Sino Agro Food Inc (fka SIAF)

[RealDutch]

Solomon committed fraud

Here is his employment agreement.

https://www.sec.gov/Archives/edgar/data/1488419/000114420411039360/v227830_ex10-15.htm

Salary. Unless otherwise agreed by the Executive and the Company, during the Employment Period, the Company will pay Executive an amount equal to US $336,000 and 336,000 shares of restricted Company common stock per annum (as in effect from time to time, the “Salary”) as compensation for services.

336,000 shares become 336,000/9.9 = 33,939 since the reverse split in 2014.

For the 6 years 2007-2012 he would have been entitled to 6 x 33,939 = 203,634 shares.

He changed the contract during 2016, to this.

Pursuant to the Lee Agreement, Mr. Lee is entitled to an annual base salary of $336,000 and to receive a certain number of our common stock per year calculated in accordance with a formula of (Number of shares (X) = $336,000 / $ / share ($Y) at time of settlement.

And gave himself (336,000/5.97) x 6 = 337,688 shares

2016 10-K

There has been no equity incentive award made to any of our executive officers as of our fiscal year ended December 31, 2016. However, there were 337,688, 174,874 and 60,301 shares paid to Solomon Lee, Tan Paoy Tan and Chen Bor Hann, respectively, on May 10, 2016 for services rendered (for 6 years that were accrued but not issued) during year 2007 to 2012 calculated at $5.97 / share.

But that wasn't enough for him. Why not make it 490,000 instead?

https://www.sec.gov/Archives/edgar/data/1343012/000114420416103270/xslF345X03/v440316_4.xml

What does this mean going forward?

For the years 2013-2017 he could give himself another (336,000/1.20) x 5 = 1,400,000 shares. Why not make it 2 million?

The same applies to Tan Paoy Tan and Chen Bor Hann. And all this time, the BOD is watching, doing nothing.