SGX RegCo reprimands former Trek 2000 executives

Singapore

THE Singapore Exchange Regulation (SGX RegCo) has reprimanded the former chief executive officer (CEO) and former executive director of Trek 2000 International for breaches of the listing rules.

Singapore-listed companies are advised to consult SGX RegCo before appointing former executive chairman and CEO Henn Tan and former executive director Poo Teng Pin as directors or executive officers.

The decision was made following an inquiry and review of the company's past transactions, conducted by RSM Corporate Advisory.

The review concluded that agreements entered into by Trek 2000 with T-Data Systems (S) and S-Com Solutions (Hong Kong) were interested person transactions (IPTs).

Trek 2000 did not make the requisite disclosures on these IPTs nor did it seek independent shareholders' prior approval for them.

SGX RegCo noted that Mr Tan and Mr Poo pleaded guilty to negligently failing to make immediate announcements on IPTs.

RSM also noted that Trek 2000's management had not put in place guidelines, controls and review procedures for identifying interested persons and IPTs, as well as for valuing, approving and reporting IPTs.

SGX RegCo said that it is of the view that Mr Tan and Mr Poo had "failed to act in the interest of shareholders as a whole by failing to safeguard the interest of the company and shareholders".

Trek 2000 shares closed flat at S$0.132 on Wednesday.