Shareholders of Keppel Corp should sue to recover losses

The $55 million given to corrupt Brazilian officials are money/property belonging to the shareholders of Keppel Corp. The injured party and proper plaintiff is Keppel Corp whose current Board is legally obligated under corporate law to take action to recover the lost property.

If the current Board of Directors failed to take action to recover this loss property rightfully belonging to its shareholders , the shareholders of Keppel Corp – which Temasek Holdings is said to own about 20% equity stake – has same unfettered right of action on behalf of itself and all other shareholders via the derivative action of exceptions to the Foss v Harbottle case law application.

The concept of the exception to the corporate case law application of the Foss vs Harbottle rule is illuminated in this wikipedia link.

https://en.wikipedia.org/wiki/Foss_v_Harbottle

It remains to seen if Temasek Holdings will sue the Board of Directors of Keppel Corp if the latter does nothing and pretend nothing happens.

 

Oxygen

 

 

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27 Responses to “Shareholders of Keppel Corp should sue to recover losses”

  • EGM:

    You dont even have to wait for Temasek, if enough shareholders can call for an EGM, call for it and sack the whole board, hire a new board and task the Board to sue the old Board and all parties involved to recover the loss. The BOD is covered by D & O insurance . Why let off the insrance acter premiums are paid?

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  • HarderTruths:

    Good idea Oxy.

    Even though we know what will happen – the pappy legal system will not allow this to pass, and some idiotic minister will defend the decision to exonerate the guilty – the process should be entertaining.

    As the year ends, thank you for your impressive contributions to TRE in 2017.

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  • patriot of Temesak:

    Suing Keppel is similar to Suing your wife and having your M-I-L as Chief Justice leh!!!

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  • 陈大婶:

    花红,每年都丰富,由其是高层人员。

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  • oxygen:

    THE $55 MILLION CORRUPTLY GIVEN AWAY to Zwi Skornicki is property of Keppel Corp which Temasek Holdings is likely to be the biggest shareholder. Temasek’s investment in Keppel Corp like in any other investment IS PUBLIC MONEY – these are our CPF money before GIC were incorporated in 1981, not privately-owned charity write-off (if a private investor so wishes).

    If Temasek Holdings DOES NOT SUE, the AGC must sue to protect national resources stolen by corruption because CRIMINAL LAW have been offended.

    Should AGC simply wink, wink, nod, nod and smirk it off like a funny joke?

    Am I wrong?

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  • Chan Chung Ern:

    Oxygen u are spewing rubbish as usual! A laughing stock! A clown!

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  • C'est la vie:

    *****
    The shareholders will be “bought over/gotten at”, and peace and quiet will prevail and time will do the rest, just as it invariably does, in “corrupt free” and “scandal free” SG !!!
    ***
    *****

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  • C'est la vie:

    *****
    For starters, the boys in white, PAP, ball-carriers, SGov, muppets, dickheads, clueless clowns ……… and whatever shit else that they may be described as; ……… they most certainly do not “do” their own.

    And if there’s even a hint or squeak that there may be a loose cannon or dissenting voice, “he/she/they” will be “tapped up” and with that, peace and quiet will prevail and time will do the rest, as it always invariably does, in “corruption free” and “scandal free” SG !!!
    ***
    *****

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  • Behind your back:

    They been talking behind your back for a few years now……

    …….temasek n Keppel, off course!

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  • WTF:

    It will be a case of ownself sue ownself!
    So this will not happen as long as the Lee dynasty is still in control.

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  • NotMyProblem:

    In the ’70s, criminal joined the army to escape the police.

    Now crooks join the PAP to be protected by the police.

    No wonder among the 70%, a lot of them join the side of the PAP for this protection.

    The boss of CPIB is the biggest crook, who is protected by Parliament!!!!

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  • Bapak:

    They are all in the same caloot will not ownself sues ownself. US$422 million is paid to quickly settle the case to stop U.S. investigations, do you think they will open the can again to let the worms get out?

    AIMGate is one good example. And whoever accept this shit is daft. And we have 70% here. The Old Hack was telling all these dafts straight in their faces long time ago and yet they still stay daft. SG is a country with 70% hopeless dafts period.

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  • pap selected INDIAN president:

    by right, corruption, any amount, is a serious wrong and must be investigated and if found to be true the culprits put behind bars.

    BUT in pap Singapore, there are 2 sets of laws. one for pap MFs. the other for the rest.

    INDIAN is malay. INSIDE is not within 200m. these are laws broken by pap YET considered okay by pap. if WP or any non pap connected broke any of the above, sure as sunrise and sunset shall be taken to task. otherwise NOT.

    so pap connected caught and hefty fines imposed. pap going to do anything against its own? surely NOT. if citizens make too much noise, all pap needs to do is to convene parleement and then declare in session it is an honest mistake and lets move on. BUT if the ones who were caught with hefty fines imposed were NOT pap connected, sure as day and night CPIB SPF and maybe even SAF called in to do “justice”.

    as a side track.

    today on way to coffee shop, tuned to pap radio. MISTAKE. on came pap INDIAN president who thanked citizens for giving her chance to make S$m.

    ffff. either she is utterly stupid or she is hopeless liar.

    utterly stupid. she should know she was never citizens’ choice. she should know she was selected by pap. NOT by citizens.

    hopeless liar. she should know herself she is part of the pap scheme to scheme away the presidency from a better and more deserving Singaporean.

    ANYWAY, it was a mistake to tune to pap radio. normally we are on BBC 88.9FM. but being new year’s eve, we thought let us hear pap radio. ffff. ruined our day by that ffffing stupid lying pap selected president. WTF.

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  • Balless Timids Kia Si:

    Which shareholder has the balls to sue authoritarianism?

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  • Sperm oozes thru me fingers:

    patriot of Temesak:
    Suing Keppel is similar to Suing your wife and having your M-I-L as Chief Justice leh!!!

    Affectionately known as Boh Bian in singapore.

    Everything to them is Boh Bian.

    In fact election is Redundant.

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  • I'm Halimah also Jiak Liao Bee:

    Ownself reward ownself, and you are asking these crooks to ownself sue owmself ???
    That’ll be the day when Ho Jinx in and her Cronies in Temasick comes out and say something.
    Ownself nominate ownself AGC and CPIB already gave a small slap on their wrists, and let’s just move on, they’ll say.

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  • patriot of Temesak:

    WTF:
    It will be a case of ownself sue ownself!
    So this will not happen as long as the Lee dynasty is still in control.

    LeeGacy of the Bastard Patriarch now dead: ” Do what I tell you but don’t you ever do what I do or you will be LEEgaly Bankrupt”

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  • Times have changed:

    In the 1970′s Keppel acquire another locally listed company. It advisers was Jardine Fleming, a Hong Kong-based investment bank. Because Keppel paid a premium for the company the acquisition created “goodwill” on it balance sheet which had to be expended annually on its income statement. As result, Keppel reported an accounting (not cash) loss in one year. LKY was furious saying GLCs do not lose money. He removed the Keppel Chairman and told the Jardine Fleming top management in Singapore to leave the country within 24 hours. And they did. Jardine Fleming closed down its Singapore office.

    Five decades later Keppel gets caught “dirty” and had to pay $422 million (in cash) as a fine. Nobody got the sack. Times have changed. PAP big-time hypocrisy exposed.

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  • oxygen:

    @ Chan Chung Ern

    BREVITY/DENIAL/AD HOMINEM all rolled into one is your best defence of indefensible.

    Chan Chung Ern: Oxygen u are spewing rubbish as usual! A laughing stock! A clown!

    Can you improve on that?

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  • oxygen:

    @ EGM

    I AM NOT SURE WHAT THE PREVAILING NUMBER OF REQUISITE SHAREHOLDING SIZE to call for an EGM under LEE-jiapore corporate law. If I am not mistaken, it is at least 10% shareholding base Down Under.

    EGM: You dont even have to wait for Temasek, if enough shareholders can call for an EGM, call for it and sack the whole board, hire a new board and task the Board to sue the old Board and all parties involved to recover the loss

    But Temasek is likely to have at least 10% stake, maybe including cross-holdings of associated interest acting in concert, it can muster over 20% shareholding size to launch an effective quick and resolute action (instead of waiting for one shareholder to garner enough support for legal action) against the Board of Director of Keppel to recover NOT only the $55 million wasted on bribery but also a little portion of the fines paid into US court system in plea bargaining needlessly wasted of uneconomic and unproductive spending.

    It would set example and give proof of substance to Dr. Lee Boon Yang’s firm affirmation that integrity is part of Keppel’s core value instead of merely seen by the public mind as empty rhetoric otherwise appears to be the case.

    The AGC, if it joins in the action as “other party” assisting Temasek Holdings in prosecution, would be seen as protecting public interest and preservation of law rather than indifference of looking past criminal conduct of its preferred selective silence.

    I have compelling apprehension that the public mind will think this way of AGCof nonfeasance i.e. failure to act even though duty-bound by law to act & prosecute the Keppel BOD- which itself by this no action constitute corrupt conduct in Australian law context at least.

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  • oxygen:

    @ Harder Truths

    THANK YOU VERY MUCH for sharing your insightful informed thoughts too in TRE.

    HarderTruths: Good idea Oxy.

    Even though we know what will happen – the pappy legal system will not allow this to pass, and some idiotic minister will defend the decision to exonerate the guilty – the process should be entertaining.

    As the year ends, thank you for your impressive contributions to TRE in 2017.

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  • Bystander:

    No secret you have to pay kopi money to secure contracts in corrupted Central American countries.
    Keppel Group a typical stingy GLC, Management is kiamsiap, dun pay all connected Brazilian officials, left out ones blew the whistle.
    Keppel dirty their butts forget to clean up properly.
    PAP Govt would go soft on Lee Boon Yang, kaki lang ah.

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  • Shame Mule Gam:

    The problem bigger than this extreme huge corruption by GLC is the People who insist not to question their garment.

    This means the Equation for Democracy is not satisfied because :

    Democracy = People Power + Garment.

    But sg has Zero People Power. This means it’s not a Democracy.

    But on paper a lawyer can twist the words and claim that Democracy = 0 + garmen still satisfies the equation
    Because Zero is still a value.

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  • Rabble-rouser:

    Chan Chung Ern:
    Oxygen u are spewing rubbish as usual! A laughing stock! A clown!

    US$55 million as corruption money isn’t a joke. Trying to earn SG$1 million in net worth through hard work in your lifetime is already an achievement (near-impossibility in S’pore) & it isn’t easy today.
    So what are you talking about? It shows how deluded & silly you are about value of money.
    If you are so blase about US$55 million lost to corruption, you must have a poor man’s mentality. No rich guy in their right mind would accept their loss without enforcing their legal rights or seek some form of recovery process.
    Even rich man Oei Hong-Leong sued Goldman Sach for misrepresentation after he lost millions investing in derivatives eg. Accumulators.

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  • ah tee:

    This case is just another blunder of the many that has been in the same tactic of solicit business which is infact criminal and to be charge and jail.
    ie the billion dollars contract awards to STK by India Military was been blog and barred from tender.It was bribing too but all member’s of the STK was aaward with bonus and paid rise when they announce this contract and yet when expose and barred all it say from authority is that they will fight the case and now some many years pass it all sweep under carpet.

    See who benefit and no one take responsibility from the organisation and yet those who receive their perk are now retired and shift to another MLC.

    Time to see this candidate bring forward and be charge.

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  • not a clownish laughing stock:

    //Chan Chung Ern:
    Oxygen u are spewing rubbish as usual! A laughing stock! A clown!//

    aiyoh, in sinkie land 151th media environmental standard, it is perhaps a joke (laughing stock ?) lar. in any other 1st world developed country (not pseudo 1st world but 3rd world mentality & atmosphere), suits will definitely fly here and there lar ? listed company right ? so shareholders in the past privy to (price in) such wayang behaviors in investing meh ? remember in sinkie land, certain whiter than white idiots regularly talk about honesty and integrity leh – and so a lot of daft sinkies are led to believe.

    by the way, what is not a clownish laughing stock when it comes to ownself-check-ownself not-my-brudder-kind-of-environment party ?

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  • |The Patriotic Singaporean:

    Who dare to sue Keppel? Come on!

    The police will visit them and drag them to question them on “old skeletons in their closets”.

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