SINGAPORE, March 27 (Reuters) - Singapore's Senior Minister Goh
Chok Tong called on Chinese authorities to maintain
'stringent supervision' over their companies that
list in the city-state, the Business Times
newspaper reported on Friday.
Goh, chairman of central bank and financial regulator the
Monetary Authority of Singapore, was speaking to officials in
Guangdong
province in the wake of scandals that
have hit Chinese firms listed in Singapore, or
S-chips, in recent months.
Renewable energy firm China EnerSave said on
Thursday a subsidiary defaulted on the repayment
of bank loans of 898.8 million yuan ($131.6
million) in China and the company has also
defaulted on a loan repayment of $20 million.
Earlier this month, Chinese-based education provider
Oriental Century, partly owned by Singapore's
Raffles Education , said its chief executive Wang Yuean
'substantially inflated' the company's balance
sheet for its 2008 full year financial results.
Along with Oriental Century, shares in FibreChem
Technologies and China Sun Bio-Chem are
suspended from trading over alleged accounting
irregularities.
There are over 100 Chinese companies listed in Singapore, and at
least 25 are from Guangdong, one of China's richest provinces and a
manufacturing hub, the newspaper said.
http://sgblogs.com/entry/asks-china-supervise-chips-firms-listed-spore/329634
Beware of these cheating China co. listed in
SIngapore, my fellow Singaporean.