Reprimand for Savoy

The stock exchange's market surveillance panel has censured Savoy Equities for a misleading statement in its half-yearly report last September.

Savoy claimed that its forecast full-year net profit of $5 million was "already substantially realised."

Subsequent statements to the stock exchange by Savoy that it would review its projected profit prompted the investigation.

Panel secretary Philippe Leloir said yesterday that, after careful consideration of explanations by Savoy, the panel believed the report's statement had been misleading because the forecast profit was not already substantially realised.