Com­mis­sion im­poses per­ma­nent mora­to­rium on two of its di­rec­tors for sub­mit­ting false in­for­ma­tion

New Straits Times - - Business / News -

THE Se­cu­ri­ties Com­mis­sion (SC) has rep­ri­manded China-based sports equip­ment com­pany Te­lent Out­door (Hong Kong) Tech­nol­ogy Co Ltd and im­posed a per­ma­nent mora­to­rium on two of its di­rec­tors for sub­mit­ting false in­for­ma­tion.

Hui Tang Tat and his father, Hui Chi Ke­ung, the ex­ec­u­tive di­rec­tor and manag­ing di­rec­tor of Te­lent, both Hong Kong cit­i­zens, are the pro­mot­ers and sub­stan­tial share­hold­ers in the com­pany.

“The per­ma­nent mora­to­rium will bar the two from be­ing pro­mot­ers and be­ing in­volved in any sub­mis­sion for cor­po­rate pro­pos­als to SC, where they would emerge as a ma­jor share­holder of a listed com­pany in Malaysia.

“SC’s sanc­tion fol­lows the find­ing that Te­lent and its two pro­mot­ers sub­mit­ted false or mis­lead­ing in­for­ma­tion in an ap­pli­ca­tion to SC for the list­ing of the com­pany on the Main Mar­ket of the Malaysian stock ex­change, Bursa Malaysia, in 2014,” said SC.

SC com­mended the ac­tions of the in­de­pen­dent di­rec­tors of Te­lent for the un­wa­ver­ing dis­charge of their du­ties and re­spon­si­bil­i­ties.

The in­de­pen­dent di­rec­tors pro­vided in­de­pen­dent over­sight on the in­ves­ti­ga­tions car­ried out by the ad­vis­ers and also fully co­op­er­ated with SC.

Their proac­tive ac­tions are in line with what is ex­pected of in­de­pen­dent di­rec­tors.

This is the first time SC has im­posed a per­ma­nent mora­to­rium against some­one for breach­ing the se­cu­ri­ties laws in Malaysia.

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