SINGAPORE - Temasek’s decision to invest in now defunct Sembcorp Marine’s 2020 and 2021 rights issues was taken after due diligence was done based on available facts and company disclosures, said Ms Indranee Rajah, Minister in the Prime Minister’s Office and Second Minister for Finance. Read more at straitstimes.com.
SINGAPORE - Temasek’s decision to invest in now defunct Sembcorp Marine’s 2020 and 2021 rights issues was taken after due diligence was done based on available facts and company disclosures, said Ms Indranee Rajah, Minister in the Prime Minister’s Office and Second Minister for Finance.
“As investigations are ongoing, it is not appropriate to provide further details at this juncture,” Ms Indranee said. “The government understands that Temasek conducted the due diligence appropriate to the rights issues, bearing in mind that the company was already part of the group,” she said. “Without the recapitalisation there would potentially have been an erosion of value and the loss of jobs,” she said.Seatrium, formerly Sembcorp Marine, says CPIB probe relates to events ‘prior to 2015’; shares fall 1.6%
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