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.