SGX reprimands ex-CEO of Raffles Infrastructure

Wu Xinhua was found to have caused the firm to disclose false information from 2015-2018.

The SGX-ST Listings Disciplinary Committee has issued a public reprimand to the former executive chairman and CEO of Raffles Infrastructure Holdings, Wu Xinhua for violations of mainboard rules.raffl

As a result, the disciplinary committee has prohibited Wu from being appointed or reappointed as a director or executive officer by any issuer in the next three years.

The committee said Wu has caused Raffles Infrastructure to disclose bank balances that were “non-factual, false and misleading” in the company’s disclosures and annual reports from November 2015 to August 2018.

Other false and misleading disclosures made by the company were its announcements from November 2015 to November 2017 about it receiving claims and making compensation therefor, as well as the fixed deposit account it said it held with the Agricultural Bank of China based on announcements from April 2015 to August 2018.

The committee also said Wu was the reason why Raffles Infrastructure did not have a robust and effective system of internal controls, addressing financial, operational and compliance risks.

“The maximum sanctions that the LDC is empowered to impose have been applied in light of the severity of the misrepresentations, which amounted to a deliberate fraud on the market, and the defendant’s lack of cooperation during investigations,” the notice read.

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