The Hong Kong Stock Exchange has issued a declaration of director unfitness and a reprimand against former executive director Huang Weiping of China Metal Resources Utilization Limited (CMRU). The investigation, conducted by the Listing Division, examined whether Huang Weiping had fulfilled his director duties under the Listing Rules. As part of this investigation, the Listing Division sent inquiry and reminder letters to Huang. Although Huang was aware of the ongoing investigation, he did not respond to the queries. A declaration of director unfitness indicates that the Exchange considers the individual unsuitable to serve as a director or in a senior management role at the company or any of its subsidiaries. According to Listing Rules 3.09C and 3.20, a director has a duty to (i) cooperate with any investigation conducted by the Listing Division and/or the Listing Committee; (ii) respond promptly and frankly to any questions posed; and (iii) provide the Exchange with updated contact details within three years of ceasing to be a director. Failure to do so means any documents/notices sent to the last known address on record are deemed to have been served on the director. The Listing Division's investigation included an assessment of whether the director had fulfilled his duties and responsibilities under the Listing Rules, leading to the issuance of the inquiry and reminder letters. The director, aware of the investigation, failed to respond. The Listing Committee ruled that the director's failure to cooperate with the investigation constituted a breach of the Listing Rules. Furthermore, the failure to fulfill responsibilities under the Listing Rules was deemed a serious dereliction of duty.
Comments