Kimly's former chairman, executive director plead guilty to disclosure gaps

KIMLY's 1D0 former executive chairman Lim Hee Liat and former executive director Chia Cher Khiang were fined S$150,000 and S$100,000 respectively by the State Courts on Wednesday (Feb 16).

Both were also disqualified from acting as directors for 5 years after pleading guilty to offences under the Securities and Futures Act. The offence was in relation to the company's failure to notify the Singapore Exchange that its 2018 acquisition of drinks company Asian Story Corporation (ASC) was an interested person transaction.

Lim was also charged under the Companies Act for failing to disclose - during or before the acquisition - that ASC was a company which was partially beneficially owned by him.