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Stock Exchange Censures Chairman of KWG GROUP/ 5 Other Current Directors/ Former Company Secretary
Recommend 1 Positive 2 Negative 3 |
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The Stock Exchange issued a statement of disciplinary action censuring Kong Jianmin, executive director (ED), chairman and former authorised representative of KWG GROUP (01813.HK); Kong Jiantao, ED and chief executive officer; Kong Jiannan, ED; Cai Fengjia, ED; Tam Chun Fai, Independent non-executive director (INED) and chairman of the Audit Committee; Patrick Law, INED and member of the Audit Committee; and Chan Kin Wai, former company secretary and authorised representative. The Stock Exchange further directed each of the Relevant Directors and Chan to attend 18 hours of training on regulatory and legal topics and Listing Rule compliance within 90 days. This case concerns the Company's prolonged delay in dispatching an information circular for two major transactions, and persistent failure to respond to the Stock Exchange's enquiries within the time limit imposed. The Relevant Directors did not exercise reasonable skill, care and diligence in the discharge of their directors' duties, and did not use their best endeavours to procure the Company's compliance with the Listing Rules. AAStocks Financial News Website: www.aastocks.com |
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