Hsieh failed miserably for being too lax with Chinese firms listings, but now he is made a "special advisor" to Ho Ching. Good luck to our reserves :(
http://business.timesonline.co.uk/t...ectors/banking_and_finance/article7096918.ece
April 14, 2010
Singapore reveals blacklist of rogue directors
The Singapore Exchange has distributed a blacklist of ten former company directors who “failed to act in the interests of shareholders” and warned listed companies to reconsider before hiring them.
The list includes a notorious husband and wife partnership who ran China Printing and Dyeing but vanished completely after the firm collapsed, ruining many shareholders.
Singapore’s bourse has highlighted the “unacceptable” behaviour of executives before, but never so many at one time or in so deliberate a way.
Only one of the companies involved is Singaporean in origin — most are Chinese.
The move by the Singapore Exchange comes as Asian bourses try to attract more foreign listings while presenting themselves as no-nonsense regulators. That double-act has been especially tricky to maintain in Hong Kong, which is still dealing with the fallout from Hontex, a company alleged to have “materially overstated” its financial status when it sold shares to investors last December.
At the same time, the Hong Kong exchange is eager to remain at the top of the list of IPO destinations for foreign firms — a position that may be challenged as the Shanghai exchange opens to non-Chinese listings. The Hong Kong exchange drew criticism for its decision to allow the listing of UC Rusal, despite the company’s failure to meet several of the exchange’s listing requirements.
The ten names on the Singapore blacklist include executives from Oriental Century, Advance Modules, Zhongguo Jilong and Automated Touchstone machines. In the case of both Oriental Century and Automated Touchstone, the executives identified as being in breach of listing rules include the two companies’ former chief executives.
These executives, said the exchange, had not demonstrated the qualities expected of a director. Any listed company seeking to hire any of these men would have to gain special permission to do so.
The firms involved have, at various times, become embroiled in a range of financial scandals. In all cases, the exchange accused the disgraced directors of failing to supply the market with relevant information.
http://business.timesonline.co.uk/t...ectors/banking_and_finance/article7096918.ece
April 14, 2010
Singapore reveals blacklist of rogue directors
The Singapore Exchange has distributed a blacklist of ten former company directors who “failed to act in the interests of shareholders” and warned listed companies to reconsider before hiring them.
The list includes a notorious husband and wife partnership who ran China Printing and Dyeing but vanished completely after the firm collapsed, ruining many shareholders.
Singapore’s bourse has highlighted the “unacceptable” behaviour of executives before, but never so many at one time or in so deliberate a way.
Only one of the companies involved is Singaporean in origin — most are Chinese.
The move by the Singapore Exchange comes as Asian bourses try to attract more foreign listings while presenting themselves as no-nonsense regulators. That double-act has been especially tricky to maintain in Hong Kong, which is still dealing with the fallout from Hontex, a company alleged to have “materially overstated” its financial status when it sold shares to investors last December.
At the same time, the Hong Kong exchange is eager to remain at the top of the list of IPO destinations for foreign firms — a position that may be challenged as the Shanghai exchange opens to non-Chinese listings. The Hong Kong exchange drew criticism for its decision to allow the listing of UC Rusal, despite the company’s failure to meet several of the exchange’s listing requirements.
The ten names on the Singapore blacklist include executives from Oriental Century, Advance Modules, Zhongguo Jilong and Automated Touchstone machines. In the case of both Oriental Century and Automated Touchstone, the executives identified as being in breach of listing rules include the two companies’ former chief executives.
These executives, said the exchange, had not demonstrated the qualities expected of a director. Any listed company seeking to hire any of these men would have to gain special permission to do so.
The firms involved have, at various times, become embroiled in a range of financial scandals. In all cases, the exchange accused the disgraced directors of failing to supply the market with relevant information.
