Commentary

Clearing up the issues over withdrawal of Sias awards

The Securities and Investors Association of Singapore (Sias) recently withdrew its 2012-2016 transparency awards for China-based rail manufacturer Midas Holdings. This followed an announcement by Midas' external auditors that the company's accounts for 2012-2016 cannot be relied upon, and the shock news that the company is under investigation by white-collar crime-busters, the Commercial Affairs Department.

The withdrawal by Sias of its awards to Midas is unprecedented and has raised some eyebrows among the investing public. Specifically, two issues have been discussed - first, whether such awards once bestowed should be retracted and second, whether Sias, as a shareholder rights advocate and investor education body, should be handing out corporate governance prizes in the first place.

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A version of this article appeared in the print edition of The Straits Times on June 18, 2018, with the headline 'Clearing up the issues over withdrawal of Sias awards '. Print Edition | Subscribe