News
Ex-manager of Cinergy Insurance Services Ltd admits referral fee fraud
ICAC, 4-Aug-2022
Anny Pang Wai Chun admitted that between Jul-2018 and Aug-2020, she falsely represented to Cinergy that her husband was the referrer of 18 policies taken out by 7 policyholders. As a result, Cinergy paid referral fees totalling over HK$19k to her husband
ICAC, 4-Aug-2022
Anny Pang Wai Chun admitted that between Jul-2018 and Aug-2020, she falsely represented to Cinergy that her husband was the referrer of 18 policies taken out by 7 policyholders. As a result, Cinergy paid referral fees totalling over HK$19k to her husband
HKICPA fines Benson Cheng Sin Bun, partner of PwC, HK$90k for non-compliance with professional standards
HKICPA, 3-Aug-2022
HKICPA, 3-Aug-2022
HKICPA fines Mr Ip Pui Sum HK$120k
HKICPA, 2-Aug-2022
For non-compliance with professional standards on the 2018 audit of an insurance broker. We note that Mr Ip is the Company Secretary of 8 HK-listed companies.
HKICPA, 2-Aug-2022
For non-compliance with professional standards on the 2018 audit of an insurance broker. We note that Mr Ip is the Company Secretary of 8 HK-listed companies.
Chow Hang Tung v Secretary for Justice
| Magistrates Ordinance s87A
HK Court of First Instance, 2-Aug-2022
Justice Alex Lee Wan Tang rules that Magistrate Peter Law Tak Chuen was wrong: s87A(2) of the Magistrates Ordinance means what it says. Reporting restrictions on commital proceedings must be lifted when the defendant applies for that.
HK Court of First Instance, 2-Aug-2022
Justice Alex Lee Wan Tang rules that Magistrate Peter Law Tak Chuen was wrong: s87A(2) of the Magistrates Ordinance means what it says. Reporting restrictions on commital proceedings must be lifted when the defendant applies for that.
SFC fines TC Capital International Ltd HK$3m and suspends RO Edward Wu Wen Guang for 7 months
| Statement of Disciplinary Action
SFC, 1-Aug-2022
For due dilgence failings in sponsoring the 2015 GEM listing of China Candy (ex-8182), which was suspended after 2 years and delisted in 2019. Candy crushed.
SFC, 1-Aug-2022
For due dilgence failings in sponsoring the 2015 GEM listing of China Candy (ex-8182), which was suspended after 2 years and delisted in 2019. Candy crushed.
HKICPA drops complaint against Mr Ken Fan Kin Nang and his firm, pays them HK$2.8m costs
HKICPA, 29-Jul-2022
This comes after the Disciplinary Committee, chaired by Simon Lam Ken-chung, ordered the HKICPA to disclose unused materials that it had received from an anonymous complainant. Context is everything.
HKICPA, 29-Jul-2022
This comes after the Disciplinary Committee, chaired by Simon Lam Ken-chung, ordered the HKICPA to disclose unused materials that it had received from an anonymous complainant. Context is everything.
SFC bans Mr Chan Ka Hey, ex-Standard Chartered Bank, for 6 months
| Statement of Disciplinary Action
SFC, 28-Jul-2022
For cutting and pasting a signature from page 4 to page 2 of a form, which the client had failed to sign. He was nabbed when a colleague found the doctored page 2 in the photocopier. So, maybe don't do that.
SFC, 28-Jul-2022
For cutting and pasting a signature from page 4 to page 2 of a form, which the client had failed to sign. He was nabbed when a colleague found the doctored page 2 in the photocopier. So, maybe don't do that.
SFC fines KTF Capital Management Ltd HK$400k for breaching Financial Resources Rules
| Statement of Disciplinary Action
SFC, 28-Jul-2022
The SDA reveals that the firm bought shares in the IPO of Fosun Tourism (1992), triggering breaches of the rather complicated FRR for 5 days in Dec-2018, and then tried to cover it up with a backdated assignment to a 3rd party, failing to report it to the SFC until the auditors detected it 4 months later. The proposed fine was halved from $800k "having considered KTCFM's financial position".
SFC, 28-Jul-2022
The SDA reveals that the firm bought shares in the IPO of Fosun Tourism (1992), triggering breaches of the rather complicated FRR for 5 days in Dec-2018, and then tried to cover it up with a backdated assignment to a 3rd party, failing to report it to the SFC until the auditors detected it 4 months later. The proposed fine was halved from $800k "having considered KTCFM's financial position".
Ex-senior executive duo of duty-free chain store charged over HK$26m red wine purchase fraud
ICAC, 25-Jul-2022
We note that Sky Connection Ltd, operator of "Free Duty" stores, is a 100% subsidiary of NWS Holdings Ltd (0659).
ICAC, 25-Jul-2022
We note that Sky Connection Ltd, operator of "Free Duty" stores, is a 100% subsidiary of NWS Holdings Ltd (0659).
SFC fines Rifa Futures Ltd HK$9m for AML breaches
| Statement of Disciplinary Action
SFC, 25-Jul-2022
This case is the 4th in a series relating to "Xinguanjia" client software supplied by Hengxin Software Ltd, which allowed sub-accounts in Mainland China to hide behind a main account with the relevant brokerage.
SFC, 25-Jul-2022
This case is the 4th in a series relating to "Xinguanjia" client software supplied by Hengxin Software Ltd, which allowed sub-accounts in Mainland China to hide behind a main account with the relevant brokerage.
Scots swindler who stole £170k from elderly widow with dementia jailed for 3 years
| Reasons for Sentence
Daily Record (Scotland), 21-Jul-2022
We note that the convict, Gordon Couch, was an SFC licensee of Genesis Investment Management Ltd (fka Brite Advisors Ltd) in HK until 31-Mar-2022. He was also a Technical Representative of Genesis Insurance Ltd (fka Brite Advisors (Insurance) Ltd) under the Insurance Authority until 14-Apr-2022. According to this report, his solicitor told the court that Couch's employers in HK were willing to take him back in a "non-client facing" role if he avoided jail.
Daily Record (Scotland), 21-Jul-2022
We note that the convict, Gordon Couch, was an SFC licensee of Genesis Investment Management Ltd (fka Brite Advisors Ltd) in HK until 31-Mar-2022. He was also a Technical Representative of Genesis Insurance Ltd (fka Brite Advisors (Insurance) Ltd) under the Insurance Authority until 14-Apr-2022. According to this report, his solicitor told the court that Couch's employers in HK were willing to take him back in a "non-client facing" role if he avoided jail.
SFC fines RBC Investment Services (Asia) Ltd HK$7.7m for mishandling client assets
| Statement of Disciplinary Action
SFC, 20-Jul-2022
SFC, 20-Jul-2022
Imagi (0585) subsidiary lends HK$75m to Blue River (0498) at 5% p.a. for 12 months
Company announcement, 18-Jul-2022
Blue River is 28.53% owned by Imagi Chairman Osman bin Kitchell. As this is less than 30%, it is not a Connected Transaction under the Listing Rules. Imagi is 21% owned by Oshidori (0622). Trading in the shares of Blue River has been suspended since 20-May-2022.
Company announcement, 18-Jul-2022
Blue River is 28.53% owned by Imagi Chairman Osman bin Kitchell. As this is less than 30%, it is not a Connected Transaction under the Listing Rules. Imagi is 21% owned by Oshidori (0622). Trading in the shares of Blue River has been suspended since 20-May-2022.
Censure of Enterprise Development (1808) and sanction of ex-ED Ms Mao Jun Jie
SEHK, 18-Jul-2022
For embellishing her biography. "The directors of the Board at the relevant time were simply informed about the appointment of Ms Mao by the Company Secretary, and no separate Board, Nomination or Remuneration Committee meeting was convened for the purposes of discussing Ms Mao's appointment."
SEHK, 18-Jul-2022
For embellishing her biography. "The directors of the Board at the relevant time were simply informed about the appointment of Ms Mao by the Company Secretary, and no separate Board, Nomination or Remuneration Committee meeting was convened for the purposes of discussing Ms Mao's appointment."
SFC bans Lam Ki Fung, ex-Standard Chartered Bank, for 3 years
SFC, 18-Jul-2022
For dishonest conduct: round-tripping money into payroll accounts for 5 customers procured by his mum, to generate an incentive payment to himself.
SFC, 18-Jul-2022
For dishonest conduct: round-tripping money into payroll accounts for 5 customers procured by his mum, to generate an incentive payment to himself.
HKSAR v Chan Chun Kit
| Summary Offences Ordinance s17
HK Court of Final Appeal, 15-Jul-2022
No thought crimes: in an encouraging sign that the highest HK court (but not the courts below) are robustly pushing back against overreaching prosecutions, the CFA unanimously overturns the Court of Appeal and Magistrate and rules that because cable ties are not manufactured for the purpose of restraining a person, they are outside the scope of the Summary Offences Ordinance, and the defendant's conviction is overturned. Applying the prosecution's wide interpretation would "do violence to the language" and "effectively turn the section into a thought crime" - Chief Justice Andrew Cheung Kui Nung.
HK Court of Final Appeal, 15-Jul-2022
No thought crimes: in an encouraging sign that the highest HK court (but not the courts below) are robustly pushing back against overreaching prosecutions, the CFA unanimously overturns the Court of Appeal and Magistrate and rules that because cable ties are not manufactured for the purpose of restraining a person, they are outside the scope of the Summary Offences Ordinance, and the defendant's conviction is overturned. Applying the prosecution's wide interpretation would "do violence to the language" and "effectively turn the section into a thought crime" - Chief Justice Andrew Cheung Kui Nung.
Unsuitability Statement against 6 ex-Directors of China Creative Global (1678)
SEHK, 14-Jul-2022
For failing to cooperate with a Stock Exchange investigation into the winding up of its major subsidiary and disposal of certain mainland subsidiaries.
SEHK, 14-Jul-2022
For failing to cooperate with a Stock Exchange investigation into the winding up of its major subsidiary and disposal of certain mainland subsidiaries.
HKICPA fines Mr Lau Siu Wah HK$15k
HKICPA, 13-Jul-2022
For dishonourable conduct. For context, we have appended the Chinese reasons for sentence in which he got 8 weeks in jail after admitting criminal intimidation of the Yuen Long Police following the "7.21" triad attack at the MTR station there.
HKICPA, 13-Jul-2022
For dishonourable conduct. For context, we have appended the Chinese reasons for sentence in which he got 8 weeks in jail after admitting criminal intimidation of the Yuen Long Police following the "7.21" triad attack at the MTR station there.
Trio charged over HK$220k dummy insurance agent commission fraud against FWD Life Insurance
ICAC, 12-Jul-2022
ICAC, 12-Jul-2022
HKICPA fines David Yen Ching Wai, of E&Y, HK$100k
HKICPA, 8-Jul-2022
For non-compliance with professional standards when acting as liquidator of a private company, probably Luen Tat Watch Band Manufacturer Ltd. He and the other liquidator, Stephen Liu Yiu Keung, were heavily criticised by the courts and removed from their positions. Both work or worked for Ernst & Young Transactions Ltd.
HKICPA, 8-Jul-2022
For non-compliance with professional standards when acting as liquidator of a private company, probably Luen Tat Watch Band Manufacturer Ltd. He and the other liquidator, Stephen Liu Yiu Keung, were heavily criticised by the courts and removed from their positions. Both work or worked for Ernst & Young Transactions Ltd.
HKICPA fines Mr Cheung Wai Lun HK$80k
HKICPA, 8-Jul-2022
For failing to produce the requested information and documentation after being selected for a practice review. Kind of a dog-ate-my-homework excuse. Note: the HKICPA fails to name Mr Cheung's practice. We have several people by this name in Webb-site Who's Who, and have no idea which one this is.
HKICPA, 8-Jul-2022
For failing to produce the requested information and documentation after being selected for a practice review. Kind of a dog-ate-my-homework excuse. Note: the HKICPA fails to name Mr Cheung's practice. We have several people by this name in Webb-site Who's Who, and have no idea which one this is.
HKICPA fines Gabriel Chan Shek Chi, Tong Yat Hung and Cheng & Cheng Ltd HK$100k in total
HKICPA, 6-Jul-2022
For bad audit work on the 2018 accounts of Amber Hill Financial (0033). This is the 5th fine in 3 years for the firm, the 3rd in a year for Mr Chan and the 3rd in 3 years for Mr Tong.
HKICPA, 6-Jul-2022
For bad audit work on the 2018 accounts of Amber Hill Financial (0033). This is the 5th fine in 3 years for the firm, the 3rd in a year for Mr Chan and the 3rd in 3 years for Mr Tong.
HKICPA fines Ringo Chan Kong Wang and RSM HK HK$35k and $50k.
HKICPA, 5-Jul-2022
For bad audit work on the 2016 accounts of Seamless Green China (8150).
HKICPA, 5-Jul-2022
For bad audit work on the 2016 accounts of Seamless Green China (8150).
HKICPA bans Joyce Wong Man Shan, director of Tandem (HK) CPA Ltd, for 1 year, fines her HK$100k
HKICPA, 29-Jun-2022
For professional misconduct for issuing an accountants' report on an unnamed solicitors' firm without having done much work.
HKICPA, 29-Jun-2022
For professional misconduct for issuing an accountants' report on an unnamed solicitors' firm without having done much work.
HKICPA fines HLM CPA Ltd, Eliza Yuen Suk Ching and Fiona Ng Fai HK$95k in total
HKICPA, 29-Jun-2022
For bad audit work on the 2016 accounts of China Investment Fund (0612). Ms Yuen is already serving a 3-year ban imposed in 2020, and this is her 4th sanction in 6 years. It's the 2nd sanction for the firm in 3 years.
HKICPA, 29-Jun-2022
For bad audit work on the 2016 accounts of China Investment Fund (0612). Ms Yuen is already serving a 3-year ban imposed in 2020, and this is her 4th sanction in 6 years. It's the 2nd sanction for the firm in 3 years.
HKICPA bans Nic Yip Wai Wing for 1 year, fines him HK$200k
HKICPA, 28-Jun-2022
For issuing audit reports in a large number of engagements in which he performed no or minimal work. He fabricated working papers in reaction to the practice review. 5 of his 11 staff were not actually employees but sub-contractors known as "sampans" who took 70% of the fees and paid him 30% for sign-off.
HKICPA, 28-Jun-2022
For issuing audit reports in a large number of engagements in which he performed no or minimal work. He fabricated working papers in reaction to the practice review. 5 of his 11 staff were not actually employees but sub-contractors known as "sampans" who took 70% of the fees and paid him 30% for sign-off.
Censure of Mingfa (0846) and sanctions on 4 directors
SEHK, 27-Jun-2022
For numerous undisclosed and unapproved connected transactions and late results.
SEHK, 27-Jun-2022
For numerous undisclosed and unapproved connected transactions and late results.
Our stories
At last, the Webb-site HKSAR Accounts Explorer
In honour of the 25th anniversary of the SAR, a new tool to deep-dive into its financial history. This may be our last major project, but we hope you will agree that it was worth the time. (14-Jun-2022)
In honour of the 25th anniversary of the SAR, a new tool to deep-dive into its financial history. This may be our last major project, but we hope you will agree that it was worth the time. (14-Jun-2022)
HK is running out of time to re-join the World
As our Editor sits in the air-lock waiting to re-enter HK, he looks at the now-unconstitutional quarantine regulations and the harm they are doing to HK. (5-May-2022)
As our Editor sits in the air-lock waiting to re-enter HK, he looks at the now-unconstitutional quarantine regulations and the harm they are doing to HK. (5-May-2022)
A manifesto for Hong Kong
If you're going to be Chief Executive and you don't have a manifesto or any policy expertise beyond Security, Webb-site is here to help! (13-Apr-2022)
If you're going to be Chief Executive and you don't have a manifesto or any policy expertise beyond Security, Webb-site is here to help! (13-Apr-2022)
Employment Support Scheme: the final outcome
After information requests by Webb-site, we reveal that HK's largest ever corporate handout went over-budget by about HK$10bn to a final tally of HK$90.5bn (US$11.6bn) plus costs. We produce a final list of approved claims. (13-Feb-2022)
After information requests by Webb-site, we reveal that HK's largest ever corporate handout went over-budget by about HK$10bn to a final tally of HK$90.5bn (US$11.6bn) plus costs. We produce a final list of approved claims. (13-Feb-2022)
Yorkey (2788): a successful outcome
Webb-site recommends shareholders to vote in favour of the increased offer, as founder David Webb has undertaken to do. Here's the background to our decision. (20-Jan-2022)
Webb-site recommends shareholders to vote in favour of the increased offer, as founder David Webb has undertaken to do. Here's the background to our decision. (20-Jan-2022)
Joining the dots on the ICAC case against Chim Pui Chung and others
The ex-legislator is once again facing criminal charges, this time with his son and others. We examine the past connections between the defendants and the connection between an alleged co-conspirator and one of the subscribers of convertible notes, who has not been charged. (21-Nov-2021)
The ex-legislator is once again facing criminal charges, this time with his son and others. We examine the past connections between the defendants and the connection between an alleged co-conspirator and one of the subscribers of convertible notes, who has not been charged. (21-Nov-2021)
Raising the Yorkey bar
What are we going to do about the proposed privatisation of Yorkey (2788)? (21-Oct-2021)
What are we going to do about the proposed privatisation of Yorkey (2788)? (21-Oct-2021)
Observations on Next Digital (0282)
A Financial Inspector has not been appointed in HK since last century, before the SFC gained new powers under the SFO in 2003. Now, Financial Secretary Paul Chan, who will neither confirm nor deny plans to run for CE, is throwing this redundant tool at Next Digital. (28-Jul-2021)
A Financial Inspector has not been appointed in HK since last century, before the SFC gained new powers under the SFO in 2003. Now, Financial Secretary Paul Chan, who will neither confirm nor deny plans to run for CE, is throwing this redundant tool at Next Digital. (28-Jul-2021)
Carrie Lam, Broadcaster-in-Chief
Contradicting a 2018 statement to LegCo, the HK Govt is now in the TV distribution business, removing competition and exclusivity by buying the Tokyo Olympics with your tax dollars and sublicensing them for free, risking a thinning-out of coverage. What next? (11-May-2021)
Contradicting a 2018 statement to LegCo, the HK Govt is now in the TV distribution business, removing competition and exclusivity by buying the Tokyo Olympics with your tax dollars and sublicensing them for free, risking a thinning-out of coverage. What next? (11-May-2021)
SFC launches Govt welfare scheme for property tycoons
Well, not all tycoons, only larger ones. (10-May-2021)
Well, not all tycoons, only larger ones. (10-May-2021)
The long-awaited Law Reform Commission report on an archives law
With RTHK, a Government Department, currently destroying its online archives, we asked the LRC why there has been no report 26 months after a consultation on an archives law closed. Here is their response. (6-May-2021)
With RTHK, a Government Department, currently destroying its online archives, we asked the LRC why there has been no report 26 months after a consultation on an archives law closed. Here is their response. (6-May-2021)
How to end HK's border lockdown
HK's economic recovery depends on fully re-opening its borders, but it can't when so few have been vaccinated. With near-zero COVID, we must use other vaccination incentives. We propose a 4-pronged solution, including a VacciLottery and an inbound travel exemption. (27-Apr-2021)
HK's economic recovery depends on fully re-opening its borders, but it can't when so few have been vaccinated. With near-zero COVID, we must use other vaccination incentives. We propose a 4-pronged solution, including a VacciLottery and an inbound travel exemption. (27-Apr-2021)
Government misled LegCo over HKIDs
A quick Sunday search using a single popular name finds 8 pairs of matching masked HKIDs in the Companies Registry. There must be hundreds or thousands of other such pairs on other names - yet the Government claimed on Friday that it could only find 8 in the entire database. (Updated 13-Apr). (12-Apr-2021)
A quick Sunday search using a single popular name finds 8 pairs of matching masked HKIDs in the Companies Registry. There must be hundreds or thousands of other such pairs on other names - yet the Government claimed on Friday that it could only find 8 in the entire database. (Updated 13-Apr). (12-Apr-2021)
HK's inbound quarantine laws: dangerous, irrational and unconstitutional
We put our microscope on HK's inbound quarantine laws and find that the 21-day length of quarantine actually increases the risk to the community, Further, the ban on arrivals from 4 countries is irrational. Both fail to satisfy constitutional tests of proportionality. (16-Mar-2021)
We put our microscope on HK's inbound quarantine laws and find that the 21-day length of quarantine actually increases the risk to the community, Further, the ban on arrivals from 4 countries is irrational. Both fail to satisfy constitutional tests of proportionality. (16-Mar-2021)
Other news
Ex-manager of Cinergy Insurance Services Ltd admits referral fee fraud
ICAC, 4-Aug-2022
Anny Pang Wai Chun admitted that between Jul-2018 and Aug-2020, she falsely represented to Cinergy that her husband was the referrer of 18 policies taken out by 7 policyholders. As a result, Cinergy paid referral fees totalling over HK$19k to her husband
ICAC, 4-Aug-2022
Anny Pang Wai Chun admitted that between Jul-2018 and Aug-2020, she falsely represented to Cinergy that her husband was the referrer of 18 policies taken out by 7 policyholders. As a result, Cinergy paid referral fees totalling over HK$19k to her husband
HKICPA fines Benson Cheng Sin Bun, partner of PwC, HK$90k for non-compliance with professional standards
HKICPA, 3-Aug-2022
HKICPA, 3-Aug-2022
HKICPA fines Mr Ip Pui Sum HK$120k
HKICPA, 2-Aug-2022
For non-compliance with professional standards on the 2018 audit of an insurance broker. We note that Mr Ip is the Company Secretary of 8 HK-listed companies.
HKICPA, 2-Aug-2022
For non-compliance with professional standards on the 2018 audit of an insurance broker. We note that Mr Ip is the Company Secretary of 8 HK-listed companies.
Chow Hang Tung v Secretary for Justice
| Magistrates Ordinance s87A
HK Court of First Instance, 2-Aug-2022
Justice Alex Lee Wan Tang rules that Magistrate Peter Law Tak Chuen was wrong: s87A(2) of the Magistrates Ordinance means what it says. Reporting restrictions on commital proceedings must be lifted when the defendant applies for that.
HK Court of First Instance, 2-Aug-2022
Justice Alex Lee Wan Tang rules that Magistrate Peter Law Tak Chuen was wrong: s87A(2) of the Magistrates Ordinance means what it says. Reporting restrictions on commital proceedings must be lifted when the defendant applies for that.
SFC fines TC Capital International Ltd HK$3m and suspends RO Edward Wu Wen Guang for 7 months
| Statement of Disciplinary Action
SFC, 1-Aug-2022
For due dilgence failings in sponsoring the 2015 GEM listing of China Candy (ex-8182), which was suspended after 2 years and delisted in 2019. Candy crushed.
SFC, 1-Aug-2022
For due dilgence failings in sponsoring the 2015 GEM listing of China Candy (ex-8182), which was suspended after 2 years and delisted in 2019. Candy crushed.
HKICPA drops complaint against Mr Ken Fan Kin Nang and his firm, pays them HK$2.8m costs
HKICPA, 29-Jul-2022
This comes after the Disciplinary Committee, chaired by Simon Lam Ken-chung, ordered the HKICPA to disclose unused materials that it had received from an anonymous complainant. Context is everything.
HKICPA, 29-Jul-2022
This comes after the Disciplinary Committee, chaired by Simon Lam Ken-chung, ordered the HKICPA to disclose unused materials that it had received from an anonymous complainant. Context is everything.
SFC bans Mr Chan Ka Hey, ex-Standard Chartered Bank, for 6 months
| Statement of Disciplinary Action
SFC, 28-Jul-2022
For cutting and pasting a signature from page 4 to page 2 of a form, which the client had failed to sign. He was nabbed when a colleague found the doctored page 2 in the photocopier. So, maybe don't do that.
SFC, 28-Jul-2022
For cutting and pasting a signature from page 4 to page 2 of a form, which the client had failed to sign. He was nabbed when a colleague found the doctored page 2 in the photocopier. So, maybe don't do that.
SFC fines KTF Capital Management Ltd HK$400k for breaching Financial Resources Rules
| Statement of Disciplinary Action
SFC, 28-Jul-2022
The SDA reveals that the firm bought shares in the IPO of Fosun Tourism (1992), triggering breaches of the rather complicated FRR for 5 days in Dec-2018, and then tried to cover it up with a backdated assignment to a 3rd party, failing to report it to the SFC until the auditors detected it 4 months later. The proposed fine was halved from $800k "having considered KTCFM's financial position".
SFC, 28-Jul-2022
The SDA reveals that the firm bought shares in the IPO of Fosun Tourism (1992), triggering breaches of the rather complicated FRR for 5 days in Dec-2018, and then tried to cover it up with a backdated assignment to a 3rd party, failing to report it to the SFC until the auditors detected it 4 months later. The proposed fine was halved from $800k "having considered KTCFM's financial position".
Ex-senior executive duo of duty-free chain store charged over HK$26m red wine purchase fraud
ICAC, 25-Jul-2022
We note that Sky Connection Ltd, operator of "Free Duty" stores, is a 100% subsidiary of NWS Holdings Ltd (0659).
ICAC, 25-Jul-2022
We note that Sky Connection Ltd, operator of "Free Duty" stores, is a 100% subsidiary of NWS Holdings Ltd (0659).
SFC fines Rifa Futures Ltd HK$9m for AML breaches
| Statement of Disciplinary Action
SFC, 25-Jul-2022
This case is the 4th in a series relating to "Xinguanjia" client software supplied by Hengxin Software Ltd, which allowed sub-accounts in Mainland China to hide behind a main account with the relevant brokerage.
SFC, 25-Jul-2022
This case is the 4th in a series relating to "Xinguanjia" client software supplied by Hengxin Software Ltd, which allowed sub-accounts in Mainland China to hide behind a main account with the relevant brokerage.
Scots swindler who stole £170k from elderly widow with dementia jailed for 3 years
| Reasons for Sentence
Daily Record (Scotland), 21-Jul-2022
We note that the convict, Gordon Couch, was an SFC licensee of Genesis Investment Management Ltd (fka Brite Advisors Ltd) in HK until 31-Mar-2022. He was also a Technical Representative of Genesis Insurance Ltd (fka Brite Advisors (Insurance) Ltd) under the Insurance Authority until 14-Apr-2022. According to this report, his solicitor told the court that Couch's employers in HK were willing to take him back in a "non-client facing" role if he avoided jail.
Daily Record (Scotland), 21-Jul-2022
We note that the convict, Gordon Couch, was an SFC licensee of Genesis Investment Management Ltd (fka Brite Advisors Ltd) in HK until 31-Mar-2022. He was also a Technical Representative of Genesis Insurance Ltd (fka Brite Advisors (Insurance) Ltd) under the Insurance Authority until 14-Apr-2022. According to this report, his solicitor told the court that Couch's employers in HK were willing to take him back in a "non-client facing" role if he avoided jail.
SFC fines RBC Investment Services (Asia) Ltd HK$7.7m for mishandling client assets
| Statement of Disciplinary Action
SFC, 20-Jul-2022
SFC, 20-Jul-2022
Imagi (0585) subsidiary lends HK$75m to Blue River (0498) at 5% p.a. for 12 months
Company announcement, 18-Jul-2022
Blue River is 28.53% owned by Imagi Chairman Osman bin Kitchell. As this is less than 30%, it is not a Connected Transaction under the Listing Rules. Imagi is 21% owned by Oshidori (0622). Trading in the shares of Blue River has been suspended since 20-May-2022.
Company announcement, 18-Jul-2022
Blue River is 28.53% owned by Imagi Chairman Osman bin Kitchell. As this is less than 30%, it is not a Connected Transaction under the Listing Rules. Imagi is 21% owned by Oshidori (0622). Trading in the shares of Blue River has been suspended since 20-May-2022.
Censure of Enterprise Development (1808) and sanction of ex-ED Ms Mao Jun Jie
SEHK, 18-Jul-2022
For embellishing her biography. "The directors of the Board at the relevant time were simply informed about the appointment of Ms Mao by the Company Secretary, and no separate Board, Nomination or Remuneration Committee meeting was convened for the purposes of discussing Ms Mao's appointment."
SEHK, 18-Jul-2022
For embellishing her biography. "The directors of the Board at the relevant time were simply informed about the appointment of Ms Mao by the Company Secretary, and no separate Board, Nomination or Remuneration Committee meeting was convened for the purposes of discussing Ms Mao's appointment."
SFC bans Lam Ki Fung, ex-Standard Chartered Bank, for 3 years
SFC, 18-Jul-2022
For dishonest conduct: round-tripping money into payroll accounts for 5 customers procured by his mum, to generate an incentive payment to himself.
SFC, 18-Jul-2022
For dishonest conduct: round-tripping money into payroll accounts for 5 customers procured by his mum, to generate an incentive payment to himself.
HKSAR v Chan Chun Kit
| Summary Offences Ordinance s17
HK Court of Final Appeal, 15-Jul-2022
No thought crimes: in an encouraging sign that the highest HK court (but not the courts below) are robustly pushing back against overreaching prosecutions, the CFA unanimously overturns the Court of Appeal and Magistrate and rules that because cable ties are not manufactured for the purpose of restraining a person, they are outside the scope of the Summary Offences Ordinance, and the defendant's conviction is overturned. Applying the prosecution's wide interpretation would "do violence to the language" and "effectively turn the section into a thought crime" - Chief Justice Andrew Cheung Kui Nung.
HK Court of Final Appeal, 15-Jul-2022
No thought crimes: in an encouraging sign that the highest HK court (but not the courts below) are robustly pushing back against overreaching prosecutions, the CFA unanimously overturns the Court of Appeal and Magistrate and rules that because cable ties are not manufactured for the purpose of restraining a person, they are outside the scope of the Summary Offences Ordinance, and the defendant's conviction is overturned. Applying the prosecution's wide interpretation would "do violence to the language" and "effectively turn the section into a thought crime" - Chief Justice Andrew Cheung Kui Nung.
Unsuitability Statement against 6 ex-Directors of China Creative Global (1678)
SEHK, 14-Jul-2022
For failing to cooperate with a Stock Exchange investigation into the winding up of its major subsidiary and disposal of certain mainland subsidiaries.
SEHK, 14-Jul-2022
For failing to cooperate with a Stock Exchange investigation into the winding up of its major subsidiary and disposal of certain mainland subsidiaries.
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