Singapore Exchange's Listings Disciplinary Committee (LDC) has publicly reprimanded Lorenzo International (SGX:5IE) and two former executives for breaching Mainboard Rules linked to the disposal of its subsidiary, Lorenzo Furniture (Kunshan), according to a Thursday filing on the Singapore Exchange.
The committee said Lorenzo failed to secure shareholder approval and delayed disclosing legal proceedings tied to the disposal.
Executive Director and former Deputy Chairman Lim Pang Hern and former CFO Teo Kok Meng were also reprimanded. Lim was barred from holding director or key executive roles at SGX-listed firms for 2.5 years starting Feb. 26, while Teo faces a one-year ban.
The committee cited delays and misleading announcements as signs of potential dishonesty.
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