10-02-2021, 08:34 AM
GOVERNANCE RISKS AT G.H.Y. CULTURE & MEDIA
The corporate structure is shown in the prospectus. The risks relating to the corporate structure are generally well explained over nine pages in the prospectus, with the entire discussion of risk factors spanning over 53 pages.
Essentially, there are five layers of companies. The first layer is the SGX-listed company, which is incorporated in Cayman Islands as an exempted company with limited liability. This subjects it to Cayman company law, not Singapore company law. The directors of the listed company therefore owe fiduciary duties and duty of skill and care to the company under Cayman Islands law. This means that regulatory enforcement of these duties is in the hands of the Cayman Islands’ authorities, not the Singapore authorities. An obvious question is why incorporate the listed holding company in a jurisdiction like Cayman Islands?
https://governanceforstakeholders.com/20...ure-media/
The corporate structure is shown in the prospectus. The risks relating to the corporate structure are generally well explained over nine pages in the prospectus, with the entire discussion of risk factors spanning over 53 pages.
Essentially, there are five layers of companies. The first layer is the SGX-listed company, which is incorporated in Cayman Islands as an exempted company with limited liability. This subjects it to Cayman company law, not Singapore company law. The directors of the listed company therefore owe fiduciary duties and duty of skill and care to the company under Cayman Islands law. This means that regulatory enforcement of these duties is in the hands of the Cayman Islands’ authorities, not the Singapore authorities. An obvious question is why incorporate the listed holding company in a jurisdiction like Cayman Islands?
https://governanceforstakeholders.com/20...ure-media/