According to Keppel Corporation 2015 Annual Report, a number of its subsidiaries were incorporated in tax haven countries. link They have been disposed, liquidated and struck off. .
I am curious to find out the reason because Singaporeans have a stake in Keppel Corp through Temasek’s 20% holdings. Although I understand that the government will not disclose information simply because of our curiosity or interest, nevertheless, there’s no harm in asking.
Why did KepCorp set up all these subsidiaries in tax haven countries?
|Name of Company||Country Incorporated||Principal Activities|
|Hygrove Investments Ltd(4)||British Virgin Islands(BVI)||Holding of long-term investments|
|Topaz Atlantic Unlimited(4)||BVI||Holding of long-term investments|
|Wideluck Enterprises Ltd(4)||BVI||Holding of long-term investments|
|Willalpha Ltd(4)||BVI||Holding of long-term investments|
|KSI Production Pte Ltd(4)||BVI/Norway||Holding of long-term investments|
|Broad Elite Investments Ltd(4)||BVI/China||Investment holding|
|Aintree Assets Ltd(4)||BVI/Aisa||Investment holding|
|Double Peak Holdings Ltd(4)||BVI/Singapore||Investment holding|
|Jencity Ltd(4)||BVI/Vietnam||Investment holding|
|Pembury Properties Ltd(4)||BVI/Singapore||Investment holding|
|Saigon Centre Investment Ltd(4)||BVI/HK||Investment holding|
|Success View Enterprises Ltd(4)||BVI/China||Investment holding|
|Triumph Jubilee Ltd(4)||BVI/China||Investment holding|
|Substantial Enterprises Ltd(4)||BVI||Investment holding|
|Davinelle Ltd(4)||BVI/Vietnam||Investment holding|
|Devan International Ltd(4)||BVI||Investment holding|
|Kep Holdings Ltd(4)||BVI||Investment holding|
|KrisEnergy Ltd(2)||BVI||Investment holding|
** (4) Not required to be audited by law in the country of incorporation and companies disposed, liquidated and struck off.
In accordance to Rule 716 of The Singapore Exchange Securities Trading Limited – Listing Rules, the Audit Committee and Board of Directors of the Company confirmed that
they are satisfied that the appointment of different auditors for its subsidiaries and significant associated companies would not compromise the standard and effectiveness of
the audit of the Company.