Conflict of interest at Grab

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Hello reader,

A businessman’s net worth rose from US$7 billion to US$124 billion in eight years, only to then nosedive by US$60 billion in a matter of days – that sounds like a movie plot.

But it is also the reality that India-based business magnate Gautam Adani faces. Formerly the third-richest person in the world, he slipped out of the top 10 list after US-based Hindenburg Research accused him and his companies of “brazen stock manipulation and accounting fraud.” However, the Adani Group has denied any wrongdoing.

The Indian market regulator has started looking into these allegations. But there is a twist in the plot: A Securities and Exchange Board of India (SEBI) committee member is reportedly a relative of Adani. This has raised questions over a conflict of interest in the probe.

Conflict of interest is also making headlines in Singapore. Grab’s (GRAB, NDAQ) appointment of a Singapore member of parliament in a public affairs and policy role has raised eyebrows.

In the Big Story this week, my colleague, Simon, digs into the controversial hiring of Tin Pei Ling, whether the Nasdaq-listed super app should have considered other options, and finds out why there has been so much backlash.

While the appointment seems controversial, this is not the first time a company has hired a politically connected individual. As a response to the backlash, Grab has now transitioned her to the corporate development vertical. Read on to know more.

— Samreen

THE BIG STORY

Image credit: Timmy Loen

Is Tin Pei Ling’s job title at Grab too on the nose?
Appointing a Singapore MP as public affairs chief has raised questions over conflicts of interest and may end up being counterproductive for Grab.

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Photo credit: 123rf.com

2 Eye-popping facts

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