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Foreland Fabrictech lodges complaint with CAD against former exec chairman

Wednesday, December 7, 2016 - 17:38

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CHINESE textile maker Foreland Fabrictech Holdings has followed up on a recent public reprimand from the Singapore Exchange (SGX) with its own action.

CHINESE textile maker Foreland Fabrictech Holdings has followed up on a recent public reprimand from the Singapore Exchange (SGX) with its own action.

The SGX had, on Nov 11, formally rebuked the company and its former executive chairman Tsoi Kin Chit for failing to promptly announce a significant claim and putting in place robust internal controls to address financial, operational and compliance risks.

Foreland's board announced on Wednesday that it has lodged a complaint with the Commercial Affairs Department (CAD) against Mr Tsoi, "in relation to possible breach(es) of securities laws or other offences arising from (SGX's) public reprimand".

It added that "the full extent of the possible breach of securities laws or other offences, or other potential breaches has yet to be determined" and that it will provide further updates as and when there are material developments.

sentifi.com

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