SC reprimands 3 China-based firms for breaching securities laws

KUALA LUMPUR: The Securities Commission Malaysia (SC) has reprimanded three China-based companies, all of which are currently undergoing suspension of share trading on Bursa Malaysia, for breaching various securities laws.

In a statement today, SC said the three companies were China Stationery Limited (CSL), Xingquan International Sports Holdings Limited and Maxwell International Holdings Bhd.

“The SC is also of the opinion that the retention of office by four of the directors in these companies are prejudicial to public interest,” the statement said.

The commission said the statement is made under Section 354(3)(f)(2) of the Capital Markets and Services Act 2007.

“The SC took into consideration, among others, the seriousness of the breaches committed by these individuals,” it said.

The four individuals are CSL executive chairman and CEO Chan Fung @ Kwan Wing Yin, Xingquan executive chairman and CEO Wu Qingquan, Xingquan executive director Wu Lianfa and Maxwell non-independent and non-executive director Li Kwai Chun.

The SC also reprimanded several individuals from the companies’ boards of directors and management.