Axington, Loh cousins potentially in breach of listing rules over a share placement issue
But pursuing civil action would not be meaningful, says company board
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Sharanya Pillai
CATALIST-LISTED Axington Inc may have breached Catalist rules on corporate disclosures and internal controls over a placement announcement in 2020, according to an independent review released on Monday (Jun 27).
The company may also have potential claims against its former directors Marjory Loh and Michael Wong, and the Loh cousins of scandal-hit Bellagraph Nova Group, over breaches of duties, said the review by TSMP Law Corp.
However, commencing civil action against these individuals would not be meaningful or in the best interests of its minority shareholders, Axington’s board said in a Monday filing accompanying TSMP’s report.
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