OSIM’s privatisation saga
OSIM’s advisors Credit Suisse and Morgan Lewis Stamford LLC have been reprimanded by Monetary Authority of Singapore (MAS) for failing in their responsibilities as advisers for OSIM’s privatisation earlier this year.
ST Article here
Due to their ill advice, OSIM founder Ron Sim bought back his shares at $1.39, 2.3 percent above the stated final offer price of $1.37 despite telling shareholders it would not increase the offer.
MAS stated that Morgan Lewis Stamford LLC, being the legal representative of OSIM, had failed to perform the necessary due diligence and checks prior to providing any advice in connection with take-overs.
However, MAS decided not to take further action against Credit Suisse or Morgan Lewis Stamford LLC because OSIM shareholders did not suffer a loss due to the breach, moves were also quickly taken to compensate those shareholders who sold their shares at the lower price
This seems like a run-of-the-mill corporate erroneous conduct but when we dig further, we realised that there is a plot twist hidden in the shadows
The managing partner of Morgan Lewis Stamford LLC is Lee Suet-Fern, the wife of Mr Lee Hsien Yang, the sister-in-law to our Prime Minister.
Jeng Jeng Jeng
Just how deep is Ms Lee involved in this “failed advice” to OSIM. What are the possibilities of a corporate espionage? Was it really an oversight? Were there money to be made on the sides? If so with whom? Did her husband’s lawsuit incident against the government on LKY’s estate got anything to do with this?
My head hurts when talking about conspiracies involving the Lee family. You know what – you can’t bring money and power to your grave.
Bye for now.