Home Views Commentary

Exceptionalism has no comparison

The Edge Singapore
The Edge Singapore11/26/2018 8:0 AM GMT+08  • 4 min read
Exceptionalism has no comparison
SINGAPORE (Nov 26): For decades, Singapore has thrived on the idea that it is, in a word, exceptional. “We are a small country in this part of the world and to survive, you have to be exceptional,” Prime Minister Lee Hsien Loong said at a May Day Rall
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (Nov 26): For decades, Singapore has thrived on the idea that it is, in a word, exceptional. “We are a small country in this part of the world and to survive, you have to be exceptional,” Prime Minister Lee Hsien Loong said at a May Day Rally in 2015. The city state does not have the natural resources that its neighbours are endowed with. But, through hard work and perseverance, it has transformed itself into the successful trade and financial services centre it is today. Its strong rule of law and regulatory environment, stable government and free capital markets have attracted MNCs, financial institutions and the world’s wealthy to its shores.

Yet, several cases of corporate malfeasance and other questionable behaviour among publicly-listed companies here have tested local investors’ trust in the system. In 2013, the penny stock crash, a result of alleged stock manipulation by John Soh Chee Wen and his associates, wiped out some $8 billion in shareholder value. Then there were allegations of fraud at Midas Holdings and Trek 2000. The former was a supplier to the China rail industry and the latter a home-grown tech company that invented the ubiquitous ThumbDrive; both were once investors’ darlings.

Even before all this happened, investors were burnt by several China-based companies that were encouraged to list on the Singapre Exchange. Many of the companies collapsed under the weight of poor management and wrongdoing, and shareholders lost their money. Questions have been raised about how such actions escaped detection by investors, independent directors on their boards, auditors and regulators.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.