20160919 Why were so many KepCorp subsidiaries incorporated in tax haven countries?

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.

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