China Sky Chemical Fibre (China Sky) listed on the Singapore Exchange in October 2005. Between May 2009 and November 2011, the company received over ten queries from the exchange regarding various transactions and its relationship with independent directors. This eventually resulted in a trading halt and an order to appoint a special auditor to investigate. In December 2011, the company refused to comply, prompting the resignation of independent directors. In February 2015, the Monetary Authority of Singapore (MAS) entered into a settlement agreement with the company's former CEO, under which he paid a civil penalty of S$2.5m for making misleading public disclosures. In September 2015, trading in its shares resumed. Subsequently, the new owners of China Sky (which might be connected to the previous owner) appear to have embezzled remaining funds. Trading was again halted in 2016 and its shares have been delisted.

Last updated August 2021

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