SINGAPORE (Jan 19): Singapore Myanmar Investco has received an email from the lawyers of joint venture partner Golden Infrastructure Group (GIG) threatening to file a criminal complaint to Singapore's State Courts against the company’s directors and management for possible breaches.

The complaint relates to SMI’s plans to divest its 97% stake in its telecommunications tower business, Myanmar Infrastructure Group, to Shining Star International Holdings for US$12.7 million ($18.14 million). SMI had announced this in October last year.

In a release to the Singapore Exchange on Wednesday, the lawyers alleged that SMI had disregarded GIG's rights under the JV agreement and failed to make timely disclosure of the allegations made by GIG (in a December) announcement.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook