Sino Agro Food Inc (fka SIAF)

[Chrysanthemis]

In our series of legal exchanges on SIAF's future, below the most recent document submitted; this time from the plaintiffs in support of the motion of receivership:

https://mega.nz/file/xo0VlArZ#Tai64OXcLp34fBBlt4Eav68cVgoaBFSSgNaUUHbgV94
https://mega.nz/file/El9HRYDK#gBVAzxZ-S1UGogL10EFSaZsQsqAB040FWFFlOGF0CgA
https://mega.nz/file/R8s3wSjI#3bzCZ69qDupBFZf85ABZz6GQ1vmkjLMzoFGGdBmxOGI
https://mega.nz/file/R9sDSYDD#SKY8zj3ts-W5y9m1Gc2SJbQYwcYEJdO3wFjValY8xcI
https://mega.nz/file/8slHjYpK#AqBuKqFElKWuf5og3McBEWEEal1luMFFgGK-_IjXk8I
https://mega.nz/file/88lhjQLa#uKTnppwaB3vVgV7bXIFYFRZF1Bb-fnMVYqKhUajcenA

Happy reading.

[bobbo2]

New documents about the court case now available on "Court Listener"

[zerohedge]

precisely -

[Skinny Mulligan]

That's why U don't put all your eggs (or fish) fish in 1 basket.

Stocks don't trade on financial reality alone; sometimes at all. This lawsuit may bring about more favorable exit opportunities before the hens come home to roost.

I will concede that on a long enough timeline, it's a more likely than not probably that the return on investment will be zero. But the probability of a return, however unlikely it may be, has a non-zero value to someone. That value is the share price.

[zerohedge]

trust me there's precisely nothing.

you go there - we did - see the farmers near the open prawn ponds chain smoking all day.

they'll pull a few pounds out of the cess-pool water and cook them for you.

you'll smell the smoke, do a tea ceremony, and the scammers will lead you to a room showing pretty pictures of all their plans.

you're not getting a $$^%@#$%!^$@% single cent of your money back.

biggest joke on earth.

live and learn or live and die broke believing this story

[Skinny Mulligan]

I don't trust the financial statements either. But it's all speculation until (IF) HangRen can get over there and see. There are people on both sides spending (probably a lot of) money on lawyers fighting. I think that in itself indicates there's a good chance something is left worth fighting over.

[zerohedge]

you'd be incorrect.

they claimed to have $650,000,000.00 in "audited assets"

they did $180,000,000.00 in convertible note issuance in the past 12 years.

that's around $800,000,000.00 in liabilities given the obvious overstatement of assets and the "company" will then have to write off 100% of these fraudulently claimed assets.

then the $180,000,000.00 they raised is also a liability since it was executed fraudulently with fake asset claims.

top put this in perspective: they have negative net worth of around $800,000,000.00 at this point.

waiting for this to "come back" is like waiting for the second coming of christ.

there isn't any carcass at all in this case.

just people staring at empty space envisioning what was never owned by them in the first place.

honestly there's nothing.

[Skinny Mulligan]

No, most of us know it. At this point it's not a scam Anymore. The scam was the initial IPO; and all subsequent issuances. Solly saw this as free money to be used for his personal benefit; which he has.

Now it's more like vultures circling a carcass. We're the vultures and waiting for the hyena (Solly) to be driven away.

There's value to be had if Solly's out of the picture. .

Getting out is easier said than done. Im actually only 25% under water at .066. But Im so deep, there's no way to cash out that volume without driving SP to .04. Statistically it's a better better to wait it out.

[zerohedge]

there's nothing happening here. just more people who haven't wanted to admit they lost.

nobody is coming to save you.

[zerohedge]

seems some people don't just leave these scams before they lose everything.

[spartyJ]

I am curious to what Rock Hill's investment advice is right now. What a sh@t show.

[Gullible Fish]

"We REAL!!!, Buy More!"

[surfer44]

If I ran a hedge fund I would be long McDonald's 50% / SIAF 50% and short Dogecoin 100%. Let's see who outperforms

[surfer44]

It's 300,000% better than dogecoin. imo

[RealDutch]

The end value of this is anywhere from $0 to over $1 per share. Many things have to go right to hit $1. Any roadblocks can halt this train along the way.

Yes, I agree 100% with that.

[Skinny Mulligan]

Can you really trust Solly to keep his end of the bargain? Fool me once...

I have no delusions of a SIAF resurrection. I think the value here is in liquidation. If Solly has control, he will eventually steal all of it for himself. In any case, he has to be removed from the picture in any scenario that benefits shareholders other than himself.

If the lawsuit succeeds, this may drive price up enough for a bit and allow some of us to at least partially cash out. Might not either. Smart potential investors may wait to see if the judgements are effectively enforceable. Even if they are, the receiver may go to china just to find nothing at all is left.

The end value of this is anywhere from $0 to over $1 per share. Many things have to go right to hit $1. Any roadblocks can halt this train along the way.

[surfer44]

Good info for sure

[downthehatch]

Thanks very much for posting these documents.
Most interesting, and we receive more information from the posted docs than from any filings or news from SIAF in at least two years.

We learn that one of the directors was sick for a year, we learn that Solomon has been engaged in doing business with some firm in Africa, and we hear that the new director appointed by the Plaintiffs has been actively communicating with Solomon.

On balance, some positive news.

[bobbo2]

Thank you for sharing!!

[surfer44]

Probably. But there is the tiniest bit of hope. Like gold miners, oil drillers, and penny stock investors, we all have the same mentality.

[RealDutch]

You should.

[surfer44]

I have not written this off yet.

[surfer44]

Thanks BTW for posting

[surfer44]

Check out this board. Even the best get snookered.

Controversial health startup Theranos has barely any medical experts on its board of directors
Lydia Ramsey Pflanzer Oct 16, 2015, 7:12 AM

A Wall Street Journal report published Thursday suggests Theranos, the $10 billion health startup that says its blood tests can be done quickly using a single drop, has a few problems.
In a follow-up article published later Thursday evening, The Journal reported that the company had stopped using its signature finger-prick blood test on all but one of its more than 240 blood tests at the request of government regulators who are looking into the company's technology.


The company, which is unlike any other, also has a board whose makeup is unlike that of most other health companies. Its members are:

George P. Shultz — former US secretary of state
Gary Roughead — retired US Navy admiral
William J. Perry — former US secretary of defense
Sam Nunn — former US senator who served as chairman of the Senate Armed Services Committee and the Permanent Subcommittee on Investigations
James N. Mattis — retired US Marine Corps general
Richard Kovacevich — former CEO of Wells Fargo
Henry A. Kissinger — former US secretary of state
William H. Frist — heart and lung transplant surgeon and former US senator
William H. Foege — former director of the Centers for Disease Control and Prevention
Riley P. Bechtel — chairman of the board of the Bechtel Group Inc., a construction company
Sunny Balwani — president and COO of Theranos
Elizabeth Holmes — CEO and chairman of the board of Theranos
To make sure we got all that: that's six former government officials, two former military leaders, two corporation leaders, two members of Theranos' leadership, and two men who graduated from medical school. As my colleague Kevin Loria writes over at Tech Insider:

"The caliber of the board suggests that Theranos must have developed a transformative innovation, but other than Frist, who has not practiced medicine in many years, only Foege is a medical professional."

[surfer44]

Trips to Nordic countries. Trips to Africa. Is Mr. S going to leave no continent unscathed?

" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=

[RealDutch]

Perhaps this lawsuit will result in another settlement, where Solomon gives up some powers, promises to hire a CFO and begs Tony to come back.

It's the only way shareholders can win.

[Skinny Mulligan]

SIAF, is trying to deflect from their negligence with lots of unsupported claims. Those e-mails are essentially worthless. They can claim to be pursuing all kinds of fantastical business opportunities. But has any of these actually produced a dime of revenue. All I see are African safari adventure vacations at the shareholder's expense.

The court will likely be able to see through all the BS. I see SIAF tried to attack the jurisdiction of the court. They are wrong. However, the practical reality is enforcement is problematic. This whole thing I think hinges on Solly being an Australian citizen. Any judgment against him IS enforceable.

[RealDutch]

I think this is the major issue here, which I have a serious problem with (personally)

From Henry Sun's declaration.

I, HENRY SUN, declare as follows: ........

Quote:
3. I was engaged by both Heng Ren Partners LLC and Sino Agro Food Inc. and
appointed to the board of Sino Argo Food Inc. (“SIAF”) as an independent director and the head of SIAF’s “Internal Control and Audit Committee” on December 1, 2020.

4. As of the date of this declaration, I have not been given SIAF’s financials or any access to SIAF’s internal financial information. I have only seen the unaudited financial reports in its 10Q and 10K forms filed with the SEC

It is Solomon, Solomon and Solomon running the show. We all know this. He is Chairman, CEO and CFO. Which shouldn't be allowed in the first place.

However, will it be enough to give Peter and Fredly what they want? I doubt it.

My view is this (although I am not a shareholder currently). ECAB, please do proceed and bankrupt the company. Because no shareholder will ever see a penny here as long as Solomon is running the show.

[RealDutch]

I have to say, Solomon's declaration is quite extensive.

Did you read all of it? Perhaps someone can summarize. lol. And this guy from Tanzania who wants to buy G-shares. lol.

[Chrysanthemis]

SIAF's Defence

An attentive board member recently drew my attention to the fact that SIAF has posted its objections to the motion introduced by the plaintiffs. Below links to the documents for the interested; this time using a file-sharing site which can show the documents directly on screen.

Next step would be the Plaintiffs’ reply on the Motion, which shall be due by no later than January 19.

Main defence
https://mega.nz/file/El0ykQKT#3z60nYqpsPcg-3P0k00gew9_i1fqtbJNolJ1c8FWOHI

Solomon's declaration.
https://mega.nz/file/Eg0SRA5J#EfsSGzprUZDwda8Czg1fSwV9MpgAiolKRdp-u-FgdWo

Ravindran's Declaration
https://mega.nz/file/Vw0kiYBR#-np7ZTsCH7RD4oGbni9jZ_-jO8KdLuKhLApsMSlwgu4

Rashid's Declaration
https://mega.nz/file/Bh1SHI6S#oYQMkmRbkWr0_iC8bVQ4t4A2K6b44RYAFxWiXNm_9x8

Ming's Declaration
https://mega.nz/file/l8t0wSbA#phF6kTd2gzbQF8V9x4A5BLzN5_Ml9uO1iaECN1xJ61Y

Cheung's Declaration
https://mega.nz/file/Fwt2GATJ#dNXni1-0DeN31Oxd-5OytGRpB-1LUXKOQ4cJ7ar57N0

Biller's Declaration
https://mega.nz/file/VxlQGQSR#PYe3XUcdn1xbs5arWId37A5_SmXk-oOwkJcH3rW8PnQ

[pumper_stumper]

" amazing to watch those that believe they have stumbled upon a Hidden Gem! We REAL!!"

There's one born every minute, and they are drawn like moths to a light to the slinkiest of the OTCs!

[Lottalead]

Ive had a few days to look back and revisit, I can’t remember any other poster who actually brought me to tears laughing in all these years.. You win the award.. with it comes nothing.. and everything.
Blessings on you and your family. Continue fighting the good fight, you will be rewarded.
Happy New Year!

[Gullible Fish]

Thank you, glad I made you laugh! Kind of lost interest at this point. No recovery from this loss is foreseen, amazing to watch those that believe they have stumbled upon a Hidden Gem! We REAL!!

[Lottalead]

Your posting “out of character” ?
I see that i am still the only one who gave you a member mark.
Thanks for all the humor over the years..

[bobbo2]

"zerohedge"

I do not think you are updated on the actual
situation and is only negative as always.

[zerohedge]

you're not getting #sollysollysoooosolly out of his opium den.

he's long gone and extradition isn't happening either. it's all over.

[RealDutch]

Good luck with that. May justice prevail.

[bobbo2]

"RealDutch"

Verified Shareholder Derivate Complaint against SIAF and Lee Yip Kan Solomon.

Good idea that the shareholders send supporting letters to

Dear Judge
The Honorable Jesse M. Furman
United States District Court
Southern District Court of New York

or mail

[e-mail]

I will send a letter, as I did last time at the Lawsuit

[RealDutch]

I think it will be tough to remove Solomon. He can put up a lot of excuses. Lack of financing. The pandemic.

It's the same judge as last time. I think it will matter if he receives a dozen of supporting letters from shareholders for this action. How about it Garrett?

[RealDutch]

It is probably the worst thing that could happen to Solomon
There is no monetary compensation for that.

The receiver should also investigate the compensation package, where Solomon is supposedly entitled to a number of shares as compensation. He changed it some 6 years ago. The lower the pps, the more shares he gets. I have a feeling he did it on his own and never asked for Board approval. Which would make it illegal IMO.

[Skinny Mulligan]

What kills me the most is, if they manage to remove Solly, they'll probably end up making him more money than he could have scammed (from this point forward at least).

[Chrysanthemis]

"Chrysanthemis" from your experience - How can we arrange / agree with the court so we the shareholders will get the the updated info / reports from the temp. Receiver?

I need to flag that I am neither a lawyer, nor an American, so my thoughts on this matter do not weigh very heavily.

However, in the text you quote it is clearly stated that

The Receiver shall file audited and update financial disclosures with SEC and give updates to the Company ´s board, shareholders including Plaintiffs, and the Company's major creditors

and since it states "shareholders including plaintiffs", it seems reasonable to assume that all information would be shared quite widely, in case the motion would be approved.

[RealDutch]

True, they would have to start from scratch. But the problem is that the liquidated assets aren't worth anything. Unless you want to turn the tanks into swimming pools. And even that could be cost prohibitive. So they don't have a choice. At least the (costly) infrastructure already exists if they decide to grow fish again.

[bobbo2]

Thank you "Chrysanthemis" for open up and transfer the files to this message board!

Thank you "Real Dutch" for the highlighting of the important parts in the massive
motion and memorandum.

Thank you to the Plantiffs , Arne H Fredly,Heng Ren SILK and Investments LP,
representing us all SIAF shareholders and the
US district court of New Your / an impressive work has been done and
now will start/

Thank you Euro China Capital / Carl Fredrik Danielsson for agree to withhold an
involuntary bankruptcy petition and believes that operating SIAF back to health
may be more beneficial for all.

A custodial temporary receiver is appointed by the court and accepted by the plaintiffs
The custodial receiver is planned to official be appointed after signatures from
the defender the 23 of December and the Plantiffs the 13 of Januari 2022.

"Within three days of that court Order , defendants Lee YIP Kan SOLOMON shall
Surender to the Receiver all keys, keycards, key fobs, premises, personal
the whole company.
The temporary Receiver will have the sole control of the whole company and
stay in total oparational control of the company as long as required
for the Court to determine whether a new permanent custodian shall be appointed.

The Receiver shall file audited and update financial disclosures with SEC and
give updates to the Company ´s board, shareholders including Plaintiffs, and the
Company's major creditors.[color=red][/color]

"Chrysanthemis" from your experience - How can we arrange / agree with the court
so we the shareholders will get the the updated info / reports from the temp. Receiver?

[Skinny Mulligan]

From a creditor POV it's better the business continues. But even if there are assets left. There's no one actually doing anything day to day. Power's probably turned off since Solly's galavanting around Africa. I'd be like starting over from scratch.

Glad to see they'd be bringing in Deloitte. Personally I'm hoping for and expecting a liquidation, sale or merger.. But they (we) need Solly not to have his hands anywhere near the cookie jar. Hopefully this lawsuit will pull that off.

[Skinny Mulligan]

Thanks!! U R Awesome!!

[RealDutch]

I think it is time for Garrett to support this action. You simply cannot run a business the way Solomon has been doing.

8. ECAB believes that operating SIAF back to health may be more beneficial, particularly given Plaintiffs’ stated desire to inject further capital if a revival is possible.

I wonder what is possible. They would have to inject $100M in Tri-way. Overhaul management. Get Tony back. Etc. Etc. It may be possible.

[RealDutch]

Also not a surprise.

12. If a custodial receiver is not appointed, ECAB intends to proceed with the bankruptcy petition against SIAF.

[RealDutch]

LMAO.... But, also as expected.

I, HENRY SUN, declare as follows: ........

3. I was engaged by both Heng Ren Partners LLC and Sino Agro Food Inc. and
appointed to the board of Sino Argo Food Inc. (“SIAF”) as an independent director and the head of SIAF’s “Internal Control and Audit Committee” on December 1, 2020.

4. As of the date of this declaration, I have not been given SIAF’s financials or any access to SIAF’s internal financial information. I have only seen the unaudited financial reports in its 10Q and 10K forms filed with the SEC

....Mr. Solomon Lee has managed the business at his sole discretion with no participation or consultation with me. There have been no meetings of the board of directors, and no annual meeting has occurred.

[RealDutch]

34. Defendants’ acts of non-performance include, among others: (i) failure to transfer 250,000 Tri-way shares as agreed; (ii) failure to engage in planning for any Tri-way share dividend to shareholders; (iii) failure to appoint a director to the Tri-way board; (iv) failure to establish a Corporate Governance committee; (v) failure to commence searching for a CFO; (vi) failure to conduct any analysis of the possibility of sunsetting Lee’s A-shares; and (vii) failure to engage with Plaintiffs in exploring and identifying and inviting strategic investors.

So much for the optimists who thought that Solomon would comply. lol.

35. The only act Defendants undertook to perform the Settlement was to “appoint” Mr. Henry Sun – Plaintiff’s nominee as independent director, to the SIAF board.

36. But the appointment has been in name alone, as Mr. Henry Sun who is supposedly the head of SIAF’s “Internal Control And Audit Committee,” has not been given access to SIAF’s accountants, books, or indeed, financial information of any kind. Sun Decl. ¶¶ 4-7. Nor has any effort been made to work with Mr. Sun to facilitate the financial reporting process and remedy SIAF’s delinquent SEC filings. Id.

37. All Mr. Sun has received since his appointment has been verbal and text-message assurances from Defendant Lee that the Company was doing fine and that he had grand projects in the pipeline to revive its business through purported business ventures in Africa. Ex. E

Yep, that's our Solomon Lee.