Hi Goplan Nair,
If you are reading this, I am just wondering out loud whether its possible to launch a class action law suit against temasek holdings and its board of directors on behalf of all singaporeans living in the US. Clearly, its apparent to me that negligence has taken place at Temasek, and some would venture to say that its criminal negligence. This class action lawsuit can be filed in a california court of law. Hence, the proceedings should be impartial, and most important open. There are precedents for lawsuits by shareholders. The legal barriers as I can see are the fact that MOF and the Govt. are the actual shareholders of Temasek, not the individuals. But they hold a fiduciary duty to the citizens of singapore, and are in effect holding the shares of Temasek in Trust for the citiziens. I know that everyone calls Temasek a sovereign wealth fund, but its actually set up as a regular limited company in Singapore. It transacts business like any other companies. Why in the US? Well, many of the stakeholders and assets of Temasek are American or US based. For example, Temasek has billions in bonds, some of which are held by american firms. Temasek owns many US companies like Merrill Lynch, and has reals estate and securities holdings in the US. Like wise, the indirect owners of temasek, i.e. the citizens of Singapore, also have permanent residency status in the US. Do you think this is a feasible proposition?
If you are reading this, I am just wondering out loud whether its possible to launch a class action law suit against temasek holdings and its board of directors on behalf of all singaporeans living in the US. Clearly, its apparent to me that negligence has taken place at Temasek, and some would venture to say that its criminal negligence. This class action lawsuit can be filed in a california court of law. Hence, the proceedings should be impartial, and most important open. There are precedents for lawsuits by shareholders. The legal barriers as I can see are the fact that MOF and the Govt. are the actual shareholders of Temasek, not the individuals. But they hold a fiduciary duty to the citizens of singapore, and are in effect holding the shares of Temasek in Trust for the citiziens. I know that everyone calls Temasek a sovereign wealth fund, but its actually set up as a regular limited company in Singapore. It transacts business like any other companies. Why in the US? Well, many of the stakeholders and assets of Temasek are American or US based. For example, Temasek has billions in bonds, some of which are held by american firms. Temasek owns many US companies like Merrill Lynch, and has reals estate and securities holdings in the US. Like wise, the indirect owners of temasek, i.e. the citizens of Singapore, also have permanent residency status in the US. Do you think this is a feasible proposition?
