In addition to the public reprimand, SGX RegCo has issued an order preventing any issuer from appointing or re-appointing Sunrise’s former chairman, Wong Siu Fai, as a director, executive officer, or both for two years starting from Oct 18.
Singapore Exchange Regulation (SGX RegCo) has issued a public reprimand to the former directors and CEO of Sunrise Shares Holdings (SGX:581
) on Oct 18. The directors, Wong Siu Fai, Zheng Aimin, Tang An and Wang Ziquan and Liang Yongdong, the company’s former CEO, were rebuked for breaching Catalist rules 719(1) and 703(4)(a).
Rule 719(1) led the company to fail to have adequate and effective systems of internal controls that include financial, operational, compliance and information technology controls and risk management systems while Rule 703(4)(a) led to the company reporting factually inaccurate results. On Aug 15, 2022, Sunrise reported a profit after tax of $205,000 for the 1HFY2022 ended June 30, 2022 even though it was actually in a net loss position of $890,000. The company had made two reporting errors that led to the mistake in its bottom line.
