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      "text": "We believe that Incipient Capital's role as source of research used for market projections is especially disturbing due to the conflict that exists between Incipient Capital and TFS.",
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      "text": "Phillip Shamieh is co-founder and director of Incipient Capital. In 2009 Mr Shamieh became and still is a non-executive director of Gulf Natural Supply, a TFS subsidiary...",
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      "text": "We therefore question the data validity reported by Mr Padmanabha, as the success of his own venture is essentially leveraged by the success of TFS and his publicly available market insights.",
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      "text": "Figure 48 TFS Forecast Demand Vs Supply created/sourced by Incipient Capital & TFS.",
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