The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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What's particularly disconcerting for me is that I had his ticket a long time ago and you will recall my many posts doubting his leadership skills. However, through greed more than anything, I kept on topping-up on the dips because I thought if Tencent saw something in MYSQ then it surely couldn't be as bad as I was suggesting and there must be some hope of a change. Wrong again. I wonder how this has left the likes of Tencent and even Atlas who both invested their money in this joke? I haver actually learnt nothing from this, simply because it appears we were blatantly lied to. When a senior member of an organisation comes onto e.g. Proactive TV and tells you to your face that things are going to be "tremendous" then what are you supposed to believe? I trust Proactive TV and Andrew the host and again, I thought if they are letting the likes of Pottinger and Schaer on then they must have also done their due diligence on them because they wouldn't want their clean reputation tarnished in any way. Maybe that's why the Pottinger / Chong video was quickly 'pulled'. No....I have not learnt anything from this and I'm not going to beat myself up about it either and nor should anyone else for that matter. We were robbed in plain sight. End of.
a document in Eric Shaer's draw of the desk of his old office which, after brushing away the rat droppings from the pages, revealed Eric grand corporate strategy and vision for Mysquar after the 2015 IPO, and it read thus....
Lie after lie, after lie, after lie, after lie, after lie, after lie, after lie, after lie, after lie, after lie, then lay my hands on as much investors money as I can, resigned and make a run for it.
Report ends.
MYSQUAR LTD ORD NPV (DI)
Event Type De-Listing
Description Cancellation of Depositary Interests
Effective date: 8th April 2019
Computershare has given notice that it will cease to act as depositary for MySquar Limited Depositary Interests (DI?s) with effect from the close of business on the 8th April 2019.
Nobody knows where the numpty is hiding. Lesser Myanmar, Vietnam most probably. Waiting for the trail to go cold on him before he reemerges from his hole. I doubt he'll be anywhere near the Western World on not even the Middle East. He will stay well clear of Singapore too. No my guess would be Myanmar or Vietnam and if I was a betting man, which I clearly am having lost 6 grand here, I'd say Vietnam.
Jez, I’ll second those thoughts, I’m in Thailand in June and would love to have a chat with the thieving bar steward if anyone knows of his whereabouts in the countries close by, whilst there .
Would definitely like to believe that Chong is there doing his best to turn this company around and good luck to him and all at mysquar.
Really not sure how they couldn't have made it work:
https://www.mmbiztoday.com/articles/wave-money-partners-myanma-economic-bank-roll-out-mobile-pension-payments-nationwide
https://www.mmbiztoday.com/articles/havas-riverorchid-launches-social-media-brand-myanmar
There must have been a serious amount of BS in those RNSs.
Well here we are still awaiting a proper, decent, humane update from Chong and his cronies and surprise, surprise, everything has fallen silent. It seems that they are merely keeping the lights on so that people can be paid their wages that go back a few months. It's like trying to milk a dying cow. I don't think there exists any ambition to keep the company going, or even to sell-off the best bits of it (if you can refer to them as best bits) to a potential suitor or suitors.
The whole thing has become a debacle and a complete and utter waste of time and money. My loss of £6k still narks me, but I realise that is nothing when compared to the loss that some people have incurred e.g. McSquares. And the irony is that those that have purported to have done wrong are still walking free, no doubt laughing at our misery as they sip on their posh drinks that are so exotic that they are unpronounceable.
There doesn't appear to be any justice left in this world these days. Chong's lack of communication is very telling if you want my opinion. And whatever happened to "Pies" Pottinger who is probably sat stuffing his face on roast beef as I type this? If anybody hears anything....even a whisper.....then please share it on this bb.
I am also missing the banter we had on this bb, if you can call it that. The day-to-day chats we had and the potential friendships and meet-ups and parties that were going to enjoy have also been dislocated.
Chong? If you read this bb, please give us an update. We at least deserve that....and our money back in some for or other.
Which is why shareholders should have got the Singapore police involved, sod the company. It's trying to save its top brass so they can slide sideways into senior exec roles elsewhere whilst quietly winding the company up. You need to be making noise because the company isn't going to.
Basically Schaer ripped the heart out of the company by his criminal acts , Pottingier is already wealthy and a waste of space and Chong was always too weak by all accounts to take any action. Predicted action ahainst Schaer? - none.
How the company has just buried its head in the sand
It’s been a while now and nothing. The company have no funds to pursue anything. It really is bleak
Any views and opinions on a) what’s likely to happen with mysquar b) will suspected people like Eric Schaer, piers pottinger be brought to justice c) will any investigation by the FCA come to anything? d) will shareholders see any of their investment returned??... gla
Two-faced snake eyes Schaer will probably OD on his own bullshit - and our money, for that matter - at some point. Karma.
This is an utter joke. I hope all involved die a horrible slow death
Situation remains here and we could not expect more at present. Revenge is sweet but highly unlikely. I will place my share certs at the very bottom of the drawer and hope that one day Chong will bring back MYSQ back from the dead, rising like a great Phoenix from the Ashes.
Mingalarbar morning still looking good. Keep going mysq. Onwards and upwards.
no one really cares about whats happend here, including the regulators and authorities, is because the amount of money stolen is not big enough to even register on their radar screens. If it was a few hundred million, or billions gone, then the shit would hit the fan and Schaer would be behind bars already.
Schaer knows this and its why he has slipped away quietly with a few mil, while disempowered PI's run out of steam and the will to do anything.
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The Insolvency Service
The Insolvency Service can investigate limited companies when they receive information that suggests serious corporate abuse. Corporate abuse might include:
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Keeping the faith :) keep going mysq you can succeed :))... I would like to think Chong is a good guy and sticking it out to turn things around at mysq :))) I remain hopeful :))) gla
What does that mean for me, totally confused! Whats this share certificate for when the shares are delisted and wothless??? Who is computershare, never heard of them??
Will no doubt be the resignaiton of Stephen Chong (Interim Chief Executive), then he'll fly off to meet Eric Schaer to square up the spoils.
I don't expect to see anything back from this outfit .Atlas stand first in line as they are owed £1.8 million by Mysq and then there's all the other creditors.The company should report the matter to the appropriate authorities regarding the missing money . However they seem too have no intention of doing this as an investigation would implicate more than one person . They were deceiving shareholders holders to the very end ,putting out the Proactive interview to prop up the share price while My pay were off loading the millions of shares they had received from Mysquar.No wonder all traces of the interview were removed from the public domain several days later .
Over 3 year's Mysquar raised millions from investor's while quoted on a UK market .Surely there is a strong case for the UK fraud office to investigate what has been going on within the company after their public addmission that money was missing .It would be something to at least see justice served on those involved ,
no update on the investigation. The truth is still being hidden. What a shambles.
"- Mysquar IR dept. has not reported Eric to the Singapore Police securities fraud squad, or any other, because they say that Eric is not and has never been domiciled in Singapore."
This is a poor, weak excuse. Are they hiding something they don't want police to dig into as well? They're not going to fight for this money, for their company? They're going to let him walk away and start u somewhere else with no compensation? This is very murky imo. If Eric is a US citizen the US police need to know. He can be extradited back hopefully.