SGX reprimands current and ex-directors of engineering firm over listing rules violations

The listing disciplinary committee (LDC) found four mainboard rules violations.

The SGX-ST LDC revealed that it found four mainboard rules violations committed by former and current directors of 8Telecom International Holdings.

In a statement, the bourse LDC said it imposed an order prohibiting any issuer from designating or reappointing Liu Lu, Zhang Yuanyuan and Xiang Ying as a director or executive officer, or both, for a period of two years starting from 4 August 2023.

Tiffany Gong Qian was ordered to provide a “signed written undertaking to the Exchange not to seek any directorship on the board of directors, or role as a key executive officer (as defined in the Listing Rules) of issuers whose securities are listed on the SGX Mainboard or Catalist for a period of one year starting from 4 August 2023.”

Here are the violations:

a.    Mainboard Rule 210(5)(a) read with Mainboard Rule 114(3), by failing to conduct the necessary due diligence as required of a director, to ensure the accuracy of the information in a circular to seek shareholders’ approval on the Company’s proposed issuance of shares in the capital of the Company (the “Circular”) submitted to the Exchange, in relation to the true beneficial owner of certain target companies;
b.    Mainboard Rule 1206(1), by failing to disclose in the Circular material information on the state of affairs of the target companies, to allow shareholders to make a properly informed decision on the acquisition of the target companies (“Proposed Acquisition”);
c.    Mainboard Rule 1204, by failing to submit material information relating to the change in a shareholder of VOK Investment Holdings Pte. Ltd. for the Exchange’s review and approval, prior to the issuance of the final Circular; and
d.    Mainboard Rule 1204, by failing to submit material information relating to Zhang Yuanyuan’s relationship with the target companies as well as her consequential abstention from giving a recommendation on the Proposed Acquisition and making the Audit Committee’s statements in relation to the target companies for the Exchange’s review and approval, prior to the issuance of the final Circular.

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