SGX updates SIAS on China Sky case
By Millet Enriquez | Posted: 20 January 2012 2125 hrs

SINGAPORE: The Securities Investors Association (Singapore) met with officials from the Singapore Exchange (SGX) on Friday for updates on its case against China Sky Chemical Fibre - whose shares remain suspended.

Speaking to Channel NewsAsia, SIAS President and CEO David Gerald, said: "The basis for the suspension was that the company disobeyed the directive from SGX to appoint a special auditor.

"SGX went to enforce the order in court, but they withdrew the order. So the question I posed was that, is the basis still valid? And shouldn't the counter be not suspended?"

Mr Gerald said the SGX had responded by saying that it was "not the end of the matter" and that the process is still ongoing. He said SGX will also be looking for a solution expeditiously and has asked for investors to be patient.

Mr Gerald said the association is satisfied that there will be an outcome soon, but "we want to know whether the counter will continue to be suspended or will the suspension be lifted."

SIAS is also calling on China Sky to keep its shareholders informed on latest developments.

China Sky shares have been suspended since November. The SGX directed the company to appoint a special auditor to look into some of its financial transactions.

-CNA/ac