SGX and the independent directors who get a remuneration of more than a full time job are responsible.
The independent directors should have closely watched every move of the management and forewarned SGX about it and not conveniently resign after the mess.
SGX should form a team based in China to monitor the bank accounts of these companies and whether the announcements made in SGX corporate annoucenements tally.
The Independent directors also have to verify whether some so called investments made by the management are viable or just a channel for the management to siphon the money.
After opening of new factory and equipment bought,Foreland announces a write down of assets worth one third the NTA.Did the independent directors do their job to check the actual cost of the investment and its viability or it was just an inflated amount just for the Chairman to siphon the money.
What is SGX doing about the accountability of the independent directors who earn fat remuneration.They just attend board meetings without being proactive about the operations of the company and its investments.
Independent directors have to justify the remuneration they receive and not just lending their names whichever board that wanted them.
SGX what measures have you taken and how much resources have u channeled to prevent such scams from happening.SGX how can similar scams keep repeating.
SGX just dont think about your bottomline also think about the pain of the investors who got burnt because of your incompetence.
I am in the same boat with regard to Eratat, lost quite a
bit. Are Eratat victims banding together to demand some
explanation.
Its about time we retail investors come together and seek justice rather than leave it to lame duck SGX to do it.
I just wonder what has SIAS has done,supposed collective voice for retail investors.
We have been too passive and helplessly watching one by one S-Chips bosses running away with our money.Its about time we stand up for ourselves rather than depending on SGX,Independent directors and SIAS.
We have to demand accountability from SGX and the independent directors.They are paid by us but have done a very poor job.
If the independent directors are committed rather than interested in holding the directorship and earning fat remunertion by pleasing the Chairman,many of these scandals might have been prevented before they could have happened.
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