Ex-CEO of China Sky to pay civil penalty, give up 10% of his shares

Singapore

FORMER chief executive of beleaguered China Sky Chemical Fibre, Huang Zhong Xuan, will pay a civil penalty of S$2.5 million and surrender 10 per cent of his shareholding in China Sky under a settlement agreement with the Monetary Authority of Singapore (MAS).

The civil penalty was meted out after he admitted to making misleading public disclosures and failing to make the required disclosures to the market, thereby breaching the Securities and Futures Act (SFA), the MAS said on Thursday.

The S$2.5 million penalty will be paid from the US$3.7 million in his Singapore bank acc…