SGX files complaint in China for first time against an S-chip boss

Singapore

FOR the first time, Singapore Exchange (SGX) has filed complaints with the authorities in China against the head honcho of an S-chip, in a move that could suggest a growing willingness and ability to take to task offenders based overseas.

Though the outcome is not yet known, market watchers suggest SGX has done this likely because it has some indication that the Chinese authorities may be willing to respond.

The exchange has made a complaint against Wu Xinhua, executive chairman and chief executive officer of China Fibretech, "in relation to several alleged offences under the Chinese Penal Code", it said in a bourse filing on Thursday evening.

Mr Wu founded China Fibretech and has been on its board since July 2007, according to the company's website. The S-chip, a fabric dyer listed on the mainboard, has had its stock s…