In addition to the public reprimand, SGX RegCo has issued an order preventing any issuer from appointing or re-appointing Sunrise’s former chairman, Wong Siu Fai, as a director, executive officer, or both for two years starting from Oct 18.
Companies were also prohibited from appointing or re-appointing Liang as a director, executive officer or both for one year, also from Oct 18.
On Sept 10, one of the company’s independent directors, Lim Tong Lee resigned with immediate effect. According to Sunrise’s filing, Lim left to “pursue other business interests and opportunities”. Lim has also stepped down from his roles as chairman of the nominating and remuneration committee and from his role as member of the audit committee.
Lim’s departure left Sunrise’s audit committee with less than the minimum regulatory requirement of three members. Sunrise added that it is “aware” of the rule’s requirements and will try to fill the vacancy within two to three months.
On March 1, Sunrise announced the resignation of its executive director and CEO Wira Boo Kuang Loon. Boo left with immediate effect; Tan Eng Eng was appointed to replace Boo as the company’s executive director and CEO.
Shares in Sunrise Shares closed flat at 2.5 cents on Oct 18.
