SGX raps Xpress Holdings for breaching disclosure rules

Its ex-CEO was also warned.

Singapore Exchange has warned Xpress Holdings and its ex-CEO Fong Kah Kuen for not making immediate disclosure of two winding-up applications filed against the company and its subsidiary.

SGX’s investigations found that Xpress announced on 23 July 2014 a winding-up application against it by a creditor, which was received on 3 July 2014.

Xpress concurrently announced a second winding-up application, against its subsidiary which was received on 8 July 2014.

In both cases, the announcement was made more than two weeks after the receipt of the respective notices by the management of Xpress.

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