His bank and lawyer have also been taken task over the Jade Technologies saga.
By
Dennis Chan
Dr Soh may not trade shares on the SGX without the consent of the SIC for the next three years. -- PHOTO: BUSINESS TIMES
BUSINESSMAN Anthony Soh has been barred from being a director of any Singapore Exchange (SGX) listed company for five years, following the botched takeover of Jade Technologies Holdings.
He cannot also make any takeover offer during this period , said the Securities Industry Council (SIC), which regulates mergers and acquisitons of listed companies here.
Further, Dr Soh cannot trade shares on the SGX without the consent of the SIC for the next three years.
The prohibitions take effect from Tuesday.
In addition, the SIC has found OCBC Bank and law firm Allen & Gledhill - advisers to Dr Soh - to have breached certain rules of the takeover code.
As an act of contrition, OCBC has volunteered to abstain from undertaking financial advisory work on takeovers for a period of six months from Sept 1.
It will also donate $1 million toward the cause of educating and promoting awareness among members of the public on lessons which may be learnt from this episode. The SIC has accepted OCBC's offer, but with a censure.
Separately, Mr Steven Lo Pang Foo, the A&G partner who was in charge of advising Mr Soh, has volunteered to abstain from work related to takeovers for six months from Sept 1. The SIC has accepted his gesture and will take no further action against the law firm.
Dr Soh mounted a takeover bid for Jade Technologies in February. However, he was forced to rescind his offer in April after a custodian bank in Australia sold off a significant portion of his Jade shares.
