SGX reprimands Chinese firm for breaching rules

This is said to be the latest in a series of scandals to hit Chinese companies listed on overseas exchanges.

A Reuters report said Singapore Exchange has reprimanded Chinese multimedia firm KXD Digital Entertainment and its former chairman and CEO for breaching a string of listing rules.

“SGX said breaches uncovered by auditor Stone Forest Corporate Advisory included KXD failing to announce that it had ceased all of its business operations and turned into a cash company. It had also not disclosed that Koninklijke Philips Electronics N.V. had filed and won by default a number of lawsuits against them in 2007-2008,” said the report.

Liu Fusheng, chairman and CEO of KXD since its listing on the SGX in 2003, resigned from his positions in 2010.

View the full report here.