CONFESSIONS of a S-Chip CEO (unabridged) |[pic] |[pic] | |
|Written by S-chip CEO | |Saturday, 25 April 2009 | | | |A fascinating email circulated around yesterday purportedly from the CEO of a S-chip company that is in trouble. We | |reproduce it here in its entirety and form (and bad grammar in many places), making just one change. We bring up right| |away the two notes that the author wrote at the bottom of his near-9000 word email: | | | |1. Not everything is true in this story that I have just presented in order to protect some friends that | |still remain friends. In particular, the story before 1995 was inserted in only to give you a perspective of the | |difficulties that most Chinese entrepreneurs went through, and how they eventually all came to resent the ease and | |ruthless manner in which people like Mr D made great fortunes leveraging off their hard work. | | | |2. At the same time, I sincerely hope that the investigation report that was pending in the case of my | |company comes out being at least “fair” to me. Otherwise, the more “real truths” will follow in subsequent | |emails......... hahahaha, the power of internet........ | | | |[pic] | |S-chip CEO | | | |We are victims as well!!! Let me tell you the story. | | | |By the time you read this article, it would reached have hundreds of investors, bankers, regulators and journalists. | |My purpose was to shed some light on the “dark sides” of the business of S-Chips (Chinese companies listed on | |Singapore Stock Exchange), so as to help prevent more financial losses in the future hurting the ordinary people on | |the street. From this angle, I wish to redeem myself somewhat......... | | | |It all started some 6-7 years ago. My colleagues and I were just a few of the million of entrepreneurs in China | |struggling to make ends meet at the textile fibre factory that we bought from the government. Some of our older | |colleagues had laboured for more than 20 years before having the chance to “privatise” the state-owned textile fibre | |factory in Fujian Province that we have worked for since the day we left school under the Premier Zhu’s “government | |retreat, private sector advance” scheme, literally at a song. We thought we were going to be very rich very soon. | |Little we knew that when the local governments of the various counties and villages decided to “retreat”, we end up | |with thousands of “privately-owned” textile fibre spinners that...
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