Securities Commission Malaysia (SC) has reprimanded a China-based sports equipment company, Telent Outdoor (Hong Kong) Technology Co. Ltd (Telent), and imposed a permanent moratorium on two of its directors for submitting false information.
Hui Tang Tat and his father, Hui Chi Keung, are the Executive Director and Managing Director of Telent respectively. The individuals, both Hong Kong citizens, are the promoters of, and substantial shareholders in, the company.
The permanent moratorium will bar the two from being a promoter and being involved in any submission for corporate proposals to SC, where they would emerge as a major shareholder of a listed company in Malaysia.
SC’s sanction follows the finding that Telent and its two promoters submitted false or misleading information in an application to SC for the listing of the company on the Main Market of the Malaysian Stock Exchange, Bursa Malaysia, in 2014.
SC commends the actions of the independent directors of Telent for the unwavering discharge of their duties and responsibilities. The independent directors provided independent oversight on the investigations carried out by the advisers and also fully cooperated with SC. Their proactive actions are in line with what is expected of independent directors.
This is the first time SC has imposed a permanent moratorium against a person who has breached the securities laws in Malaysia.