Eastern Holdings

[opmi]

- an offence under Section 420 of the Penal Code (Chapter 224) for allegedly dishonestly concealing from the then Financial Controller, Lim Jiah Sheng, that he had an interest in the loan of $1,000,000 disbursed to DIPL.

From Law Gazette:
Aggravated cheating is punishable under section 420 of the Code with imprisonment for a term of up to 7 years, and the offender is also liable to fine. Imprisonment is mandatory. Hence, the best sentence that any accused can possibly expect under section 420 would be one day’s imprisonment coupled with a fine. This can happen only if there are no aggravating factors whatsoever and the mitigating factors are exceptional.

Anyone knows what happened to the CAD investigation on Stephen Tay many years back?

http://www.lawgazette.com.sg/2000-8/Aug00-focus3.htm

Was looking at the article. Sentencing is based on quantum involved in offence. e.g. $500k will get you 36-48 months in jail. $1m = ??!!
(I think that was under Yong Pung How era)

Interesting article.

[smallcaps]

I was wondering... can minority shareholders nominate a director? (to take care of the cash...)

[opmi]

I was wondering... can minority shareholders nominate a director? (to take care of the cash...)

can. If you can get 10% votes to do a requisition.

If not, you can write to the Nominating Committee to propose a nomination.
Up to them to decide.

I prefer they pay out the cash and I take care of it myself.

Wonder how fast is the trial? I dont mind attending.

[smallcaps]

I was wondering... can minority shareholders nominate a director? (to take care of the cash...)

can. If you can get 10% votes to do a requisition.

If not, you can write to the Nominating Committee to propose a nomination.
Up to them to decide.

I prefer they pay out the cash and I take care of it myself.

Wonder how fast is the trial? I dont mind attending.

But wouldn't it get blocked by ST?

[opmi]

Nomination Comm recommend directors. Shareholders vote on. So ST decides.

Don't know if ST will even show up for the coming AGM.

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What a BS reason for the disposal when they just bought the UT a few months back!!
Someone making preparation. Get ready for some special div.

EASTERN HOLDINGS LTD.
(Incorporated in the Republic of Singapore) (Company Registration Number: 198105390C) (the “Company”)
DISPOSAL OF THE SCHRODER ASIAN ASSET INCOME FUND
Unless otherwise defined, capitalized terms herein shall have the same meaning as ascribed to them in the Company’s announcement dated 26 March 2013 in relation to the Schroder Asian Asset Income Fund (the “Announcement”).
1. INTRODUCTION
The board of directors (the “Board”) of the Company wishes to announce that the Company
has on 29 May 2013 dispose of the Investment (the “Disposal”).
2. INFORMATION ON THE SCHRODER ASIAN ASSET INCOME FUND
The investment objective of SAAIF is to provide income and capital growth over the medium to longer term by investing primarily in Asian equities and Asian fixed income securities.
3. THE REDEMPTION PRICE AND PROCEEDS
The Investment was disposed of at 29 May 2013, based on the redemption net asset value as at 30 May 2013, derived based on USD10.87.
The redemption proceeds of USD7,841,298.42 has been paid to the Company on 4 June 2013.
4. RATIONALE FOR THE DISPOSAL
The Company decided to dispose of the Investment as it is of the view that, based on market trends, there could be a possible downside risk to the Investment.

[smallcaps]

HaHaHa! Maybe because no effect on us and stock price has been rising...might as well dispense with the charade

[Vseeker]

below potential shooting scripts for anyone attending next AGM...

""Back in 21-Mar-2013, you paid S$9,992,000 to get into SCHRODER ASIAN ASSET INCOME FUND
forward 2 months: 3-Jun: Getting out for US$7,841,298.42 x 1.2512 = S$9,811,033

so succeeded in LOSING almost s$200,000 !! for a STUPID two-month adventure
pls quit getting into such stupid games and just payout any excess CASHs back to shareholders ""

[opmi]

I guess everyone prefers their money in own bank acct if they may be going away for some time.

[lanoitar]

Someone making preparation...
I guess everyone prefers their money in own bank acct if they may be going away for some time.

If u mean that the disposal is triggered by the charge, the dates don't match:

We, the Board Members of Eastern Holdings Ltd (the “Company”) hereby announce that our Chairman and CEO, Stephen Tay Thian Boon, has been charged on 30 May 2013 in the Subordinate Courts for the following offences

3. THE REDEMPTION PRICE AND PROCEEDS
The Investment was disposed of at 29 May 2013, based on the redemption net asset value as at 30 May 2013, derived based on USD10.87

[opmi]

From what I see from some other case, a charge is not a surprise spring
the police on you. Know beforehand one.

If not, how EHL know to suspend trading on 30 may morning. Or how
Tay know where to go to get charged?

Charge is different from a raid.