Another issue raised was SI Infrastructure’s motive behind the investment. SI Infrastructure’s subsidiary, General Water of China (GWC), had separately signed a letter of undertaking with AWT’s bondholders to purchase US$29 million worth of AWT’s assets if the proposed refinancing deal was vetoed by shareholders10. As such, Venkataramana questioned if the deal would protect AWT’s interests, as it appeared that SI Infrastructure was only interested in AWT’s assets.