On 16 December 2011, SGX-ST reprimanded China Sky Fibre Chemical Limited (“the Company”) and the directors of its Board for failing to comply with the SGX-ST’s directive pursuant to Listing Rule 704(14) to appoint a Special Auditor (the “Reprimand”). On 16 February 2012, the Commercial Affairs Department (“CAD”) announced that it has commenced investigation into potential breaches of the Securities and Futures Act, Cap. 289 ("SFA") by the Company and its directors. On 21 February 2012 Mr Yeap Wai Kwong, a former independent director of the Company, applied to the High Court and was granted permission to apply for a quashing order on SGX-ST’s Reprimand of him dated 16 December 2011.
Mr. Yeap has now made certain representations which had not previously been offered to the SGX-ST.
We have asked Mr. Yeap for further details on his role leading to the Reprimand. SGX-ST is prepared to review the Reprimand upon receiving the submission of new information.
We will also invite the other two former independent directors of China Sky to offer any new information, if available, for consideration.
For avoidance of doubt, SGX-ST’s action is independent of the CAD’s investigation and subsequent actions that may be taken against one or more of the directors pursuant to the investigation.