can we assume that the person MUST be a millionaire or super big time trader with special cash backings in order to play until so big.

I mean you need lots of liquid MONEY to play shares/stocks in the first place right?

 

Hi there the simple answer is NO YOU DONT NEED LOTS OF MONEY TO RACK UP A $5.7 MIO DEBT.

 

There are many private banks which offer derivative products. Many of these products are also leveraged. The attraction of such products is that they offer much higher returns. These leveraged derivative products can be in the form of shares, or FX or DCIs. But the logic is the same;

 

a) Start with a fixed lump sum (the orignal principal sum, say SGD250k).

 

b) Leverage 4-5 times so taking the simplest product say a AUD TD which earns 5%....u will do a fx future at a given strike (SGD to AUD) at a given date (say a month from now).

 

c) Remember that original investment pot is only SGD250k. If you do a simple TD in SGD it earns u nothing. If you convert to AUD it earns u say 5% pa. But with the derivative you leverage 4X so you end up doing a future contract (say a month) to buy SGD1mio (of AUD) at a given strike rate.

 

d) Because of the Leverage Factor you will get interest of 4 x 5 = 20% on the original SGD250k pa. This is because your notional contract is SGD1mio.

 

f) You will get this return regardless of whether your SGD is converted or not. This is guaranteed. So in 1 months time If your SGD does not convert you are happy coz your original investments stay in SGD and you get your 20%.

 

g) NOW FOR THE SUCKIE PART. If the strike is achieved on maturity date, your SGD converts to AUD @ strike rate. Say the current spot is 1AUD=SGD1.20, you may have converted at 1.30. You will suffer an fx loss (1.30-1.20) on SGD1mio. To give you an idea of the actual loss incurred, a 1% fx loss will work out in absolute terms to SGD10,000/- because your notional principal contaract is SGD1 mio (levereged 4xs)

 

This loss is incurred is in one month. It will wipe out any interest rate gains.

 

h) The bottom line is that just with a SGD250k original sum and a 1% fx movement you can easily rack up a loss of SGD10,000/- in one month.

 

i) The above used FX futures and carry trades as an example. But similar products are available for shares, bonds notes, CRANs, ELNs.....they all work with leveraging applied to derivative instruments and alot of these products lost alot of private banking clients lots of money in 2008-2009.

 

j) And the above example is very conservative. If you do a bloomberg chart u will see the movements in fx swing over 30-40% in 2008....imagine the kinda losses you would have racked up. A SGD250k pot, leveraged 4xs, which has FX losses of 25-30% will easily see losses in absolute terms hitting SGD500k in a short period.

 

k) Many of these investors will carry out multiple legs so losses will be even more extensive especially if they do not have the ability to hold on to their positions and top-up when LTVs r triggered.

 

So a $5.7 mio loss is quite conservative....in 2008 many folks lost many times that amount with principal investments that were less then SGD1 mio...

 

Hope that clears the air

Edited August 7, 2010 by Soonmunn

[SimonTan]

your example is great.

I think chong is bankrupt in 2004.

So it's true that u need a substantial amount of money to start off with.

$250k to me is alot.

I am sure mr chong was a rich man before he bankrupt. His ability to pay Adrian to shut up is typical style of the rich.

 

The rich will get away with everything, because the poorer citizen will accept and settle just to close the case. In the end money still talks!

 

 

[Friendstar]

Hi there the simple answer is NO YOU DONT NEED LOTS OF MONEY TO RACK UP A $5.7 MIO DEBT.

 

There are many private banks which offer derivative products. Many of these products are also leveraged. The attraction of such products is that they offer much higher returns. These leveraged derivative products can be in the form of shares, or FX or DCIs. But the logic is the same;

 

a) Start with a fixed lump sum (the orignal principal sum, say SGD250k).

 

b) Leverage 4-5 times so taking the simplest product say a AUD TD which earns 5%....u will do a fx future at a given strike (SGD to AUD) at a given date (say a month from now).

 

c) Remember that original investment pot is only SGD250k. If you do a simple TD in SGD it earns u nothing. If you convert to AUD it earns u say 5% pa. But with the derivative you leverage 4X so you end up doing a future contract (say a month) to buy SGD1mio (of AUD) at a given strike rate.

 

d) Because of the Leverage Factor you will get interest of 4 x 5 = 20% on the original SGD250k pa. This is because your notional contract is SGD1mio.

 

f) You will get this return regardless of whether your SGD is converted or not. This is guaranteed. So in 1 months time If your SGD does not convert you are happy coz your original investments stay in SGD and you get your 20%.

 

g) NOW FOR THE SUCKIE PART. If the strike is achieved on maturity date, your SGD converts to AUD @ strike rate. Say the current spot is 1AUD=SGD1.20, you may have converted at 1.30. You will suffer an fx loss (1.30-1.20) on SGD1mio. To give you an idea of the actual loss incurred, a 1% fx loss will work out in absolute terms to SGD10,000/- because your notional principal contaract is SGD1 mio (levereged 4xs)

 

This loss is incurred is in one month. It will wipe out any interest rate gains.

 

h) The bottom line is that just with a SGD250k original sum and a 1% fx movement you can easily rack up a loss of SGD10,000/- in one month.

 

i) The above used FX futures and carry trades as an example. But similar products are available for shares, bonds notes, CRANs, ELNs.....they all work with leveraging applied to derivative instruments and alot of these products lost alot of private banking clients lots of money in 2008-2009.

 

j) And the above example is very conservative. If you do a bloomberg chart u will see the movements in fx swing over 30-40% in 2008....imagine the kinda losses you would have racked up. A SGD250k pot, leveraged 4xs, which has FX losses of 25-30% will easily see losses in absolute terms hitting SGD500k in a short period.

 

k) Many of these investors will carry out multiple legs so losses will be even more extensive especially if they do not have the ability to hold on to their positions and top-up when LTVs r triggered.

 

So a $5.7 mio loss is quite conservative....in 2008 many folks lost many times that amount with principal investments that were less then SGD1 mio...

 

Hope that clears the air

 

 

 

bro... u in treasury side?

[Ehchang8]

Sigh... Apparently, the case has been settled privately. From Adrian's last post, sound pretty much like he kena threathened, but oh well, we can only hear what he can/want to say.... Feel disappointed of never able to know what that a-----e's retribution is.

can imagine a bit lah, just need to say : i give u this sum of money, u shut yr mouth. ok ? if u don't i can do the same to u, yr family, yr property .... u know i have lot of friends, and i have nothing much to lose .....

got money most likely u take lah than to risk more damaging right ? rich people always have the advantage. so we must be rich.

 

[SimonTan]

I can imagine the storyline that Jack Neo will use.

 

"I got money, I may be a bankrupt, but dont negate the $$$millions I earned and hidden in my children and wifes account before I become Bankrupt. I have many rich and powerful friends, which is why you cannot get to me. Now you have gone the dispicable step to show my face to the whole world. I can tolerate that if you are willing to accept $1000 as a good will gesture to close this matter once and for all. Everyone including you and your family member can put this matter rest, you understand not to stir the hidden dragon crouching tiger or not? Kapish, Faham, Ming Bai Bu Ming Bai? We are all educated person, you should know when to stop and be at peace with your inner self."

 

Deep down....everyone wants peace and quiet in their lives.

 

[Sosaria]

even though its settled between chong and adrian .. the main issue of double standard application of the law still not settled. Elite can get away with special treatment, whilst peasants on their own...

 

Don't anyhow say, har? Sensitive issue...

 

The British author, Shadrake, was hauled up because he talked and wrote about the same issue.

 

Perhaps, in this case, a nicely-worded "suggestion" to both parties to clear it up quickly, came from the top??

 

Hmmm... we'll never know.