The National Kidney Foundation (NFK) scandal was big news sometime ago. As perhaps one of Singapore's biggest and most succesful charities, the NKF which is set up as a company limited by guarantee, had its apparent clean and above board image damaged when it sued Singapore Press Holdings (SPH) for defamation in relation to an article in the Straits Times, a newspaper published by SPH. SPH had written about extravagant expenditures of public monies by NKF, for example gold taps in the Chief Executive Officer's toilet.
However, in the defamation lawsuit, the CEO, TT Durai, was torn apart in cross-examination by well known lawyer Senior Counsel Davider Singh. The lawsuit was dropped after this embarassing episode which was of course widely publicized. Shortly thereafter, Durai resigned from his position.
Following this, NKF sued its board of directors and Durai (who acted like a director) for breach of directors' duties under the Companies Act and equity. Halfway through this trial, they admitted liability and agreed to pay substantial damages of varying amounts to NKF.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment