By the time the rest of the Asian economies cracked in amidst the so called Asian Financial Crisis, we were already becoming numb to bad news. In fact, the board members did not see the need for new capital.
To be fair, ours was not really a fake company. They only have working capital to provide for the acquisition of raw materials to produce the yarns ordered by their customers. Get rid of them. It was obvious to me that Mr D entertained them in separate groups at separate times, taking pains in ensuring that some of them were not aware of the involvement of the others, for some reasons.
Our worlds began to unravel at the end of the third quarter of Little did he know that Confessions of a s chip ceo assets had almost been entirely secured by all kinds of creditors already!
So we quickly filed an application to list in Singapore. However, none of them were going to buy a lot of it at the beginning as they were not sure their customers were going to like the new types of yarns made of this new fibres.
He was fully aware of the psychology of Chinese entrepreneurs and their deep dissatisfaction with the bias of the Chinese government in allowing only state-owned enterprises to list on the local stock exchanges.
Mr D and myself both agreed later that we need to convince the other older colleagues of mine to approve such a scheme, and over time, move them aside to allow someone young and dynamic person like myself to be the face of the firm to cater to the likings of the investors, who were mostly English speaking.
If you have read the story till this part, I am sure you are either a victim or someone who is deeply interested in the development of the S-chips going forward. We were fortunate, he went on to exclaim, as he felt that given the Hong Kong Stock Exchange never really rejected our application, he could still salvage the situation using his relationship and influence.
They followed up with a number of questions with the clear purpose of delaying our listing, probably to see how these receivables will behave given longer period of time.
Accelerating the growth of the seedling by pulling it up a little everyday…… To our surprise, we got a letter very soon from the stock exchange questioning us the reason for the failure to disclose to them we had applied to the Hong Kong Stock Exchange earlier.
If you have read the story till this part, I am sure you are either a victim or someone who is deeply interested in the development of the S-chips going forward. Very quickly, Mr D came up with an idea.
They simply deduct the amount I owed personally from our company accounts two days before their auditors came in, w! As usual, no serious business until after dinner and getting slight tipsy after a few drinks forced down by the KTV girls in the evening. As usual, we headed to his favourite KTV after dinner.
Again, I thought he must have expected the outcomes. Worst, many of us were facing more serious issues in our personal finances. Bywe were off for the biggest boom ride of our life-time.
Somehow, we managed to pull through as a group. The reason why Mr D was successful, I realised, was that he always try to help the people who helped him in one way or another to become richer.
I was the rising star which had to bide my time, as I was the only person who speaks decent English. In particular, the story before 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.
For myself, Mr D was going to be my role model. In short, the thieves and robbers are only usually allowed in by the insiders Our new fibre products found more commercial uses and we bought more machines using the IPO proceeds to produce more products to cater to the booming demand. And, do you do so with equal favor to men and women?
Let me tell you the story. Whether it was filling a golf foursome, scheduling lunch meetings or while attending after-hour cocktail events or dinner meetings, I often favored male team members. However, there was still one important issue we could not resolve amongst the board members.
It was so obvious an insider job to cash out their position to the retail investors and apparently, the company management was not contactable anymore! He sensed troubles as he knew that I too, had quite a fair bit of personal investments that were vanishing into the thin air in values.
Please help to forward this email to any many such interested parties as possible.
I thought I might have just wasted my youth. I would like to end with a comparison. The auditor, which was an international firm, was not going to take a chance with their reputation.
In fact, a number of S-chips suffered from the same problems and were suspended from trading soon after us.As the CEO of Alteon WebSystems, a Silicon Valley data-networking company that was poised to go public, he spent months on the road meeting with business partners and wooing clients.
Confessions of a CEO: Why I killed a $2, product. By Ramit Sethi. Share: Facebook Twitter Share: Facebook Twitter In Novembermy company launched a new subscription product unlike anything we’d created before. But it’s the CEO’s job to make the hard decisions.
So in DecemberI hit delete, and our multimillion dollar. S-chip CEO YOU CAN say this is the S-chip version of Deep Throat who, in case you are too young to know, was the high-level but secret informant in the US government back in the s.
Deep Throat provided lots of information to a journalist on a scandal which. Jan 31, · Instead, I have a confession to share with you. When I first took the quiz with a few people on my team, I was a little embarrassed to be the only.
Confessions of a CEO: Why it’s time to hire a COO. there’s been a new shift. All of a sudden, we’d reached a stage where staff numbers had.
The Confession of a 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.Download