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Tuesday 14 October 2008
OCBC says censured on Jade’s botched takeover
Singapore’s Oversea-Chinese Banking Corp said on Tuesday the country’s securities body has found it in breach of takeover law for its role as an adviser on the failed acquisition of Jade Technologies. PDF
SINGAPORE, Oct 14 (Reuters) - Singapore’s Oversea-Chinese Banking Corp said on Tuesday the country’s securities body has found it in breach of takeover law for its role as an adviser on the failed acquisition of Jade Technologies.
The bank said in a statement it will voluntarily not undertake any financial advisory work on mergers and acquisitions for six months starting from September 1.
‘The Securities Industry Council (SIC) found various parties, including OCBC Bank, to be in breach of certain rules of the Singapore Code of Take-overs and Mergers’, OCBC said in a statement.
OCBC also said it will donate S$1 million ($684,900) to sponsor education programmes in fraud awareness and detection.
In April Jade Technologies’ then president Anthony Soh failed in his bid to acquire the engineering and commodities services firm and take it private. OCBC was the financial adviser to Soh.
OCBC said it is taking legal action against Soh.
The council said in a separate statement it also found Soh in breach of law and prohibited him from making a takeover offer in Singapore for five years and said he cannot buy and sell shares for three years on the exchange without the permission of the council.
It said Soh cannot become a director of any company listed in Singapore for five years.
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OCBC says censured on Jade’s botched takeover
SINGAPORE, Oct 14 (Reuters) - Singapore’s Oversea-Chinese Banking Corp said on Tuesday the country’s securities body has found it in breach of takeover law for its role as an adviser on the failed acquisition of Jade Technologies.
The bank said in a statement it will voluntarily not undertake any financial advisory work on mergers and acquisitions for six months starting from September 1.
‘The Securities Industry Council (SIC) found various parties, including OCBC Bank, to be in breach of certain rules of the Singapore Code of Take-overs and Mergers’, OCBC said in a statement.
OCBC also said it will donate S$1 million ($684,900) to sponsor education programmes in fraud awareness and detection.
In April Jade Technologies’ then president Anthony Soh failed in his bid to acquire the engineering and commodities services firm and take it private. OCBC was the financial adviser to Soh.
OCBC said it is taking legal action against Soh.
The council said in a separate statement it also found Soh in breach of law and prohibited him from making a takeover offer in Singapore for five years and said he cannot buy and sell shares for three years on the exchange without the permission of the council.
It said Soh cannot become a director of any company listed in Singapore for five years.
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