China Sky and its directors have clashed with Singapore regulators following their refusal to heed a Nov 16 directive by the exchange to appoint a special auditor. The Commercial Affairs Department is also probing the Chinese nylon-fiber maker for possible breaches of securities laws after a ?number of irregularities? were discovered by the Singapore Exchange Ltd. (SGX). SMU Assistant Professor of Law Eugene Tan said that ?Stand-offs like the one in China Sky would only spook investors,? and added that ?Enforcement is the flavor of the day and there may well be a perception that Singapore is upping the ante here.?
Bloomberg
