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We would not be looking at lifting the corporate veil in this case but acknowledging the fact that OUE is an artificial and separate entity in the eyes of the law would lay the foundations for our discussion later.
Since OUE is but an artificial person, we do not expect it to make decisions on its own but instead to rely on its board of directors who are appointed by its shareholders. The board generally has the authority to manage the business under Section 157A(2), and such powers generally cannot be overridden by its members. Vested with such high responsibilities, the directors do owe the company a number of duties and we shall further discuss if there is any possibility that the directors would have breached any duty in their course of selling UOB's shares...
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