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S Korean authority fines China Gaoxian 2b won

Former chairman, CFO, underwriters also fined over 2011 KDR listing statement

Published Thu, Oct 3, 2013 · 10:00 PM

SCANDAL-HIT China Gaoxian Fibre Fabric Holdings might have resumed trading on the Singapore Exchange (SGX) but its past has returned to haunt it.

The China-based fabric maker announced yesterday that South Korea's financial regulatory authority, Financial Supervisory Services (FSS), has imposed fines on the company and its former executive chairman Cao Xiangbin over irregularities relating to the listing of Korean Depositary Receipts (KDRs) in 2011.

Both were also referred to the prosecution in South Korea.

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