Singapore Exchange Reprimands Sunrise Shares Former CEO, Chairman; Shares Drop 8%

MT Newswires10-21

The Singapore Exchange has reprimanded Sunrise Shares Holdings' (SGX:581) former chief executive officer, Liang Yongdong, former chairman, Wong Siu Fai, as well as three directors for breaching certain Catalist rules.

Additionally, the regulator has prohibited the company from appointing the duo in any executive role for two years, a filing with the Singapore Exchange said on Friday.

SGX said the company has failed to meet the criteria of enacting effective internal controls for its financial, operational, compliance and information technology workflows.

Moreover, the company report inaccurate results for the first half of 2022, stating a net profit instead of a net loss, the filing added.

Shares of the company crashed over 8% in recent trading.

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