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‘Boardroom Knockout’: How Singapore’s investor watchdog fights for minority shareholders

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1 year ago

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President Tharman Shanmugaratnam with David Gerald, Founder, President and CEO of SIAS and SIAS Honorary Chairman Daniel Teo at the launch of the book, ‘Boardroom Knockout: How Singapore's Investor Watchdog Fights for Minority Shareholders’

By Ifham Nizam

The story of David Gerald and the work he has done for minority investors has been nothing short of extraordinary. Here is a man who had no experience in investing, or in stock markets, but was willing to risk his reputation to stand up against the Malaysian government, internationally known author, Aaron Low said. The author of a landmark book titled, ‘Boardroom Knockout’, featuring share market issues, Low spoke to The Island Financial Review recently in an exclusive interview.

Extracts from the interview:

Q: What inspired you to tell the story of David Gerald’s early experiences centering on injustice in Ceylon and on how they shaped his career and mission?

A: The reason why he did so is simple: justice. When the Malaysian government shut down the Central Limit Order, a system that facilitated the trading of Malaysian shares by Singaporean investors, more than 172,000 investors in Singapore found their funds locked up and frozen in a foreign land. The total? More than S$7 billion.

I asked him why he would even contemplate such a move. After all, he was already in his 50s and approaching what would be the prime of his career as a litigator. He told me that he has always been inspired by a sense of justice. When he was a boy growing up in Ceylon, he saw a group of soldiers brutally assaulting a young man, who was also deaf and mute. Shocked, Gerald wanted to do something for the youth but was frozen by fear. That, he said, was a turning point and he swore he would not let anyone down again – even if that meant taking on a foreign government.

Q: How did David Gerald’s legal work under Singapore’s celebrated criminal lawyer, David Marshall, influence his later advocacy for small investors?

A: If the incident with the youth in Ceylon sparked his desire to pursue justice, his work with David Marshall brought the fight for justice to life. Marshall was Gerald’s mentor and the epitome of what it was to be a criminal justice lawyer. His passion for legal work and commitment to his clients inspired Gerald to do the same.

You can see this in the work he does at SIAS – all of it is geared towards helping the mom and pop investors, who are not the most sophisticated of stock market players.

Q: The founding of SIAS in 1999 was a pivotal moment for small investors in Singapore. What were the biggest challenges SIAS faced when tackling the CLOB issue with Malaysia?

A: The biggest issue that SIAS faced was that they couldn’t even get the Malaysian government to engage them! I mean, it’s not surprising right? Why would the federal government of Malaysia want to even pay attention to a small group of amateurs?

So the first thing that SIAS needed to do was to get recognition that it was a serious player that represented the aggrieved investors. Gerald knew this, which was why one of the first things he did was to get thousands of people to sign up as SIAS investors.

The second big challenge was that the issue was toxic cocktail of tense history between Singapore and Malaysia as well as anti-foreigner sentiments, in the aftermath of the Asian Financial Crisis.

Q: Could you elaborate on SIAS’s approach to resolving corporate governance issues, especially its preference for negotiation over litigation?

A: SIAS has become such an important institution in Singapore’s corporate landscape. Let me put it this way: Asians hate public confrontation. Losing face is as bad as losing money – and in an ugly public fight, chances are both parties will lose both.

Instead, perhaps inspired by consultative communalism, SIAS has decided to go with a “let’s talk about it” approach. Part of the reason why it did so was simply the recognition that SIAS was never going to be so well-resourced to take on corporations that had hundreds of millions of dollars in its bank accounts to fight off lawsuits.

Another, and arguably, more important reason, is that seeking consensus has the highest probability of achieving something when nothing else works. The truth is that angry minority investors turning up at corporate annual general meetings is a common sight. But it is also common that these same investors hardly get anything for their troubles, except maybe that they feel good for a few minutes venting their frustrations in the open.

SIAS prefers to work with companies behind closed doors, over tea and not threats, to resolve issues amicably. SIAS can do so because it carries the weight of thousands of minority shareholders with them; companies also much prefer talking to a rational party rather than emotional angry individuals. This way, the hope is that a compromise may be met. Maybe the company won’t pay the book value of $10 for a company but it is willing to up its price to $7.50 from $5 if SIAS can broker a deal with investors.

I think corporates like to deal with them, while minority investors trust SIAS. This balance is not an easy one to achieve and it took SIAS many years before it could find its equilibrium.

Q: What lessons can today’s corporate leaders and investors learn from SIAS’s unique approach to resolving conflicts outside courtrooms?

A: That life is nothing but a series of compromises because we are all deeply flawed in one way or another. No one is perfect and even good people do bad things in a time of weakness and temptation.

So instead of judging, approach each situation with empathy, honesty and truth. It’s a high ideal but sometimes laying all your chips on the table is the best way to resolve the worst of conflicts.


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ADB pledges over $1 billion annually to Sri Lanka in post-cyclone recovery push

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20 hours ago

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2026/03/13

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ADB President Masato Kanda meets Sri Lankan Prime Minister Harini Amarasuriya at ADB’s Manila headquarters.

Asian Development Bank (ADB) President Masato Kanda met with Sri Lanka Prime Minister Harini Amarasuriya at ADB’s Manila headquarters recently. The meeting reaffirmed the strong development partnership between ADB and Sri Lanka, with both leaders underscoring their commitment to post-cyclone recovery, inclusive growth, and advancing women’s equality.

“Sri Lanka’s resilience in the face of crises has been remarkable,” said Kanda. “We are committed to helping Sri Lanka rebuild after Cyclone Ditwah, while also investing in the country’s future by empowering women entrepreneurs and strengthening education and essential skills.”

Looking ahead, ADB is ready to provide more than $1 billion annually to Sri Lanka from 2026 to 2029. This financing will target macroeconomic stability, private sector-led growth, education and skills development, and resilient infrastructure. Key initiatives include a major digital transformation program to help unlock Sri Lanka’s digital economy, alongside support for its accession to the Regional Comprehensive Economic Partnership to deepen its integration into regional trade and investment networks.

During their discussion, Kanda emphasized ADB’s response to the devastation caused by Cyclone Ditwah. Building on emergency financing already mobilized, ADB is fast-tracking an emergency assistance loan to restore damaged infrastructure and support affected livelihoods.

With Dr. Amarasuriya serving as the keynote speaker for ADB’s International Women’s Day event, the leaders highlighted women’s equality as a cornerstone of inclusive development. Kanda noted ADB’s long-standing work as an implementing partner of the Women Entrepreneurs Finance Initiative, which expands access to finance, business skills training, and policy reform for women-owned enterprises. This partnership has helped drive lasting change, with Sri Lanka becoming one of the first countries to adopt the Women Entrepreneurs Finance Code at the national level in March 2025.

Dr. Amarasuriya also engaged in dialogue facilitated by ADB to advance Sri Lanka’s skills agenda, including discussions on referencing skills and qualifications with the Association of Southeast Asian Nations and on mutual areas of interest with the Philippines related to technical and vocational education and training.

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New Board appointed to lead Unit Trust Association of Sri Lanka

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20 hours ago

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2026/03/13

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The Unit Trust Association of Sri Lanka (UTASL) announced its new Board of Directors, appointing Jeevan Sukumaran of SENFIN Asset Management as President. The Board assumes leadership at a time of significant growth and resilience in Sri Lanka’s Unit Trust industry. Over the past five years, the number of unit holders has more than doubled, while assets under management have grown substantially, reflecting a clear shift in investor behaviour amid evolving economic conditions.

The 2026–2027 Board includes Vice President Kavin Karunamoorthy (First Capital Wealth Management), Secretary Asanka Herath (Lynear Wealth Management), Assistant Secretary Gayan De Silva (Capital Alliance), and Treasurer Wishan Perera (Softlogic Invest).

President Jeevan Sukumaran highlighted the importance of expanding the industry’s reach and increasing retail participation nationwide. “Whilst the Unit Trust industry has grown significantly in recent years, the next phase must focus on broadening retail investor participation across Sri Lanka’s different geographic/demographic sectors, with the key priority being strengthening investor education and awareness, particularly outside major urban centres. Improving financial literacy and expanding access to professionally managed investment solutions are essential to building long-term confidence and encouraging more Sri Lankans to invest in unit trusts.”

The new Board intends to build on the industry’s recent momentum by prioritising investor education, digital accessibility, and product innovation. Over the coming years, enhanced digital platforms are expected to make Unit Trust products more accessible, enabling investors across the country to participate in capital markets in a convenient and transparent manner.

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Indiya at Cinnamon Life enters a flavourful new chapter

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20 hours ago

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2026/03/13

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Colombo’s vibrant dining landscape has received a fresh infusion of flavour with the renewed culinary direction of Indiya, the signature Indian restaurant perched high above the city at Cinnamon Life at City of Dreams. With celebrated Indian chef Mukesh Joshi now steering the kitchen, the restaurant is presenting a menu that celebrates the depth, diversity and soul of Indian cuisine while subtly weaving in Sri Lankan influences.

Located on the spectacular Level 23 of the sprawling Cinnamon Life complex, Indiya’s setting itself feels like a prelude to the culinary journey that unfolds at the table.

The restaurant’s sweeping views of Colombo’s skyline provide a dramatic backdrop to a menu designed to take diners across India’s many culinary regions — from the fragrant biryani traditions of Awadh to the bold spice profiles of coastal kitchens.

At the heart of this new chapter is Chef Mukesh Joshi, a culinary craftsman whose career spans some of India’s most renowned hospitality institutions as well as prominent dining establishments in the Middle East.

Having honed his skills at luxury hotels such as The Westin and St. Regis Mumbai before leading kitchens in Dubai’s thriving Indian dining scene, Joshi is known for his ability to balance traditional flavours with contemporary finesse.

At Indiya, his philosophy is simple yet compelling: celebrate the authenticity of Indian cooking while creating dishes that encourage sharing and conversation.

The experience begins with a vibrant array of small plates that capture the playful spirit of India’s street food traditions. The crisp Sev Papdi Chaat offers bursts of sweet, tangy and spicy notes, while a generous Pakora Platter brings together an assortment of golden-fried fritters that evoke the comforting flavours of roadside tea stalls across the subcontinent.

From there, the menu moves naturally into the world of the tandoor — the clay oven that lies at the heart of many Indian kitchens. Among the highlights is the Hariyali Tandoori Gobi, where cauliflower is marinated in a fragrant blend of herbs before being charred to smoky perfection. Equally intriguing is the Rajma Galouti, a vegetarian reinterpretation of the famed Lucknowi kebab, delivering a melt-in-the-mouth texture that surprises and delights.

Seafood lovers will find much to savour as well. Jhinga Koliwada, a coastal delicacy of spiced prawns fried to a crisp exterior, offers a lively contrast to the delicately seasoned Rawa Fried Surmai. These dishes reflect Chef Mukesh’s confident handling of spice and texture — two essential pillars of Indian cooking.

No Indian dining experience would be complete without the ritual of sharing freshly baked breads, and Indiya’s basket arrives warm and inviting. Chilli Cheese Naan brings a playful modern twist to a classic favourite, while flaky parathas and stuffed Aloo Kulcha provide comforting companions to the restaurant’s richly spiced curries.

By Ifham Nizam

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