Ex-CEO of A-Smart charged with breaching disclosure obligations

Benjamin Cher

Published Fri, Jan 27, 2023 · 05:38 PM

THE former chief executive officer (CEO) of Xpress Holdings, now known as A-Smart Holdings, has been charged with 15 counts of breaching the disclosure obligations of a CEO or director and substantial shareholder under the Securities and Futures Act.

If convicted, Fong Kah Kuen will face imprisonment for a term not exceeding two years, or a fine not exceeding S$250,000 on each charge, or both.

Fong as CEO of Xpress, allegedly furnished inaccurate information to the company about his direct and deemed interest in Xpress shares on three occasions between Oct 31, 2013, and Jul 29, 2014.

Separately, on Nov 6, 2013, he allegedly failed to give notice to Xpress within two business days that he had ceased to be a substantial shareholder.

On 11 occasions between May 19, 2014 and Jun 5, 2015, he (in his capacity as CEO or director) allegedly failed to give notice to the company within two business days of changes in his direct deemed interest in Xpress shares. These changes arose from the disposal of Xpress shares under his personal trading account and those held by an entity owned by him.

A-Smart also broke listing rules in July 2014, when Fong was CEO. He failed to disclose creditors’ winding-up applications in a timely fashion. A-Smart and Fong received warnings from the Singapore Exchange for that breach.