1984 George Orwell
said...
DBS-LVB Deal - Was It Make Hay While The Sun Shines Or Make Haste While Neglecting Due Diligence?
India's
news media have reported that Subramanian Swami (SS), an Indian MP of
the ruling BJP party, has asked the Modi government to put the Lakshmi
Vilas Bank deal with DBS India on hold, in order to facilitate a
forensic audit of the takeover of the assets of LVB by DBS.
SS also called for an examination of the allegations on money laundering made against DBS internationally and in Singapore.
In
his letter to PM Modi, Swami said, “What is amazing is that RBI had
sought objections from stakeholders which were to be filed by the close
of business hours on November 20, 2020, effectively giving less than 72
hours for them to respond.”
Several stakeholders had raised
objections to the deal. However, the RBI forwarded the draft proposal
for Cabinet’s approval in great haste on November 25, without factoring
any such objections. The merger came into effect two days later, on
November 27.
Swami alleged that the haste with which RBI carried
out the LVB-DBS merger, the unprecedented and unreasonable terms under
which the bond and shareholders’ interest have been written off, and the
arbitrary manner in which DBS Bank India was chosen without going
through any standard operating procedure, raise serious questions on the
functioning and integrity of India’s Central Bank, RBI.
Swami said there is a serious flaw in the functioning of RBI and lack of accountability inside the Indian Central Bank.
It
must be noted that DBS India has already received capital infusion of
Rs2,500 crore (S$450 million) from DBS Bank Singapore, as stipulated in
the hasty LVB-DBS Merger Agreement.
Comments:
1. Anything
done in haste is bound to lead to serious flaws because a thorough and
careful feasibility study cannot be diligently executed in that time
frame.
2. Anyone or any government body proposing an agreement to
be signed in haste must be subject to serious scrutiny and suspicion.
3.
Anyone jumped into such hasty agreement is essentially an impatient and
reckless person, especially when such a big and risky business deal is
being considered.
4. Any government that condoned and supported
such a hasty and reckless decision is not only careless but also
negligent and irresponsible.
Has the outstanding Singapore
government become careless, negligent and irresponsible lately, because
too many foreigners-turned-citizens holding important, influential, key
and top positions are actively and actually influencing government
decisions and policies to the detriment of Singapore's strategic
interests?
1984 George Orwell
Something very fishy. Some top people must be investigated for possible behind the scenes dealings. This means Interpol is needed to help in the investigations. Internal investigators MAY not be very effective, considering the connections of very pau-der-full people at certain places both at home and abroad.
ReplyDeleteSomeone committed rape, an idiot walked in, did not know what was happening and was caned and jailed for the crime of the rapist.
ReplyDeleteThe Indians must be rubbing their hands and salivating. What a big juicy carrot.
ReplyDeleteDaft Singaporeans are no match for street smart Indians.
ReplyDeleteWho is CEO of DBS��???
ReplyDeleteHusband too busy engaged with Ms Sue. Wife too busy engaged with Facebook. Some more don't want to hand over to Goldfish Eye.
ReplyDeleteLikedat, and How Sinkapore not to Sink?
Daft Sinkies are in deep shit.
Hope Pritam Singh will look into the $billions of funds that flow from Singapore's sovereign wealth funds specifically into India over the last 20 years, scrutinizing closely into every individual investment transaction that had been made.
ReplyDeleteNo wonder money not enough. Then keep thinking of ways and means to collect more money.
ReplyDeleteIncrease Compulsory insurance scams premiums on old folks by giving standard excuses such as project cost of payout going up. The fact is, in the long run everything goes to Zero.
How much time did DBS get to do due diligence before plowing the millions into this deal?
ReplyDeleteThey said once bitten twice shy. First time got conned by the American banks with insufficient time to do due diligence was bad enough.
Not a second time to be conned by an Indian Bank with not enough time to do due diligence.
If this is the case, habis liao. Any thinking or unthinking parliamentarians would ask questions in Parliament about this?
Would such a big investment need parliament to approve?
No time to do due diligence - reminds of buying durian from unscrupulous durian sellers.
ReplyDeleteThey open the fruit just a little bit to show the buyer that it's good, while not letting buyer check rest of fruit, and quickly put the fruit into the bag.
The alleged accusation of money laundering against DBS, both internationally and inside the country, is a very serious matter that warrants a closer attention and scrutiny.
ReplyDeleteDo you think that omeone must make a report to the Interpol if money has been thrown into the washing machine?
ReplyDeleteDo you think CPIB should step in without having to wait for public to make a report first?
Do you think PMO should direct Chief of CPIB to investigate or CPIB should have the initiative to do so without being asked?
A looks at B, B looks at C, C looks at Z....
ReplyDeleteNo one dares to do anything unless God says so.
All waiting for orders to act.
Hahaha
ReplyDeleteVirgo said it right. Which member of the public dared to make a police report?
The threat of lim kopi plus soto mi, even Matilah will say, you do it.
Enough said!
Even if the 'God of No Mercy' is not around, descendants of the 'God of No Mercy' are no less ruthless. Even towards family members. Go figure!
ReplyDeleteHahaha
ReplyDeleteVirgo said it slightly off this time: When they hit it's heavy machineries, not sledge hammers.
It ought to be: When they hit, they use the 'Turbaned Nuclear Weapon', not just heavy machineries.
ReplyDeleteSingaporeans and Tax Payers are being robbed off 450 million dollars in Daylight robbery in India. We must make sure there is no collusion with the India Indians by the DBS Singapore Indian chief. For Singapore's sake an independent board of inquiry must be organized to look into the case and rectify the it to crawl back our country's hard earned money.
Are Singaporeans that stupid to be manipulated and swindled by the India Indians. I think our government need to wake up and do something urgently to probe DBS. It is never safe to put a foreigner under the false front as a new printed Singapore citizen to run and control our assets and financial institutions.
Angry Singaporean.
Singaporeans please hope and pray that everything is well thought out, due diligence done, before committing hundreds of millions in this great investment in Lakshmi Vilas Bank. No need to worry, everything is under control, our money is safe.
ReplyDeleteAnd DBS will come out stronger and bigger, DBS India the biggest bank in India, DBS the best bank in the world.
DBS is in good hands. Singapore is in good hands.
Another case pending:
ReplyDeleteCreditors are suing LVB for RPs 700 crows, but now inflated to RPs 900 crows, to add interests. They want the New Dehli High Court to make DBS India take over the role and responsibility of LVB to settle the RPs 900 crows.
First was the High Court of Madras. Next is the High Court of New Delhi. How many High Courts are there in India?
There are 350 branches of LVB in India. If, let say, only 100 of these branches' depositors were to claim compensations through the various Indian High Courts, what will the Final Amount of Compensations DBS India and DBS International Private Limited, Singapore, have to pay? Go figure out.
This Big Game. Once in a lifetime. Have you heard of hunters hunting for big games ended up eaten alive by the big games?
Hahahaha, DBS India is looking like a juicy carrot and every Indian wants to have a bite.
ReplyDeleteYou think $420m enough to go round or more will be needed?
At the end of the day maybe no more trousers to wear.
Government to probe DBS? Own self to check own self? If things don't turn out right after self check, then own self pardon own self like what Trump intends to do.
ReplyDeleteBoard of inquiry will also achieve nothing except go through the motion. It will probably also be own self inquire own self.
Would they include really impartial people in the Board or just 'ahem ahem' people (to quote Virgo49). Most not from 'ahem ahem' will be deemed unqualified to sit on the Board. We have seen it, gone through it, saw the results. Waste of time.
Can anyone simply trust someone who betrayed his own country by taking up citizenship with another country for the sake of money, position and status?
ReplyDeleteI for one will not feel safe in the hands of a proven and known betrayer.
Just a bad commercial decision. Let's move on.
ReplyDeleteCan Singapore sue India if DBS India ends up with so much debt it could not pay?
At the end of the day, it will be just like Parti Liyani’s case.! Elites will go scotch free. May be just a slap on the wrist. Or a subordinate got punished as a mountain goat.
ReplyDeleteSomebody will make a Millionstar Statement in PapaLeeMen and everything will be reset.
Everything will be alright.
Everybody will be happy.
Just move on and on and on. Life goes on.....
Again, "Pay Correct, Sir!"
So, not to worry too much. Just worry a little - when your next pay cheque will be.
This is uniquely Singapore!
DBS Bank served notice in Religare S$163 million deposit fraud case
ReplyDeleteReligare has also sought that the court pass an order allowing substitution of DBS Bank India Limited as defendant in the present suit in place of Lakshmi Vilas Bank.
NEW DELHI *Dec 4): Religare Finvest, which has a pending case against Lakshmi Vilas Bank (LVB) for misappropriating fixed deposits worth Rs 750 crore (135,827,443 Singapore Dollar), has filed a petition with the Delhi High Court to make DBS Bank India a respondent in the ongoing suit, on the ground of the mergers of the two banks. The amount has swelled to Rs 900 crore (162,950,220 Singapore Dollar) along with the interest, according to Religare.
The high court hasn’t yet made DBS as a party in the case. However, it has issued a notice in relation to this case on December 1 and the next hearing is on February 25, 2021. DBS has been given five weeks to respond. Religare has also sought that the court pass an order allowing substitution of DBS Bank India Limited as defendant in the present suit in place of Lakshmi Vilas Bank.
“The present application is being filed under Order XXII Rule 10 of the Code of Civil Procedure, 1908 for substitution of the defendant, Lakshmi Vilas Bank (LVB) with DBS Bank India Limited (DBS),” said Religare in its petition. LVB is alleged to have conspired with the former owners – Malvinder Mohan Singh and Shivinder Mohan Singh – to illegally siphon off and misappropriate funds from the company.
@ 305 pm.
ReplyDelete"Can Singapore sue India if DBS India ends up with so much debt it could not pay?"
It will be likely the other way round. India will sue Singapore?
Can remember Modi wanted to sue Singapore for breach of CECA agreement?
There is a saying:
ReplyDeleteOnce a dog has eaten shit, it will continue to eat shit for the rest of its life.
Once bitten, never shy.
Yesterday on CNA, big news about Singapore Indian relations. Looks like Singapore is 'all in' on India, putting all its eggs into India.
ReplyDeleteSingapore is no doubt being controlled by Indians. The Bananas have abandoned and sold out their Chinese ancestors and their Chinese origins.
ReplyDelete