PETALING JAYA: Securities Commission Malaysia (SC) has reprimanded Telent Outdoor (Hong Kong) Technology Co Ltd and imposed a lifetime ban on two of its directors for submitting false information in an application for listing submitted in 2014.
In a statement yesterday, SC said the two directors are Hui Tang Tat and his father Hui Chi Keung, the executive director and the managing director of the China-based sports equipment company respectively.
A draft prospectus on the company was published on the SC’s website in December 2014. Details of the misleading information were not provided.
The two are permanently banned from being a promoter and being involved in any submission for corporate proposals to the SC, where they would emerge as a major shareholder of a listed company in Malaysia. The life ban is the first of such action the SC has taken against a person who breached securities laws here. The two individuals are from Hong Kong.
The 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,” it said.
Source: The Sun Daily