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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