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Yeap Wai Kong calls it an affront to common sense, sticks to court action
By LYNETTE KHOO
27 February 2012
A former China Sky independent director (ID) has dismissed an apparent Singapore Exchange (SGX) offer to settle his grievance out of court, calling it an affront to common sense.
Yeap Wai Kong, who has applied to the courts to overturn a public reprimand issued against him by SGX, said yesterday that he ‘shall continue to seek redress against the Singapore Exchange’.
The High Court will hear his judicial review application for a quashing order on SGX’s public reprimand against him on March 26.
Mr Yeap issued a press release yesterday in response to SGX’s offer to review its reprimand if he can provide new information to show why he should not have been reprimanded.
This statement from SGX on Feb 22 essentially provides an avenue for Mr Yeap to address his issue with SGX without going through the courts.
‘The 22 February announcement seems to suggest that I should bear the onus of substantiating why I ought not to be publicly reprimanded after SGX has already publicly reprimanded me without giving me an opportunity to be heard. Common sense is affronted upon the utterance of such a proposition,’ Mr Yeap said. ‘Even a court would have to give an accused an opportunity to be heard and a fair hearing before the court is entitled to sentence the accused.’
When contacted, SGX told BT that its offer to Mr Yeap was ‘genuine and sincere’.
‘SGX is interested in the correct outcomes which depends on having accurate and complete information. It was the necessity of having accurate and complete information that originally compelled SGX to direct China Sky to appoint a special auditor,’ its spokesman said. ‘SGX will not discuss the court proceedings or rehearse arguments in the public. We have not done so hitherto and intend to wait for the hearing in court.’
The exchange had on Nov 16 directed China Sky to appoint a special auditor to probe certain transactions. But continued defiance by the S-chip to do so prompted SGX to issue a public reprimand against China Sky and its directors on Dec 16.
According to Mr Yeap, he wrote to SGX on Jan 9 to ask the exchange to publicly withdraw the public reprimand against him and tender an open and unqualified apology.
But SGX replied in a letter that it would not accede to his demand or address his feedback.
The High Court has since granted Mr Yeap permission to proceed with his application for a quashing order on SGX’s reprimand against him after closed- door hearings.
SGX then issued a statement on Feb 22, saying that Mr Yeap has ‘made certain representations which had not previously been offered’ and that the exchange is prepared to review the reprimand when it receives the new information. It also extended the same offer to the other two former IDs, Er Kwong Wah and Lai Seng Kwoon.
Mr Yeap maintained yesterday that the rules of natural justice would have required SGX to properly notify him of the imminent public reprimand and a chance for him to respond to it.
‘By not having done so, SGX has clearly breached the rules of natural justice,’ said Mr Yeap, who is also co-founder of corporate advisory group Atom Capital and independent director at Foreland Fabrictech.
He also alleged that SGX’s statement on Feb 22 was ‘misleading’ as he had not provided new information during the chambers hearing but relied on public information released thro- ugh announcements by China Sky.
‘The adverse publicity generated by the public reprimand has affected me as well as my family. If not dealt with, the public reprimand would constitute a permanent blemish on my record.’