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Singapore Exchange, China Sky in Courtroom ‘Test of Wills’

Singapore Exchange, where 40 percent of listed firms are based outside the city state, is going to court to enforce its listing rules for the first time after a Chinese company ignored a deadline to appoint a special auditor.

The exchange sued China Sky Chemical Fibre Co. and four of its Chinese directors on Jan. 6 to compel the Quanzhou City, Fujian-based company to have a special auditor investigate “interested party transactions,” a failed land acquisition and certain costs. A closed hearing was held today.