KUALA LUMPUR: The Securities Commission (SC) has reprimanded China Automobile Parts Holdings Ltd (CAP) over the retention of its executive chairperson and executive director.

       In a statement yesterday, the regulator said the retention of office by CAP’s executive chairperson Wang YuYun and executive director Chen Xunze was prejudicial to public interest.

       “The SC had reprimanded CAP as well as its current and former directors and chief financial officers for various breaches of the securities laws,” it said.

       The SC said CAP had submitted and issued a prospectus dated Jan 11, 2013 that contained financial statements of its wholly owned subsidiary QuanZhou FenSun Automobile Parts Co Ltd (FenSun), that were false or misleading, due to overstatement of FenSun’s bank balances.

       CAP was listed on the Main Market of Bursa Malaysia on Jan 30, 2013.