Some SGX Listed Companies Can Hide Their Dirt from Investors Whilst the Watchmen Turn a Blind-Eye
There are lists of companies that advise the SGX when the company is served a writ or when there is a discontinuation. Just a small selection is shown below.
Then there are others who don't.
Why didn't the SGX take action against the board of EZRA Holdings for not making public the writ which was served on two subsidiaries of the company and which implicated the Managing Director in an alleged pattern of fraud? Why didn't the Straits Times make the writ public?
Representative of Plaintiff - "Also liasing w straits times to give the writ publicity." "The press still deliberating."
Since when are allegations of fraud made against a Managing Director not material in nature and therefore able to be hidden from investors?
Representative of Plaintiff - "Their lawyers wrote back to insist the portions of the writ regardg the forged hmb agmts be struck out. They dont want to hv xxx stand trial for that contentious part which if proven in a court of law, will disbar him frm any directorships of listcos. We obj as it shows a clear pattern and trend of fraud."
If the allegations were proven the Managing Director would be disbarred from being a Director and there was US$2 billion of proposed transactions waiting to be announced. Who authorised this cover-up of a writ containing material information?
The alleged forged signatures were affixed to documents relating to a company which an EZRA Holdings subsidiary went on to acquire the assets from.
The PA to the MD of EZRA Holdings witnessed the affixing of all four alleged forged signatures.
Geraldton Investment Limited was struck off on 1 January 2010, but Barbara Ong is shown as witnessing someone entering that struck off company into legal agreements in mid 2011. It would be quite easy for the Singapore Police to invite Barbara Ong for a kopi and ask her who she witnessed signing those documents, because it wasn't Vincent Lau.
Where are Singapore's highly lauded watchmen? Where are the no cover-ups allowed and no-one being above the law that the Singapore Prime Minister promises?