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‡ Singapore Exchange and Monetary Authority
of Singapore failed to enforce corporate
governance
‡ The exchange eased many rules to attract
foreign companies
‡ Not allowed to engage in speculative
transactions but CAO did
‡ Volume transaction exceeded spot trading
limits


‡ Misrepresentation of financial statements
‡ Judging from the accounts there was no
problem with the business operations
‡ Limited disclosures and lack of transparency
‡ Partial understanding of concepts like board
independence, independent audits and risk
management in Chinese companies

 
‡ Risk in investing in Chinese companies
‡ Reduction in volumes of trade on exchange
‡ Leaving more than 7000 investors¶ shares
worthless
‡ 2004
2004:: Singapore exchange had 85 stocks
issued and 40%
40% of those were Chinese IPOs

‡ Should employees work to maximize profits,
to which their compensation is linked, or work
in interest of shareholders and aim for wealth
maximization?
‡ Are exchanges efficient to do what they are
meant for?
‡ Is company meeting with the corporate
governance compliances?
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