SGX reprimands former executive director of Eneco Energy for breaching listing rules

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THE Listings Disciplinary Committee (LDC) of the Singapore Exchange (SGX) on Friday (Mar 8) publicly reprimanded Aditya Wisnuwardana Seky Soeryadjaya, the former group chief executive officer and executive director of oil and gas company Eneco Energy, for breaching listing rules.

In a bourse filing, SGX said that as a result of Aditya’s actions, Eneco Energy had failed to disclose in a timely manner developments surrounding the expiry of a material permit to explore and produce oil and gas assets in the operating areas of West Jambi in Indonesia.

This was in breach of Mainboard Rule 703(1)(a) which requires an issuer to announce any information known to the issuer concerning it or its subsidiaries or associated companies so as to avoid establishing a false market in the issuer’s securities.

Aditya had also circumvented established internal protocols in the appointment of a vendor, Mandiri Pratama Khatulistiwa (MPK), to assist in the procurement of a bank guarantee required for the extension of the permit.

He had also circumvented protocols in the disbursement of funds from the bank account of Eneco’s subsidiary, Hexindo Gemilang Jaya (Hexindo), without the knowledge and approval of the company’s board of directors.

His actions caused the company to breach Mainboard Rule 719(1) which stipulates that an issuer should have adequate and effective systems of internal controls and risk management systems.

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For breaching listing rules, Aditya is required to provide a signed written undertaking to SGX not to seek any directorship on the board of directors or role as a key executive officer of issuers whose securities are listed on the SGX mainboard or Catalist for two-and-a-half years starting from Feb 2, 2024.

Aditya was group CEO of Eneco Energy from November 2008 to July 2019. He served as executive director from June 2008 to February 2020.

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