The Board stands by its statement issued on 16 April 2007 affirming its full confidence in the integrity of Mr Hsieh Fu Hua as the CEO of SGX.
While the Board is satisfied that no conflicts of interest have arisen, the Board is mindful of the need to allay the concerns of market participants over the relationship of Mr Hsieh with PrimeFounders Inc ("PFI") and of the public comments made by its regulator, MAS, on the importance of managing such perceptions.
The Board has accordingly decided to accept Mr Hsieh's offer to resign from his position as a non-executive director of PFI and to make arrangements for his financial interest in PFI to be assigned to a trust. The resignation will take immediate effect.
By Order of the BoardJoyce Fong Foong Chao
Company Secretary
