SCwatch


STUPEFYING CONTRADICTION : ALLOWING INDEPENDENT ADVISERS TO SAY THAT AN OFFER IS ‘UNFAIR BUT REASONABLE’
April 23, 2013, 9:17 pm
Filed under: Corporate Governance | Tags: , , ,

I’m generally not the sort to criticize institutions……as they already have a thankless task at hand, what with the constant ‘interference’ from the ‘hidden hand’.

But this is too much to keep silent on.

I am of course referring to the mocking that is being inflicted on the Securities Commission relating to its amended guidelines which effectively allow the ‘splitting’ of the term “fair and reasonable”.

This is because the term has been used to determine the ‘reasonableness’ of an offer/transaction as provided for in SC’s guidelines.

To cut a long story short……with the amended guidelines, an offer/transaction can now be deemed “Unfair but Reasonable”……and I suppose in the same token, “Fair but Unreasonable”??

Too much has been written on this matter that I wish not to regurgitate. You may click HERE and HERE on Errol Oh’s sarcastic shots at the SC in StarBiz.

On my part, I’d like to ask if the term “TRUE & FAIR” which auditors have to opine in PLCs’ financial statements……will also be ‘split’ by the SC.

This may result in auditors stating that the accounts are ‘True but not Fair’……OR ‘Untrue but Fair’.

How embarrassing!


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