1 Mar 23:
The NAV of the Series A shares fell 4.3% in February to US$ 2,569.82; charts.

6 Feb 23:
Malaysia's new prime minister urges Goldman Sachs to honour 1MDB financial settlement since it apparently has not paid even the reduced amount bizarrely agreed in 2020; commentators on Malaysiakini and Sarawak Report suggest reopening the case. (Original Malaysiakini article, paywalled.) With a legitimate government restored, the defrauded Malaysian taxpayers would like to see money clawed back.

1 Feb 23:
The NAV of the Series A shares rose 3.6% in January to US$ 2,684.48; charts.

28 Jan 23:
I linked recently to comments on the Hemingway Decline, embedded in the 2Q19 report. The topic now has a freestanding page, updated and more suitable for current discussion; I have changed the recent links to point to the new version. Please circulate it freely if it seems useful; feedback would be very welcome.

21 Jan 23:
A shocking animation of the spread of polluting plastic waste from Asia to the once-pristine beaches of the Seychelles, Mauritius and East Africa has been highlighted by Oxford University in this twitter thread and short article; these link to the thread and original paper by lead author Noam Vogt-Vincent. Don't miss the animation: four years in one minute... and now we're four more years on. Steady growth in polluted areas will be resulting in accelerating rates of decline in the not-yet-visibly affected: it's the arithmetic of the Hemingway Decline. If you book a beach holiday while attractions remain, please choose carefully!

16 Jan 23:
The 4Q report is 'Taking stock at the end of a Tiger Year'.

5 Jan 23:
29 days after the AGM, Scientex Packaging (SCIPACK) sent a written response to some of our questions which it declined to tackle on the day. We were disappointed that the new and non-independent chairman was unwilling to address shareholders on the future strategy or any substantive matter (he spoke only formulaic sentences relating to conduct of the meeting), and that following this huge change in board composition the managing director and all new directors were unwilling to speak at all. Apparently no-one was willing to sign today's response, sent from a no-reply email, so it seems that "IR" is now anonymous as well as one-way. Responsibility for this attitude to minority investors therefore rests with the chairman and each member of the SCIPACK board, as well as with the board and management of the controlling shareholder Scientex Berhad: corporate governance standards for large listed companies also apply to their listed subsidiaries. AGM conduct guidance requires all questions to be made known to all participants, but that was not done on the day, and neither a comprehensive list of questions nor this delayed response have yet been provided on the website. We therefore share here today's response to AAF, and invite fellow shareholders to contact us with any other questions asked, responses received, and their thoughts on this unusual situation and the apparent attempt to rebuff constructive investor engagement and suppress normal interest in what should be a strong recovery situation and growth opportunity.

3 Jan 23:
The NAV of the Series A shares rose 3.9% in December to US$ 2,591.18; charts.

Claire Barnes

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