It has been more than two years since short-seller ‘razor99’ accused Silverlake Axis of fraud tunneling via related party transactions with founder and chairman Goh Peng Ooi. After an independent investigation by Deloitte Singapore, Silverlake Axis was officially cleared from the allegation. The dust seems to have settled down but Silverlake Axis’s share price (59 cents as at 14 November 2017) is still struggling to recover from its previous peak of $1.17.

The market doesn’t seem to be fully convinced, or rather the market seems to be still confused about the fate of Silverlake Axis. As I overheard from a shareholder during this year’s meeting: “Three years ago, people believed in you and now I am not sure what happened. People ran away but I do see a lot of potential in what you do.”

The same shareholder actually wanted to increase his position in the company …