The Securities Investors Association of Singapore today cleared independent directors of Parkway Holdings, who were asked to explain their stand in the current takeover battle between India’s Fortis Healthcare and Malaysia’s sovereign fund Khazanah.
Association President David Gerald said Parkway’s independent director Richard Seow had acted correctly within the law, but he called on the authorities to review the laws pertaining to the role of independent directors of listed companies in the city state.
The role of Parkway Vice-Chairman Richard Seow, Executive Vice-Chairman Lim Cheok Peng and Chief Executive Tan See Leng came under the scanner following Khazanah’s sweetened offer to take majority stake in the hospital chain, and Fortis’ counter-offer to take complete control of it.
