Another case of Husband and Wife connection which is causing embarrassment. How would the Wife in charge of the Securities Commission deal with the company headed by her Husband? Where there is conflict of interest, by not doing anything is already damaging to public confidence, what if action contrary to the Commission's rules?
"It has emerged that there was a decision within the Securities Commission's Management team that investigated the E&O acquisition by Sime Darby to request Sime to make a mandatory general offer on the remaining shares of E&O. It is said that there was a recommendation to form a concerted party by Sime and Datuk Terry Tham to do so in view that the collective shares held by both parties had exceeded the 33% threshold that is set by law.
This was revealed in an affidavit raised with a judicial review application raised by a minority shareholder.
In the same application, it was also revealed that the takeover and mergers committee of the SC had overruled the recommendation of the management committee..."
In the same application, it was also revealed that the takeover and mergers committee of the SC had overruled the recommendation of the management committee..."
Source:
E&O Fallout; SC mulls ruling publication
E&O Fallout; SC mulls ruling publication
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