SGX RegCo places ecoWise former director on watchlist due to non-compliance

Those who intend for a proposed appointment must first seek SGX RegCo’s views and guidance.

Cao Shixuan, former director of ecoWise Holdings Limited, has been placed on the Singapore Exchange Regulation’s (SGX RegCo) directors’ and executive officers’ watchlist.

The decision was based on the findings of Ernst & Young Advisory Pte Ltd (EY) and Cao’s lack of cooperation with the auditing firm.

EY’s findings identified Cao as the legal representative and executive director of the unconsolidated PRC subsidiaries, and was to oversee the company’s operations in the PRC.

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Transactions handled by Cao were unable to show clarity due to a lack of comprehensive records, whilst the former director failed to attend interviews arranged by EY.

Consequently, the auditing firm was unable to conduct an examination on the company’s transactions. 

In addition, SGX RegCo has required ecoWise to provide a satisfactory trading resumption proposal that includes a clean audit opinion for its latest set of financial statements, amongst other conditions.