The Silverlake “Scheme” in the short-seller report by razor99
As the share price of Silverlake Axis crashed and shareholders likely suffered many sleepless nights as there was no clear and detailed response by the management to fend off the allegations except for the appointment of Deloitte Singapore to conduct an independent review of the alleged related party transactions. Thankfully for shareholders, Silverlake Axis’s annual general meeting 2015 would occur two months after the report was released, giving shareholders an opportunity to grill ......In August, core banking software provider Silverlake Axis was cut by a ‘razor-sharp’ short-seller report that caused the company’s share price to decline by half and wipe out a billion dollars’ worth of value practically overnight.
The report’s anonymous author ‘razor99’ accused Silverlake Axis of creating a cycle of corporate tunneling fraud via related party transactions with the founder and chairman’s, Goh Peng Ooi, privately-owned group of companies.