SGX reprimands Tee International and former Group CEO for breaching listing rules

The company breached three listing rules.

The SGX-ST Listings Disciplinary Committee (LDC) has reprimanded Tee International and its former Group CEO and Managing Director Phua Boon Kin Eric for violating three Mainboard rules.

According to SGX, Tee International failed to “disclose a claim served on the company’s wholly-owned subsidiary, Trans Equatorial Engineering (Trans Equatorial), by Fuji SMBE Technology on or about 2 December 2020, for the outstanding sum of $2.7m, representing approximately 13.9% and 14.1% of the group’s net asset value (NAV) and cash equivalent balance (CCE), respectively, that disclosure being necessary to avoid the establishment of a false market.”

The company also failed to disclose “two claims served on Trans Equatorial by Power-Link Engineering Pte. Ltd. on or about 16 December 2020, for the total sum of $5.12m representing approximately 26.6% and 26.8% of the group’s NAV and CCE, respectively, that disclosure being necessary to avoid the establishment of a false market.”

Tee International also breached Mainboard Rule 719(1) for “failing to have in place adequate and effective systems of internal controls and risk management systems to monitor the claims received by the Group and escalate such matters to the Board for timely disclosure. “

Meanwhile, Phua will need to provide LDC with a signed written undertaking to the SGX stating that we will not 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 Mainboard or Catalist for two years starting from 11 December 2023.

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