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In a dramatic show of defiance, China Sky Chemical Fibre has come out swinging in a strongly worded defence against a Singapore Exchange (SGX) reprimand over its failure to get a special auditor.
The mainboard-listed, China-based company last night released a string of exchanges with the SGX, and levelled accusations against the bourse operator, with whom relations have sunk to a new low.
It said the reprimand, issued last week, was 'unwarranted, issued without any merit and clearly showed a total disregard of the interest of the shareholders'.
China Sky added that its shares, suspended from trading since last month, will resume trading today.
Among the released documents was a letter from China Sky's lawyers to SGX deputy chief regulatory officer Richard Teng, complaining about his conduct during a phone call with China Sky chief executive Huang Zhong Xuan.
Mr Teng allegedly told Mr Huang that China Sky would be 'punished' for its 'disobedience' unless it complied with the SGX directive. The letter also said that when Mr Teng was asked about the details of the threatened punishment, he refused to elaborate, but continued to repeat the threat to Mr Huang. Mr Teng had expressed surprise that China Sky had not immediately complied with the directive 'like all the other (Chinese) companies', added the letter.
Mr Teng is also alleged to have said the company's lawyers, Asia Ascent Law Corp, were not qualified to act as legal counsel and criticised their failure to advise it to comply with the directive.
Before joining the SGX, Mr Teng was director of the corporate finance division at the Monetary Authority of Singapore, and was also secretary to the Securities Industry Council at the same time.
The mainboard-listed, China-based company last night released a string of exchanges with the SGX, and levelled accusations against the bourse operator, with whom relations have sunk to a new low.
It said the reprimand, issued last week, was 'unwarranted, issued without any merit and clearly showed a total disregard of the interest of the shareholders'.
China Sky added that its shares, suspended from trading since last month, will resume trading today.
Among the released documents was a letter from China Sky's lawyers to SGX deputy chief regulatory officer Richard Teng, complaining about his conduct during a phone call with China Sky chief executive Huang Zhong Xuan.
Mr Teng allegedly told Mr Huang that China Sky would be 'punished' for its 'disobedience' unless it complied with the SGX directive. The letter also said that when Mr Teng was asked about the details of the threatened punishment, he refused to elaborate, but continued to repeat the threat to Mr Huang. Mr Teng had expressed surprise that China Sky had not immediately complied with the directive 'like all the other (Chinese) companies', added the letter.
Mr Teng is also alleged to have said the company's lawyers, Asia Ascent Law Corp, were not qualified to act as legal counsel and criticised their failure to advise it to comply with the directive.
Before joining the SGX, Mr Teng was director of the corporate finance division at the Monetary Authority of Singapore, and was also secretary to the Securities Industry Council at the same time.
