.jpg)
1. The SGX-ST Listings Disciplinary Committee (“LDC”) reprimands Tee International Limited (the “Company” and together with its subsidiaries, the “Group”) and its former Group CEO and Managing Director Phua Boon Kin Eric (“Phua”) for breaching the following Mainboard Rules:
a. Mainboard Rule 703(1)(a) by failing to disclose a claim served on the Company’s wholly-owned subsidiary, Trans Equatorial Engineering Pte. Ltd. (“Trans Equatorial”), by Fuji SMBE Technology Pte. Ltd. on or about 2 December 2020, for the outstanding sum of S$2,694,000, representing approximately 13.9% and 14.1% of the Group’s net asset value (“NAV”) and cash equivalent balance (“CCE”), respectively, that disclosure being necessary to avoid the establishment of a false market;
b. Mainboard Rule 703(1)(a) by failing to disclose two claims served on Trans Equatorial by Power-Link Engineering Pte. Ltd. on or about 16 December 2020, for the total sum of S$5,115,127.51, representing approximately 26.6% and 26.8% of the Group’s NAV and CCE, respectively, that disclosure being necessary to avoid the establishment of a false market; and
c. Mainboard Rule 719(1) by failing to have in place adequate and effective systems of internal controls and risk management systems to monitor the claims received by the Group and escalate such matters to the Board for timely disclosure.
2. In addition, the LDC has required Phua to provide a signed written undertaking to the Exchange not to seek any directorship on the board of directors, or role as a key executive officer (as defined in the Listing Rules), of issuers whose securities are listed on the SGX Mainboard or Catalist for a period of two years starting from 11 December 2023.
3. The LDC’s Grounds of Decision can be found here.
