Author: Mak Yuen Teen

SGX has done its part in querying the company. It is hoped that they and other regulators will look into whether the relevant rules have been complied with.

As a concerned citizen, I hope that SMC will confirm the date when Dr Ong was informed about the complaint. If it was only in February, 2019, SMC should explain why it took such a long time to do so.

So is PwC reporting solely to the SGX Regco or is it instead reporting to the AC, which is not in accordance with the NOC? If it is the latter, then the independent review may not achieve its objectives of getting to the bottom of the issues raised.

Overall, it is not clear to me that the intended rationale of buying the additional 19% will be realised.

The board has many questions to answer regarding the decisions it has made in relation to the two transactions culminating in its present 70% stake in JOES, the lack of disclosure by the company on the defamation suit, and its response to the outcome of the defamation suit.