Regal Partners' (HKG:1575) former executive director Shen Zhidong has been subjected to a Prejudice to Investors' Interests Statement and Censure imposed by the Hong Kong stock exchange, a Thursday bourse filing said.
Shen was an executive director of the furniture manufacturer between July 6, 2017, and Nov. 9, 2022, as well as a supervisor of principal unit Fashion Home from Nov. 19, 2015 to Aug. 25, 2022.
During his tenure, in October 2021, Fashion Home provided a guarantee for the benefit of a connected person of the company. Shen admitted he did not attend any of Fashion Home's board or supervisory board meetings and was unaware of its operations.
The Hong Kong bourse's listing committee found that Shen failed to take an active interest in the affairs of Fashion Home; exercise skill, care, and diligence in conducting its business; discharge his supervisory duties; and timely inform Regal Partners' board of Fashion Home's affairs.
The breach constitutes a grievous failure to discharge Shen's responsibilities under the stock exchange's listing rules, leading to disciplinary action.
Regal Partners' was formerly known as Morris Home Holdings.
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