SGX publicly reprimands Foreland Fabrictech

Singapore

SINGAPORE Exchange (SGX) in a Friday statement formally rebuked Foreland Fabrictech Holdings for failing to promptly announce a significant claim and putting in place a robust internal control to address financial, operational and compliance risks.

The public reprimand centred on 290 million yuan (S$60 million) paid as compensation by Foreland Fabrictech's unit Fulian to a customer, Jiangxi Longdu, for allegedly defective dyed textile.