I REFER to the report "Xpress and its former chairman broke listing rules in 2014: SGX" (BT, May 22).

It is good that Singapore Exchange has taken some form of enforcement action by issuing warnings to the company and the former chairman for the tardy disclosures in relation to creditors' winding-up applications. The enforcement action is for a breach of Listing Rule 704(20), which specifically requires such information to be disclosed. However, this may not be the end of the problems for the company.

Section 203 of the Securities and Futures Act (SFA) imposes liability for breaches of the continuous disclosure requirement in the listing rules, if the breach is intentional, reckless or due to negligence.