1. The SGX-ST Listings Disciplinary Committee (“LDC”) reprimands Lin Wei Bin (“Lin”) for breaching SGX-ST Mainboard Rules 1014(1), 1014(2) and 719(1) in connection with the disposal of leases to moso bamboo plantations in Fujian Province, People’s Republic of China, (“Disposal”) previously held by Yamada Green Resources Limited (“Company”) and its subsidiaries.
2. Having regard to Mainboard Rule 1402(6)[1], Lin breached the aforementioned Mainboard Rules in 2017 by causing the Company to be in breach of such rules:
a. Mainboard Rule 1014(1) by failing to immediately announce the information relating to the Disposal required under Listing Rules 1010, 1011, 1012 and 1013, where applicable, after the terms of the Disposal had been agreed;
b. Mainboard Rule 1014(2) by failing to obtain shareholders’ approval prior to the completion of the Disposal, including issuing a circular containing the information in Listing Rule 1010 to all the Company’s shareholders; and
c. Mainboard Rule 719(1) by failing to have in place robust and effective systems of internal controls.
3. The LDC’s Grounds of Decision is found here: https://www.sgx.com/regulation/public-disciplinary-actions/sgx-st-listings-disciplinary-committee-reprimands-former-1
Note: The enforcement powers under which Lin Wei Bin was disciplined are part of the previous framework of enforcement in place for rule breaches that occurred from 7 October 2015 till 31 July 2021. From 1 August 2021, SGX RegCo will have the powers to issue a public reprimand and require an issuer to comply with specified conditions as part of an expansion of SGX RegCo’s enforcement powers. More information is here.
[1] Listing Rule 1402(6) provides that a Relevant Person is deemed to have contravened a Relevant Rule when a Relevant Person has caused another Relevant Person to omit to do an act which resulted in a breach of a Relevant Rule