Allow me to refer to the report in The Star headlined Nor Mohamed: Ball in vendors' court with regards to the tussle over controlling shares for DRB-Hicom Bhd.
It is often said that when two elephants fight, the ants below them get trampled upon. So is the same in the case of the battle for DRB-Hicom .
The latest proposal by one of the big guns to split or divide the assets of the company to the two contending parties totally ignores the rights of minority shareholders and this is downright arrogant.
And to add insult to injury, it is almost surreal that the proposing party has even managed to get our beloved prime minister to publicly agree with him.
This is a trap well laid and does not speak well of the new PM. How, for goodness sake, can a purchaser of 15 percent odd shares of a publicly listed company spilt up the company in anyway he likes?
This is indicative of the kind of so-called corporate governance that we now practice. It is like dividing the spoils of a war battle. Does the proposer not know that minority shareholders also have rights and that they may prefer to have the company left intact rather than dismembered ?
Do we also not know that if a substantial shareholder is interested in a proposed transaction, he is disqualified from exercising his votes at the meeting because of his interest?
Therefore, both the Titans should not be allowed to vote. If that is the case, where is there any rationale for the minority shareholder to vote in favor of a split of assets when the reason for such a split only benefits the two interested parties?
And to make matters worse, why should the government be made a party to such an insidious and selfish scheme?
