Directors

Personnels

Natarajan Subramaniam

Natarajan Subramaniam

Independent Non-Executive Chairman and Lead Independent Director
Mr Natarajan Subramaniam is the Independent Non- Executive Chairman of the Board and the Lead Independent Director of the Company. Prior to the appointment of Non-Executive Chairman, he was the Deputy Chairman of the Board. Mr Subramaniam was first appointed a Director on 15 November 1995 and was last re-elected on 29 April 2021. He is also Chairman of the Audit, Compensation, Nomination and Investment Committees of the Company.

Mr Subramaniam began his accounting career in 1965 as a trainee with Blackborn Mellstrom & Co, London and subsequently with Ernst & Young, London. He joined Ernst & Young, Singapore in January 1971 and was invited to be a partner in July 1976, a position he held till retirement in December 1993. Mr Subramaniam continued as an associate of the firm from January 1994 until December 2003. His major areas of experience include audit, investigations, IPOs, mergers and acquisitions.

He was for a number of years a member of the Accounting Standards Committee of the Institute of Certified Public Accountants of Singapore (now known as the Institute of Singapore Chartered Accountants) and a member of the Accounting and Auditing Standards, Quality Control and Professional Development Committees of Ernst & Young International.

Mr Subramaniam is the Non-Executive Chairman of the Company’s principal subsidiary, Thakral Capital Holdings Pte Ltd, a Director of the Company’s principal subsidiaries, SJ Property Investments Pte Ltd and Nihon Property Investments Pte Ltd, a Fellow of the Institute of Chartered Accountants in England and Wales, the Institute of Singapore Chartered Accountants and the Singapore Institute of Directors, and a Member of Nomination Committee of AWWA Ltd. He holds a Bachelor of Arts Degree from the University of Malaya in Singapore.
Kartar Singh Thakral

Kartar Singh Thakral

Executive Director
Mr Kartar Singh Thakral is an Executive Director of the Company and was the Executive Chairman since the Company’s listing until 31 December 2011. He was first appointed a Director since the incorporation of the Company on 7 October 1993 and was last re-elected on 29 April 2021. He stepped down as a member of the Nomination Committee of the Company on 1 January 2020 and remained as a member of the Investment Committee of the Company.

Mr Kartar Singh is widely knowledgeable and has an excellent record in steering the Group successfully through its peaks and troughs through many business cycles. His foresight and astute reading of the macro economic trends have continuously benefitted the Group. The sale of the Group’s Hong Kong warehouse at the height of the property cycle is one example of his foresight. He was pivotal in the re-positioning of the Group’s businesses and entry into the Japanese and Australia investments are now being rewarded. Mr Kartar Singh continues to provide insight and guidance on the Group’s operations and contributes effectively in his role as an Executive Director and at the Board, Board Committee and operational levels.

Mr Kartar Singh was the Joint Chairman and a Non-Executive Director of Australia listed Thakral Holdings Limited till 22 October 2012 and a Director of the Singapore Trade Development Board appointed by the Minister for Trade and Industry for a period of four years until 31 December 1998. He was also a member of the Committee to Promote Enterprise Overseas and a member of the Regional Business Forum, both appointed by the Singapore Government; and was a trustee of Singapore Indian Development Association from 1991 till 31 December 2006. Mr Kartar Singh was awarded the Singapore Australian Business Council President’s Medal in 1998 for significant contribution to the Australian Singapore business community. He had been awarded Businessman of the Year 1995 at the Singapore Business Awards 1996.

Mr Kartar Singh is a Director of a number of subsidiaries of the Company in China, Hong Kong and Singapore. He is a Founder Trustee of Nishan-E-Sikhi Charitable Trust, India, a trustee of the Singapore Sikh Education Foundation and Sri Guru Nanak Sat Sang Sabha and a patron of Singapore Khalsa Association, Singapore Sikh Welfare Council and Central Sikh Gurdwara Board.
Inderbethal Singh Thakral

Inderbethal Singh Thakral

Executive Director and Chief Executive Officer
Mr Inderbethal Singh Thakral (“Mr Bethal”) is the Chief Executive Officer and an Executive Director of the Group. He was first appointed a Director on 12 August 1994 and was last re-elected on 29 April 2022. He is a member of the Investment Committee of the Company.

He played an instrumental role in the listing of the Group back in 1995, as well as the transformation of the Group including the growth of its investments in markets such as Japan, Australia and Singapore and the repositioning of the lifestyle business to focus on beauty, fragrance and lifestyle products.

Having broadened the Group’s income streams beyond China, Mr Bethal continues to spearhead the Group’s strategic growth in these markets for positive and sustainable returns. He has a long and illustrious track record having led the Group’s operations in Hong Kong and China since 1984.

Mr Bethal is a Director of the Company’s various subsidiaries in China, Hong Kong and Singapore and the Chairman of a charity organisation, Sahib Sri Guru Gobind Singh Ji Education Trust, Hong Kong.
Bikramjit Singh Thakral

Bikramjit Singh Thakral

Non-Independent Non-Executive Director
Mr Bikramjit Singh Thakral (“Bikram”) was appointed as a Non-Independent Non-Executive Director of the Company on 2 January 2020 and was last re-elected on 12 June 2020. Prior to this appointment, he was Alternate Director to Executive Director, Mr Kartar Singh Thakral since 5 July 2013. He is a member of the Compensation Committee, Nomination Committee and Investment Committee of the Company.

Bikram is the Chief Executive Officer and a Director of Thakral One Pte Ltd, a Thakral Family group-owned technology consulting firm, headquartered in Singapore with operations across Asia Pacific. Thakral One Pte Ltd is primarily focused on providing technology and data-analytics solutions to financial institutions, telcos, healthcare institutions and other regional enterprise customers. Bikram also oversees Thakral Services (India) Ltd, which provides electronic security solutions and products across India. He is part of the leadership team that evaluates and executes mergers and acquisitions for the Thakral Family Group of Companies. Prior to joining the Thakral Family businesses, Bikram was a strategy consultant at a leading management consulting firm headquartered in Boston, Massachusetts, where he focused on corporate and consumer strategy. He also consulted with various public sector organisations in Asia in the areas of sector competitiveness and public policy.

Bikram is a Director of various Singapore subsidiaries of the Company. He holds a Bachelor of Business Administration (Honours) from the National University of Singapore and has attended executive education at the Harvard Business School.
Nagaraj Sivaram

Nagaraj Sivaram

Independent Non-Executive Director
Mr Nagaraj Sivaram is an Independent Non-Executive Director of the Company. He was appointed a Director on 1 October 2023 and is the Vice Chairman of the Audit Committee and a member of the Compensation Committee of the Company.

Mr Sivaram was an assurance partner in Ernst & Young (“EY”), Singapore and retired from the firm in June 2019 after 35 years with the firm. His audit experience included the audit of listed companies and multinationals in the food and beverage, logistics and real estate industries. His business advisory experience encompassed financial due diligence work for EY’s Transaction Advisory Services Group. As Technical Partner for many years, he advised other partners on complex accounting and auditing issues, conducted training, and set policies relating to risk management for the assurance practice of the firm.

He is currently a Board Member and Audit Committee Chairman of the Land Transport Authority, Singapore Institute of Technology, ESR Logos REIT and Frasers Hospitality Trust. He was an Independent Non-Executive Director of the formerly SGX-listed G. K. Goh Holdings Limited. In 2020, he completed three terms on the Board of the Urban Redevelopment Authority.

Mr Sivaram was a member of the Accounting Standards Council, the standard setter in Singapore for nine years and received the Public Service Medal in 2018 for having served as its Deputy Chairman for several years. He was also active on multiple committees of the Institute of Singapore Chartered Accountants (“ISCA”), the Accounting and Corporate Regulatory Authority and the Singapore chapter of the Institute of Chartered Accountants in England and Wales (“ICAEW”).

Mr Sivaram graduated from the University of Bombay with a Bachelor of Commerce degree and qualified as a chartered accountant in London. He remains a member of both ISCA and ICAEW.
Janice Wu

Janice Wu Sung Sung

Independent Non-Executive Director
Ms Janice Wu is an Independent Non-Executive Director of the Company. She was appointed a Director on 1 October 2023 and is a member of the member of the Audit Committee, Nomination Committee and Investment Committee of the Company.

Ms Wu is the Executive Vice-President of Corporate Development at Cuscaden Peak Investments Pte Ltd. She leads its M&A and Investments teams in mergers and acquisitions, capital re-cycling and portfolio management and oversees its sustainability initiatives. She also held various positions with active involvement in real estate, digital and venture capital investments when she was with Singapore Press Holdings Ltd.

She is a director of SGX-listed iFast Corporation Ltd, a wealth management platform and Cuscaden’s joint venture boards including MobileOne Ltd, Memphis 1 Pte Ltd, Prime US REIT Management Pte. Ltd. (the Manager of SGX-listed Prime US REIT), Woodleigh Mall Pte Ltd and Woodleigh Residences Pte Ltd. She chairs the board of Seletar Mall Pte Ltd and is a director of MSI Global Private Limited, a wholly-owned subsidiary of the Land Transport Authority.

Ms Wu holds a Bachelor of Laws (Honours) degree from the National University of Singapore and was admitted as an advocate and solicitor of the Supreme Court of Singapore. She has attended the Executive Development Program at Kellogg School of Management, the Business Sustainability Management Program by University of Cambridge’s Centre for Sustainability Leadership and the Advanced Management Program at Wharton Business School.