SGX blacklist directors - most are VETTED FTrash!

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<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt_89 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>9:56 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 4) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>31715.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Apr 14, 2010

10 ex-directors on SGX black list

'Name and shame' roll for violators of listing rules lauded for trying to raise accountability

<!-- by line -->By Dickson Li
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<!--background story, collapse if none-->List of errant individuals

WANG YUEAN
Oriental Century
Former executive chairman and CEO

TAO SHOULONG
China Printing and Dyeing Holding
Former executive director and CEO

WANG JIA
Automated Touchstone Machines
Former executive chairman, CEO and director

YUAN WEIDONG
Automated Touchstone Machines
Former executive director (manufacturing)

YIN WENJUN
Automated Touchstone Machines
Former executive director (marketing)
YAN QI
China Printing and Dyeing Holding
Former executive director and deputy CEO
VINCENT TAN HIAN CHONG
Advance Modules Group
Former managing director
LOW SHIONG JIN
Oculus
Former executive director
ROGER KOH YEOW LAY
Advance Modules Group
Former executive director and chief financial officer
SONG ZHIXING
Zhongguo Jilong
Former managing director


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http://www.straitstimes.com/Money/Story/STIStory_514231.html
TEN errant former company directors have been named and shamed by Singapore Exchange for breaching listing rules.
The individuals were directors at firms that have hit the headlines in recent years over a series of corporate scandals. They include Oriental Century, China Printing and Dyeing Holding, Oculus, Advance Modules Group, Automated Touchstone Machines and Zhongguo Jilong.
Those named in the list published yesterday are prohibited from being appointed a director, or part of the management, of a Singapore-listed company without the approval of SGX.
Mr Robson Lee, a partner at Shooklin & Bok, has welcomed the SGX initiative, saying: 'This action underscores the responsibility on directors to be publicly accountable for any material breach on the listing rules... (and will) strengthen corporate governance and effective regulation of the capital market.'
Mr Lee said SGX's move is more pre-emptive than the Companies Act, which bars those convicted of fraud or dishonesty from becoming a company director, either local or foreign.
'To rely on a disqualification order to be made by the court against an errant director would require a criminal conviction to be secured.
'This would be a fairly lengthy process, assuming in the first place that the person could be formally charged in a court of law and that he is still under the jurisdiction of the Singapore Courts,' Mr Lee said.
Retail investor Mano Sabnani pointed out that the SGX was 'not saying that they've done anything criminally wrong, but is just using its discretion to say that they violated listing rules'.
Although S-chip Oriental Century's Wang Yuean has yet to be convicted in a court of law, the SGX has found him wanting for failing to disclose material information on a timely basis, not submitting accurate information, and not acting in the interest of the company's shareholders.
The former chairman and chief executive admitted in March last year that he had 'inflated sales and cash balances'.
Stamford Law Corporation director Bernard Lui said that for foreign companies like Oriental Century, there is the issue of enforcing Singapore company and fraud laws on corporations or nationals based overseas, which 'has always been a difficulty'.
The punitive effect on most of the 10 former directors is likely to be limited, given that they are not expected to be in a position to assume directorships. The directors of China Printing - husband and wife Tao Shoulong and Yan Qi - for instance, were arrested by the Chinese authorities in November 2008.
The former executive director of Oculus, Mr Low Shiong Jin, was informed by the SGX over the phone yesterday that he had been placed on the list, but he said he has no directorship aspirations.
'I don't think any listed company will want to appoint me as director,' he said.
He also said the measures taken against the former directors are 'fair' and 'necessary'.

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