by LYDIA NATHAN
The Securities Commission Malaysia (SC) has reprimanded China-based sports equipment company Telent Outdoor (Hong Kong) Technology Co Ltd and imposed sanctions on two of its directors for submitting false information.
The directors, Hui Tang Tat and his father Hui Chi Keung, both Hong Kong nationals, are ED and MD of the company respectively.
The SC noted in a statement yesterday that Telent and the two promoters submitted false or misleading information in an application to the SC for the listing of the company on Bursa Malaysia in 2014.
“The permanent moratorium will bar the two from being a promoter and being involved in any submission for corporate proposals to the SC, where they would emerge as a major shareholder of a listed company in Malaysia,” the SC said.
It also commended the actions of the independent directors of Telent for fulfilling their duties and responsibilities.
“The independent directors provided independent oversight on the investigations carried out by the advisors and also fully cooperated with the SC. Their proactive actions are in line with what is expected of independent directors,” the statement said.
Telent was awaiting its listing on the Main Market in 2015 and was expecting an annual growth momentum of 20%30% to continue, supported by higher demand for its outdoor outfits.