More can be done despite surge in SGX regulatory action

THE last two months have been particularly disturbing for minority shareholders in Singapore, with companies such as Midas Holdings, Trek 2000 International and YuuZoo Corporation being investigated by the Commercial Affairs Department (CAD). We also have Noble Group trying to push through a...

Datapulse's compliance review: holistic or compromised?

ON February 23, SGX issued a Notice of Compliance to Datapulse Technology, which directed the company to undertake an independent review of its internal controls and corporate governance practices on the following:

Will New Noble be more of the same?

ON March 14, the board of directors of Noble Group ("Noble") announced the signing of a binding restructuring support agreement ("the RSA") in relation to its proposed financial restructuring. Central to the proposed restructuring is the creation of a new company called New...

YuuZoo: A company like no other

SINCE July 5, 2017, I have written several articles relating to corporate governance, disclosure and accounting issues at YuuZoo Corporation. Among the numerous concerns I have raised are highly positive announcements about business deals and other developments with little supporting information,...

Datapulse Technology playing YOYO with disclosure-based regime

A more apt name for our disclosure-based regime may be YOYO or You're On Your Own...

Datapulse Technology saga presents a challenge to SGX rules

THE ongoing Datapulse Technology saga raises questions about the effectiveness of the Singapore Exchange (SGX) rules in protecting minority shareholders' interests. ...

Remuneration: Get basics right and avoid pitfalls

ON Jan 11, we released our first report on remuneration practices for 609 companies with a primary listing on the Singapore Exchange (SGX). The report, titled The Singapore Report on Remuneration Practices: Avoiding the Apaycalypse, highlights good practices - and practices that fall below...

Datapulse Technology: going about it the wrong way

ON Dec 28, 2017, Datapulse Technology issued an eight-page response to detailed queries from the Singapore Exchange regarding the company's acquisition of its new Malaysian business, Wayco Manufacturing (the target company), from Way Company (the vendor). ...

The risks of having minority controlling shareholders in firms

IN conversations on corporate governance with practitioners here, some still hold the view that independent directors need only to be independent from management (sometimes referred to as independent from management and business relationships) but need not be independent from significant...

Datapulse's shareholders should press for answers

BETWEEN Dec 12 and 17, Datapulse Technology issued several announcements on the acquisition of a subsidiary in a new business, provided updates of the company's business plans and its proposed purchase of a Toa Payoh property, and responded to my letters in The Business Times ("Datapulse...

Datapulse Technology's disclosures about its operations throw up more questions than answers

ON Sep 28, Datapulse Technology convened an extraordinary general meeting (EGM) to seek shareholders' approval to dispose of its property in Tai Seng Drive for S$53.5 million. The EGM circular disclosed that the property is currently used for the Group's manufacturing activities and that...

SBI Offshore: Corporate governance over the edge?

LAST year, I wrote two commentaries on SBI Offshore (SBIO) regarding the boardroom tussle, the questionable transactions at its centre, and the role of the sponsor ("Stand taken by SBI Offshore sponsor highly disappointing", BT, Sept 14, 2016; "SBIO: corporate governance at the edge...

Time for listed companies to weed out untimely information disclosure

SINGAPORE'S stock exchange operates under a disclosure-based regime premised on the principle that, in general, informed investors can protect themselves. In such a regime, the principal function of the Singapore Exchange (SGX) is to provide a fair, orderly and efficient market for the trading...

Are things improving at YuuZoo or is it more of the same with no real change?

ON October 2, YuuZoo Corporation (YuuZoo) announced that it has added two new independent directors from Finland and five new members to its top management team. It added that with the two new board appointments, four out of the six board members are from Finland, which it said is ranked No 1 on...

Scrapping quarterly reporting a bad move

ON April 28, Noble Group held its annual general meeting (AGM) for the financial year ended Dec 31, 2016, then shocked the market at 10.37 pm on May 9 with profit guidance for its unaudited 2017 first-quarter results indicating a likely net loss of around US$130 million. By the end of the next...
STRATEGY SPOTLIGHT

Scoring well in the Governance Index For Trusts

ON June 29, a new governance index dedicated to real estate investment trusts (Reits) and business trusts (BTs) in Singapore was launched. This index, called Governance Index For Trusts, or GIFT, was developed by Chew Yi Hong, an active investor and corporate governance researcher, and me with the...

YuuZoo riddled with contradictions

ON July 6 and 7, YuuZoo Corporation issued three announcements responding to my two commentaries published in The Business Times on issues relating to its corporate governance, disclosure and accounting (YuuZoo Corporation: A Governance Nightmare on July 5 and YuuZoo: More Troubling Issues on July...

YuuZoo: More troubling issues

IN my commentary, "YuuZoo Corporation - a governance nightmare" (BT, July 5), I focused on some key corporate governance concerns about YuuZoo Corporation since its listing on the SGX Mainboard in September 2014. This article discusses further issues relating to its disclosure and...

YuuZoo Corporation - a governance nightmare

YUUZOO Corporation, a social media and e-commerce company, was incorporated in Bermuda and became listed on the Mainboard of Singapore Exchange (SGX) through a reverse take-over (RTO) of W Corporation. It commenced trading on Sept 16, 2014.
INSIGHT

New governance index for Reits and trusts gives the big picture

REAL estate investment trusts (Reits) and business trusts (BTs) have become an important feature of our capital market as Singapore aspires to be a hub for such listings.