HKEX censored former independent non-executive director of Global Sweeteners Holdings Limited


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The Listing Committee of The Stock Exchange of Hong Kong Limited censured Mr Gao Yun Chun, a former independent non-executive director of Global Sweeteners Holdings Limited (Stock Code: 3889) for breaching his obligations under the Declaration and Undertaking with regard to Directors given to The Stock Exchange of Hong Kong Limited in the form set out in Appendix 5B to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The Listing Committee stated that Mr Gao’s conduct in this matter would be taken into account in assessing his suitability under Rule 3.09 of the Exchange Listing Rules in the event that he should wish to become a director of another issuer in the future.

For the avoidance of doubt, the Exchange confirmed that the above sanction applies only to Mr Gao and not to any other past or present members of the board of directors of the Company.

On 21 February 2017, the Listing Committee conducted a hearing into the conduct of Mr Gao in relation to his obligations under the Declaration and Undertaking.

Pursuant to his Declaration and Undertaking, Mr Gao was required to, amongst other things:

  • cooperate in any investigation conducted by the Listing Department and/or the Listing Committee, including answering promptly and openly any questions addressed to him; and
  • provide a complete and accurate correspondence address to the Exchange.

The Listing Department submitted that it failed to obtain Mr Gao’s cooperation in its investigation of possible breaches by Mr Gao of his Declaration and Undertaking, and the correspondence address provided by Mr Gao to the Exchange was incomplete and/or inaccurate.

The Listing Committee decided to censure Mr Gao for breach of his Declaration and Undertaking, and state that Mr Gao’s conduct in this matter would be taken into account in assessing his suitability under Rule 3.09 of the Exchange Listing Rules in the event that he should wish to become a director of another issuer in the future.

Read the complete report here.

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HKEX censored former independent non-executive director of Global Sweeteners Holdings Limited

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