SGX-ST Fully And Substantively Accorded Mr Yeap Wai Kong A Fair Hearing

The Singapore High Court has dismissed the application of Mr Yeap Wai Kong, a former director of China Sky Chemical Fibre Co Limited (China Sky), to quash the SGX-Securities Trading Limited’s (SGX-ST) public reprimand of him on 16 December 2011. The High Court found that the SGX-ST fully and substantively accorded Mr Yeap a fair hearing by giving him notice of its intention to reprimand, particulars of the case against him and full opportunities to be heard.

The High Court further held that an orderly transparent securities market is contingent on the timely and accurate disclosure of material corporate information, and that the failure on the part of China Sky to make disclosure as requested by the SGX-ST, despite the full knowledge and approval of all the directors, is troubling.

The SGX-ST reiterates that timely and accurate disclosure is necessary for investors to trade with confidence. Listed companies and their directors have the responsibility to see to it that there is proper disclosure and adherence to listing rules, failing which the SGX-ST will act in the best interests of investors and marketplace.

SGX-ST continues to look to China Sky and its directors to give proper disclosure and to appoint a Special Auditor without further delay.