corporate governance

Rags-to-riches tale goes sour for Hyflux founder Olivia Lum

(Apr 11): Olivia Lum is running out of time to save the company she spent a lifetime building.

The founder of Singapore-based water and power company Hyflux, which could see its court protection from creditors expire at the end of the month, has had a torrid two weeks. A white-knight takeover that might have kept the company together has collapsed, hundreds of angry creditors protested in public, and the government appears set to step in and take over part of the company’s biggest asset for nothing.

Why Mak Yuen Teen's latest study is causing such a stir among market watchers

SINGAPORE (Jan 18): On Tuesday, corporate governance advocate Mak Yuen Teen, an associate professor of accounting at the NUS Business School, released a study arguing that the reputation of the Catalist board has been hurt by recent transfers of underperforming companies from the Mainboard.

Corporate governance advocate urges SGX to relook rules allowing companies to transfer to Catalist

SINGAPORE (Jan 15): Corporate governance advocate Mak Yuen Teen and undergraduate Mark Lai have published a study urging the Singapore Exchange (SGX) to consider disallowing companies from transferring from the Mainboard to Catalist.

SGX in Jan 2016 had clarified and tightened the criteria for transfers from the Mainboard to Catalist, especially for loss-making companies. But Mak and Lai say the changes might not have been effective.

Dual-class shares more of a bane than boon to Singapore markets, finds survey

SINGAPORE (Dec 5): The introduction of dual-class shares (DCS) has damaged Singapore's regulatory creditability and contradicts investor stewardship, suggests findings from a report by the Asian Corporate Governance Association (ACGA) and CLSA Limited. 

According to the ninth edition of CG Watch, a regional report jointly conducted by ACGA and CLSA on corporate governance (CG) in Asia-Pacific published every two years, Singapore is found to be a “contradictory city” for its mixed survey findings.

Datapulse to sell back haircare business Wayco just a year after acquisition

SINGAPORE (Nov 16): Less than a year after its controversial purchase of haircare company Wayco, Datapulse Technology is looking to reverse the deal.

In that time, two entire boards have been changed, and three CEOs have come and gone, opening up debate on corporate governance standards in Singapore.

See: Questioning Singapore's corporate governance standards

Stamford Land and investor Mano Sabnani arrive at amicable settlement

SINGAPORE (Oct 6): Stamford Land Corp and Mano Sabnani (pictured), the shareholder it filed a lawsuit against less a month ago, have arrived at an amicable settlement of all differences between them, with both parties agreeing to “bring this unhappy episode to an end”.

Datapulse adopts new policies, announces director appointments upon completion of internal review

SINGAPORE (Sept 17): Datapulse Technology has completed its internal controls review with law firm Lee & Lee after it was ordered to do so by SGX-ST in April this year following concerns raised over possible conflict of interest with its then-reviewer, RHT Law Taylor Wessing.  

Britain unveils 'short and sharper' code for companies

LONDON (July 16): Companies in Britain must strive to rein in excessive executive pay and make boards more diverse under a new “short and sharper” corporate code, published on Monday.

The Financial Reporting Council (FRC) has updated its code of corporate standards for publicly listed companies, which must comply with it or explain to shareholders if they do not.

Dapai slapped with SGX public reprimand for making false, misleading statements on China expansion

SINGAPORE (July 16): China-based backpack manufacturer Dapai International has been hit with a public reprimand by the Singapore Exchange Regulation (SGX RegCo) for making false and misleading statements and disclosures regarding the group’s plans to open 500 retail outlets in China, which was first said to be undertaken in late 2009.

Dapai’s executive chairman Chen Xizhong, former CEO Chen Yong, and former CFO Lawrence Lam were named together with the group in SGX RegCo’s public reprimand issued on Thursday.

Midas claims possible forgery, insubstantial evidence presented at first hearing in Jilin

SINGAPORE (July 5): New evidence of alleged fraud has been presented against Midas Holdings by Jilin Provincial Micro Refinancing Corp in the first hearing which took place on June 26 in the Jilin High People’s Court.  

In its filing on Wednesday evening, the indebted train parts manufacturer flagged a number of suspicions raised by on loan guarantees for three loans made by its subsidiary, Jilin Midas, for up to RMB 400 million ($82.3 million) from Jilin Provincial Micro Refinancing.

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