The SGX-ST Listings Disciplinary Committee (LDC) has publicly reprimanded current and former directors of 8Telecom International Holdings AZG namely Liu Lu, Zhang Yuanyuan, Xiang Ying, Tiffany Gong Qian and Wang Zhejun for breaching listing rules.
As a result, the LDC has imposed an order prohibiting any issuer from appointing or reappointing Liu, Zhang and Xiang as a director or executive officer or both for a period of two years starting from Aug 4.
Additionally, Gong shall 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 of issuers whose securities are listed on the SGX Mainboard or Catalist for a period of one year starting from Aug 4.
According to the exchange, the board had failed to conduct the necessary due diligence as required to ensure the accuracy of information in the circular on its proposed issuance of 16 million new ordinary shares in relation to the true beneficial owners of its target companies, China Commodity Market and China Commodity Shopping Centre.
Aside from failing to disclose material information on the state of affairs of the target companies, the directors also failed to submit material information relating to the change in the shareholder of VOK Investment Holdings from Wang to Lan Zhihua for the exchange’s review and approval prior to the issuance of the final circular.
Lastly, the directors failed to submit material information relating to Zhang’s relationship with the target companies as well as her consequential abstention from giving a recommendation on the proposed acquisition and making the audit committee’s statements in relation to the target companies for the exchange’s review and approval prior to the issuance of the final circular.
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The company was placed under judicial management on Nov 29, 2019 pursuant to an order of the High Court of Singapore, which was discharged on May 27, 2022.
Shares in the company last traded on Sept 6, 2019 at 6.9 cents.
