SGX reprimands Y Ventures, ex-CFO, current and former directors over rule breaches

THE Listings Disciplinary Committee (LDC) of the Singapore Exchange (SGX) has reprimanded Catalist-listed Y Ventures, its former chief financial officer (CFO), as well as current and former directors of the company for breaching or causing the company to breach Catalist rules.

In a statement on Friday (Oct 20), SGX said Y Ventures released its unaudited financial statements for the half-year ended Jun 30, 2018, which “contained material errors and/or omissions and were thus inaccurate and non-factual”. In doing so, it breached a Catalist rule.

Former CFO Chin Ngai Sung was reprimanded for causing the company to breach the rule. The LDC has required Chin to sign a written undertaking to not seek any directorship on the board of directors, or role as a key executive officer of SGX-listed issuers for two years starting from Sep 22.

Y Ventures also breached rules as it failed to promptly disclose that its original results were false and misleading; this was material information known to the company and was necessary to avoid the establishment of a false market in the company’s securities.

The company also did not have a robust and effective system of internal controls, addressing financial, operational and compliance risks.

The LDC also reprimanded the board of directors of the company at the material time for causing the company to breach the rules.

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The individuals reprimanded are: chief executive officer and executive director Low Yik Jin; then-managing director Low Yik Sen; lead independent director Edward Tiong Yung Suh; former independent director Wong Sok Mei; independent director Ng Tiong Gee; and former non-executive director Benjamin Twoon Wai Mun.

Shares of Y Ventures closed unchanged on Friday at S$0.022, before the announcement.