KUALA LUMPUR, July 31 — Securities Commission Malaysia (SC) has reprimanded Telent Outdoor (Hong Kong) Technology Co Ltd, a China-based sports equipment company and imposed a permanent moratorium on two of its directors for submitting false information.
In a filing to Bursa Malaysia today, SC said, the move marked the first time it has imposed a permanent moratorium against a person who has breached securities laws in Malaysia.
They are the company’s Executive Director, Hui Tang Tat, and his father, Managing Director, Hui Chi Keung. The two are Hong Kong citizens and are promoters of and substantial shareholders of Telent Outdoor.
“The permanent moratorium will bar the two from being a promoter and being involved in any submission for corporate proposals to SC, where they would emerge as a major shareholder of a listed company in Malaysia,” the SC said.
It said the sanction followed the finding that Telent Outdoor and its two promoters had submitted false or misleading information in an application to the commission for the listing of the company on the Main Market of Bursa Malaysia in 2014.
“SC commends the actions of the independent directors of Telent Outdoor for the unwavering discharge of their duties and responsibilities.
“The independent directors provided independent oversight on the investigations carried out by the advisers and also fully cooperated with the SC,” it said.
SC said their proactive actions were in line with what were expected of independent directors. — Bernama
