Posted by Terence CHUA Tong Liang, Year 4 undergrad at the School of Accountancy, Singapore Management University
“SGX has been tyrannous in the use of its strength”, Yeak Wai Kong, one of China Sky’s former independent directors said in Court through his lawyer at the High Court in April 2012. He claimed that “SGX has clearly breached the rules of natural justice” by not giving him an opportunity to respond.
The court hearing took place just four months after SGX had taken China Sky to court for the first time in history for failing to comply with their regulation but withdrew their application dramatically a month later. The then chief executive of China Sky, Huang Zhong Xuan had said in minutes of a meeting released to the court stating that, “the company’s position was similar to that of a bullied child.” Continue reading