, Columnist
Singapore's Brave to Battle Chinese Bosses
The exchange is brave to tackle Beijing over corporate wrongdoing.
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After seeing investors in Singapore duped for years by misbehaving bosses, the city's stock exchange is taking its fight for justice to mainland China, an exemplar of egregious corporate behavior in the post-Enron world.
Singapore Exchange Ltd. said last week that its lawyers in the People's Republic filed complaints with the authorities against Wu Xinhua, executive chairman and CEO of China Fibretech Ltd., in relation to "several alleged offenses under the Chinese Penal Code." The company, based in Shishi, Fujian province, had an initial public offering in Singapore in June 2008. By the time the stock stopped trading in November 2015, as much as 90 percent of the market value of the fabric dyer had been wiped out.