S'pore rejects Kotjo's appeal: Paper

S'pore rejects Kotjo's appeal: Paper

SINGAPORE (Reuter): The Stock Exchange of Singapore (SES) has turned down an appeal by Indonesian businessman Johannes Kotjo against sanctions imposed on him for "misleading the market", the Business Times newspaper said on Saturday.

It quoted market sources as saying the SES had decided to stick to their 30-month ban on Kotjo from holding any new directorships of Singapore listed companies.

Kotjo is currently a director of engineering company Van der Horst Ltd. and ice-cream retailer ABR Holdings Ltd.

Kotjo appealed against the ban last Thursday, saying he intended to play a major role in Singapore's corporate scene.

Publicly reprimanding Kotjo on Dec. 29, the SES said he had in November 1995, through an interview with a news agency, created a false market in the shares of United Pulp & Paper (UPP). At the time, Kotjo was part of a consortium launching a potential takeover bid for the company.

UPP shares surged on the day the interview was published.

In his appeal, Kotjo claimed the interview, which focused on his plans for UPP, had nothing to do with the rise in the company's share price.

Meanwhile, the Straits Times newspaper said on Saturday that the SES has written to all 294 locally listed companies warning them to comply with its strict corporate disclosure policy.

The warning follows the SES's public rebuke to Kotjo for his misleading statements on United Pulp & Paper.

The newspaper quoted the SES letter, reminding companies to make "prompt, full and accurate disclosure" of material information to the market.

"As the exchange views a breach of the listing requirements seriously, it will not hesitate to take action against any listed company and its directors if they fail to comply with the exchange's requirements," the SES letter said.