SC raps three China-based firms for breaching laws
KUALA LUMPUR: The Securities Commission rapped three China-based companies for various breaches of the securities laws and stated the retention of four directors were prejudicial to public interest.
The regulator said yesterday the three companies were China Stationery Ltd (CSL), Xingquan International Sports Holdings Ltd (Xingquan) and Maxwell International Holdings Bhd .
In a statement, the SC said the retention of office by four of the directors in these companies were prejudicial to public interest.
The four individuals are Chan Fung @ Kwan Wing Yin (Chan), executive chairman and CEO of CSL; Datuk Wu Qingquan, executive chairman and CEO of Xingquan; Wu Lianfa, executive director of Xingquan and Li Kwai Chun, a director of Maxwell.
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