> The Company and each of its Directors wish to inform its shareholders that it/he maintains that
the Reprimand was wholly unjustifiable and issued without any merit. The Company and the
Directors are in the midst of reviewing SGX’s allegations as set out in the Reprimand. The
Company shall revert with a response in due course.
By Order of the Board
Huang Zhong Xuan
Chief Executive Officer and Executive Director
19 December 2011
China Sky either complies or .... what will happen if it doesn't?
Mid-term, this company is surely going to de-list and go to HK, for sure. Unless they can't find the money to privatise.
>> "The Exchange has consulted the Monetary Authority of Singapore. The Exchange hereby orders the Company to cease all non-compliance by 5 January 2012 and appoint a Special Auditor, acceptable to the Exchange, on an immediate basis and without further delay. The date of 5 January 2012 is final.”
The Singaporean team of independent directors have quit en masse! er kwong way, lai and yeap -- and the company secretary too! Are the Chinamen chairman & his management dragging the company down by being defiant against the SGX?
Can the IDs resign voluntarily under such circumstances. Guess SGX will never allow delisting for being defiance. And HKSE will also not admit such company. The shares may be indefinitely suspended, unless company complies.
Another big surprise! CEO has resigned, citing 'personal health reasons" -- which I don't believe. This is the result of in-fighting, especially when there were board members who disagreed with the CEO over the Special Audit.
CFO resigned! After 3 IDs resigned and then CEO resigned.
CFO cited reason : "Resignation of directors resulting in the lack of leadership, guidance and support from Chief Executive Officer and independent directors."
Shame that the CFO, Hui San Wing, is walking out for that reason. I don't think he should abandon ship, just like that.
This company is falling apart real fast. SGX couldn't have inflicted more pain without doing anything.
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