MMT fines H&H (1112) and its Chairman HK$1.6m each for late disclosure of inside information

For the 3rd time, the MMT gets it wrong by penalising shareholders for the wrong-doing done to them. This follows Yorkey (2788) in Feb-2017 and Fujikon (0927) in Apr-2019. In each case, the company's failure to disclose was entirely due to the negligence of the directors involved and they should have paid all the fines and expenses. Both the Fujikon and H&H cases were settlements agreed with the SFC, so the SFC has allowed directors to shift part of the burden of their wrong-doing onto shareholders by using company funds. This has to stop.

Organisations

FUJIKON INDUSTRIAL HOLDINGS LIMITED
Health and Happiness (H&H) International Holdings Limited 健合(H&H)國際控股有限公司
HKSAR Market Misconduct Tribunal 香港特別行政區市場失當行為審裁處
SECURITIES AND FUTURES COMMISSION 證券及期貨事務監察委員會
Yorkey Optical International (Cayman) Ltd. 精熙國際(開曼)有限公司

Topics

Late disclosure of Inside Information

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