SGX warns listed healthcare group over directorship of top cancer doctor
SINGAPORE Exchange has warned listed healthcare group Healthway Medical and its sponsor PrimePartners over their failure to disclose vital information of a previous director.
It launched an investigation over Professor Jay Lu, who, in September this year, made news here for having sold Viagra online and subsequently struck off the medical register while he was practising in the United States.
SGX said in a statement that Healthway Medical's announcement of its appointment of Prof Lu as an independent director in 2009 failed to disclose disciplinary proceedings and actions against Dr Lu.
"Dr Lu has admitted that the inaccurate declaration to Healthway and the sponsor, PrimePartners, was an 'error on his part' and arose due to his 'limited corporate experience' prior to his appointment," said the statement.