Vincent Wong's comment on BAHVEST. All Comments

Vincent Wong
1 Like · Reply
if you guys have a chance, please read up on Mining land law. mining land can't be sublease. good luck
nazr zach
I am confused. in their Annual Report FY22, it says,
"Bahvest Group is a Malaysian owned entity and via one of its wholly-owned subsidiaries, Wullersdorf, principally involved in gold mining activities in Malaysia. The gold mining activities include the exploration for mineral, mining and other mining related business on a piece of land measuring 317.7 hectares at Bukit Mantri, Daerah Tawau, Sabah with a lease period expiring on 31 December 2048."
Show more
Like · 1 year · translate
nazr zach
then.. it went further Southsea Gold which Lo has 75% share sublease to Wusseldorf which 100% owned by BAHVEST and Lo is a major shareholder which owns 16%++.

Since 2017, Bahvest via its wholly-owned unit Wullersdorf Resources Sdn Bhd conducted gold mining activities in a piece of land in Tawau, Sabah, which it subleased within a larger mining lease land belonging to Southsea Gold Sdn Bhd.

Southsea Gold is 75%-owned by Lo, who owns 16.09% in Bahvest.
Show more
Like · 1 year · translate
nazr zach
Suddenly, Lo and Southsea Gold claimed, it is “only obliged to provide right of way and easement to allow Wullersdorf to pass upon Southsea Gold’s mining lease land to access Wullersdorf’s sub-lease land".
Headache wor!!
Like · 1 year · translate
Vincent Wong
the owner of the company that is sueing bahvest happens to be the CEO/director of bahvest which was being pressured by other shareholders to get removed. my opinion that when bahvest bought over wullersdorf (with the so call sublease), it was made with I'll intention. just my guess. I'm not sure whwther they made any related part announcement when they made the acquisition of wullersdorf.
Show more
1 Like · 1 year · translate
nazr zach
Thanks for your info, Vincent. My thoughts also the same.
Like · 1 year · translate
Vincent Wong
I dunno about Sabah exactly, but states in peninsula like Perak, Selangor etc. the mineral enactment 2003 does not provide provisions/power for mining lessee to create sublease. the most they can do is a mining contract. Went through the rabbit hole before many many years ago. so yeah.
Show more
Like · 1 year · translate
Stock Camper
2 day loss 50% equal to 200 mil...it will rebound...it always does
2 Like · 1 year · translate
fei fun
end up Sabah state terminates the lease and biggest loser is Dato, killing his own golden goose. minorities loss but majority total lost
3 Like · 1 year · translate
nazr zach
Vincent,
1 Mining Law is different in every state. Except Federal Land.
2 Sublease issue. Lo basically a owns Southsea Gold that sublease to Wullerdorf which he is the MD and CEO an also a major shareholder but only 16% + another 2% his son and Exec Director. Private Co + Finance Institution and Public own the rest.
Show more
1 Like · 1 year · translate
nazr zach
KC, BAHVEST reacts to the news. it's not a sell off. the were fighting. one fights to drive BAHVEST down. the other fought back trying to prevent falling down further. that's a good sign.
1 Like · 1 year · translate
nazr zach
one last thing, BAHVEST pays Lo and son every month 900k and 300k for running BAHVEST mining operation. He must know BAHVEST is mining in his lease land!! Strange la
1 Like · 1 year · translate
nazr zach
that's why .. Lo and son operates BAHVEST. BAHVEST owns Wullerdorf. They surely know BAHVEST is mining in their land lease. Wullerdorf got permission to use a part of that land. But Lo and son claimed they actually permit to use that land for access to BAHVEST other land.. wahhh.. kuat pusing wor!!!
CFO of BAHVEST is among those who want we vote to kick Lo and son and Exec Director out. There must be something not right found in their finance books.
Show more
Like · 1 year · translate
Pendulum
An approved mining land can be subleased under Malaysian mining laws. However, there are some restrictions on subleasing. For example, the sublease must be approved by the Director-General of Mines. The sublease must also be for a period of not more than 10 years.
Show more
Like · 1 year · translate
Pendulum
Bahvest has not honestly disclosed its subleasing status, neither on its official website nor in its annual reports. Minority shareholders would not have known part of the actual master deed of lease belongs to Southeast Gold, which is 75% owned by Lo, which in turn is a major conflict of interest when Bahvest sell its gold produce to Southeast at discounted price via its subsidiaries or related companies.
Show more
1 Like · 1 year · translate
fei fun
is this a crime or breach any laws? if yes, then Lo in big trouble.
1 Like · 1 year · translate
Pendulum
Whether or not this is a fraudulent act under Malaysian law depends on the specific facts and circumstances. However, if it can be shown that the MD cum largest shareholder knowingly and intentionally sold the gold produce to Southeast Gold Sdn. Bhd. at lower than market prices with longer than average credit term in order to benefit himself personally, then it could be considered fraud.
Show more
1 Like · 1 year · translate
nazr zach
It's worth look into. You see Revenue & Gross Profit Cumulative Period Ended 31st Dec for FY22 & FY21
No/Item/FY22/FY21
1/Revenue/108.0mil/97mil
2/Gross Profit/10.6mil/14.4mil
3/Profit after Tax/0.6mil/3.9mil

Net Profit after Tax reduced 84%!!!!!!!!

Despite
1 Revenue increased by 11%
2 Gold price in 2022 is much higher than 2021

Lo and son go to jail la!!!!
Show more
Like · 1 year · translate
nazr zach
Southsea Gold Sdn Bhd subleased 317.7 ha of the 948 ha land given by Sabah Lands and Surveys Department (SLSD) to its shareholder, Wullersdorf Resources Sdn Bhd, a wholly-owned subsidiary of Bahvest.

The sublease’s renewable 33 years tenure commenced from 1 October 2015. SLSD has given its approval for the sublease and
registered it on the Country Lease on 13 November 2015.
Show more
Like · 1 year · translate
nazr zach
Lo agreed to sublease to BAHVEST for MYR60,000 per year.. BAHVEST or we as shareholders paid Lo around 1mil per month.. So greedy
Like · 1 year · translate
fei fun
gold price again super high, Bahvest if still making loss in coming quarter results means that something is wrong. no wonder the other major shareholders want to remove the 3 directors
1 Like · 1 year · translate
Amber Lim
There is something wrong. There are complaints documents to bursa here. https://we.tl/t-I4RQu167Eu
2 Like · 1 year · translate
nazr zach
Amber. Thank you. You can forward your complaint to aduan@sec.com.my
Like · 1 year · translate
nazr zach
I also found a geological report which shows in great detail the location of mining, gold deposit content hired by Wusseldorf in my other comment. pls copy the link and paste to your Google to download their report for your perusal.

https://drive.google.com/file/d/1fW6q4I1a8VVo5Xcfi6wcNE8lMTqlfrg6/view?usp=drivesdk
Show more
Like · 1 year · translate