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SGX RegCo puts 53 directors, execs on watchlist

They have either been reprimanded by SGX or did not extend 'the necessary cooperation' to the exchange

Singapore

THE Singapore Exchange's regulation unit has put out a watchlist of 53 directors and executive officers whom companies cannot appoint on boards or as senior management without its approval.

The individuals on SGX RegCo's watchlist include the top people from companies that have dogged the headlines such as China Sky Chemical Fibre, Midas Holdings and Trek 2000 International. Among them are Chen Wei Ping and Ma Ming Zhang from Midas, and Trek 2000's Henn Tan.

The directors and executive officers on the list have either been reprimanded by SGX or, in its opinion, did not extend "the necessary cooperation" to the exchange.

The regulator said directors and executive officers "who do not possess the character and integrity expected of their office pose potential risks (reputational, compliance or otherwise) to companies".

"Issuers who intend to appoint any of these watchlist individuals as directors or executive officers must seek the views and guidance of SGX before the proposed appointment," the exchange said on its website. More information can be found on www.sgx.com/wps/portal/sgxweb/home/regulation/consult_pub/director_watchlist

Investigations into mainboard-listed Midas are still ongoing, with SGX saying recently that the probe into the scandal-hit railway parts maker has widened to include authorities in China and Hong Kong.

Watchlist

Trading in Midas shares has been suspended since Feb 9 after several litigations, enforcement orders and court documents involving various subsidiaries and associate companies based in China were uncovered. The firm said then that sums of money and shares in subsidiaries had been frozen by Chinese courts.

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