17.02.2012
Mainboard-listed China Sky Chemical Fibre, which has clashed
repeatedly with the Singapore Exchange (SGX) over the appointment of a special
auditor, is under investigation for possible breaches of the country's
financial laws.
The Monetary Authority of Singapore (MAS) said in a joint statement with the Singapore Police Force yesterday that it received a report from the SGX detailing potential breaches of the Securities and Futures Act by China Sky.
The MAS has referred the case to the Commercial Affairs Department (CAD), "which is currently investigating the matter".
This is the latest twist to the saga surrounding the Chinese nylon-fibre maker.
Last month, the SGX withdrew an application to the High Court to force China Sky to hire a special auditor to probe into its financial dealings.
Market watchers said this latest announcement comes as a surprise. Investors had been expecting the SGX and China Sky to return to the discussion table after the suit was dropped. This latest development will further heighten the anxiety of shareholders, the Securities Investors Association of Singapore said.
No details were given on the case, but lawyers said the CAD could be looking into possible violations under Sections 203 and 204 of the Securities and Futures Act.
The Monetary Authority of Singapore (MAS) said in a joint statement with the Singapore Police Force yesterday that it received a report from the SGX detailing potential breaches of the Securities and Futures Act by China Sky.
The MAS has referred the case to the Commercial Affairs Department (CAD), "which is currently investigating the matter".
This is the latest twist to the saga surrounding the Chinese nylon-fibre maker.
Last month, the SGX withdrew an application to the High Court to force China Sky to hire a special auditor to probe into its financial dealings.
Market watchers said this latest announcement comes as a surprise. Investors had been expecting the SGX and China Sky to return to the discussion table after the suit was dropped. This latest development will further heighten the anxiety of shareholders, the Securities Investors Association of Singapore said.
No details were given on the case, but lawyers said the CAD could be looking into possible violations under Sections 203 and 204 of the Securities and Futures Act.
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