SGX publicly reprimands Foreland Fabrictech

Singapore

SINGAPORE Exchange (SGX) in a Friday statement formally rebuked Foreland Fabrictech Holdings for failing to promptly announce a significant claim and putting in place a robust internal control to address financial, operational and compliance risks.

The public reprimand centred on 290 million yuan (S$60 million) paid as compensation by Foreland Fabrictech's unit Fulian to a customer, Jiangxi Longdu, for allegedly defective dyed textile.

Findings from an independent review released by Foreland Fabrictech this May cast doubts on the settlement and accounting for Fulian's claim towards the purported def…