Date: March 29, 2017
SIAS applauds the action by SGX to file a complaint with China authorities against Wu Xinhua, Executive Chairman and CEO of China Fibretech Ltd, with respect to several alleged offences under the Chinese Penal Code.
Officers of foreign listings on SGX must know that if they commit offenses causing interference with investments of our minority shareholders. Singapore authorities will be pursuing them no matter where they are. We hope that the Chinese authorities will take firm action on the complaints by SGX. This is in the interest of the shareholders of the company, who expect justice to be done.
As this is a criminal action, it is not an assurance that shareholders can recover their lost investments. SIAS will also explore how to help minority shareholders who are in similar predicament.
David Gerald
Founder, President & CEO
Securities Investors Association (Singapore)
