News
CSD officer, prisoner and his girlfriend charged
ICAC, 24-Jul-2017
Apparently prisoner Mr Wong Wai Leung was in need of facial cleanser, gel mask and face cream - some sort of face-saving exercise, no doubt.
ICAC, 24-Jul-2017
Apparently prisoner Mr Wong Wai Leung was in need of facial cleanser, gel mask and face cream - some sort of face-saving exercise, no doubt.
Koo Ming Kown v SFC
HK Court of First Instance, 21-Jul-2017
The SFC succeeds in its application to strike out Mr Koo's claim.
HK Court of First Instance, 21-Jul-2017
The SFC succeeds in its application to strike out Mr Koo's claim.
HKICPA bans Andrew Lai Ka Cheung for 1 year
HKICPA, 19-Jul-2017
The reasons reveal that the client to which he had given a clean audit for 6 years was Ting Wai Monastery Ltd, which hit the news in 2015 when the chief nun Sik Chi Ding (aka Lung Yan Roy) was alleged by a director, Mary Jean Reimer, to have mismanaged funds and to have married two mainland monks to get them residency in HK.
HKICPA, 19-Jul-2017
The reasons reveal that the client to which he had given a clean audit for 6 years was Ting Wai Monastery Ltd, which hit the news in 2015 when the chief nun Sik Chi Ding (aka Lung Yan Roy) was alleged by a director, Mary Jean Reimer, to have mismanaged funds and to have married two mainland monks to get them residency in HK.
Ex-assistant project manager admits accepting HK$430k kickbacks
ICAC, 18-Jul-2017
Cheung Chi Hung, 47, formerly of RNB Engineering HK Ltd, admits inflating invoices as contractor to renovation of Yau Oi Commercial Complex, Tuen Mun, and then obtaining kickbacks from electrical sub-contractors for the difference.
ICAC, 18-Jul-2017
Cheung Chi Hung, 47, formerly of RNB Engineering HK Ltd, admits inflating invoices as contractor to renovation of Yau Oi Commercial Complex, Tuen Mun, and then obtaining kickbacks from electrical sub-contractors for the difference.
SFC directs continued suspension of China Household (0692)
Company announcement, 17-Jul-2017
The stock has been suspended since 22-Jun-2017 following a negative research report. The SFC suspects irregularities in the 2013 financial data.
Company announcement, 17-Jul-2017
The stock has been suspended since 22-Jun-2017 following a negative research report. The SFC suspects irregularities in the 2013 financial data.
HKICPA fines Lee Wing Yan & Tse Wai Ho HK$20k jointly
HKICPA, 17-Jul-2017
For holding out their company (unnamed) as an auditor when it was not a registered corporate practice.
HKICPA, 17-Jul-2017
For holding out their company (unnamed) as an auditor when it was not a registered corporate practice.
Carpenter Tan (0837): what not to do with surplus cash
| Preventing cash shells
Company announcement, 12-Jul-2017
The comb maker says it's been sitting on surplus cash since its 2009 IPO, so rather than return the money to shareholders, it is buying wealth management products from Bank of Jiangsu. Net cash was 69% of net assets at 31-Dec-2016, so it meets our definition of a cash shell (exceeding 50%) and the excess (or more) should be paid out unless minority shareholders veto the payout, as proposed in our 2016 article "Preventing cash shells".
Company announcement, 12-Jul-2017
The comb maker says it's been sitting on surplus cash since its 2009 IPO, so rather than return the money to shareholders, it is buying wealth management products from Bank of Jiangsu. Net cash was 69% of net assets at 31-Dec-2016, so it meets our definition of a cash shell (exceeding 50%) and the excess (or more) should be paid out unless minority shareholders veto the payout, as proposed in our 2016 article "Preventing cash shells".
HKICPA bans Nigel Wong Kong Yiu for 5 years
HKICPA, 12-Jul-2017
His firm's name was "N K Co. CPA Limited", not "Nigel Wong CPA Limited" as the reasons state.
HKICPA, 12-Jul-2017
His firm's name was "N K Co. CPA Limited", not "Nigel Wong CPA Limited" as the reasons state.
Trio charged with HK$2.2m HKJC souvenir purchase orders fraud
ICAC, 10-Jul-2017
Yim Sze Sum, a former HKJC manager, is alleged to have conspired with Carl Wong Chow and his daughter Cecilia Wong Chi Yan, directors and shareholders of Empire Printing & Production Specialist Ltd, to rig 4 tenders by using 2 other companies under common control to "compete" for the work.
ICAC, 10-Jul-2017
Yim Sze Sum, a former HKJC manager, is alleged to have conspired with Carl Wong Chow and his daughter Cecilia Wong Chi Yan, directors and shareholders of Empire Printing & Production Specialist Ltd, to rig 4 tenders by using 2 other companies under common control to "compete" for the work.
Belle on employee purchases
Company announcement, 7-Jul-2017
Comment: if Belle is not involved in the purchase of shares by 300 employees, all or most of whom promptly withdrew their shares from CCASS to become registered shareholders, then how does it know that they all paid either $6.09 or $6.10 on 2 trading days? Although Belle has 111,700 employees, most of them are on the mainland and unable to buy shares directly in HK. Only 0.8% of staff were outside the mainland at the time of the IPO in 2007. So it seems that a significant portion of HK staff bought shares just for the 20-cent gain per share (before expenses) that the privatisation would provide.
Company announcement, 7-Jul-2017
Comment: if Belle is not involved in the purchase of shares by 300 employees, all or most of whom promptly withdrew their shares from CCASS to become registered shareholders, then how does it know that they all paid either $6.09 or $6.10 on 2 trading days? Although Belle has 111,700 employees, most of them are on the mainland and unable to buy shares directly in HK. Only 0.8% of staff were outside the mainland at the time of the IPO in 2007. So it seems that a significant portion of HK staff bought shares just for the 20-cent gain per share (before expenses) that the privatisation would provide.
SFC issues restriction notice on W. Falcon Asset Management (Asia) Ltd
SFC, 7-Jul-2017
The SFC says the unnamed sole shareholder and director appears to have been window-dressing the month-end liquid capital on repeated occasions by issuing a cheque at month-end which was then dishonoured on the first day of the next month.
SFC, 7-Jul-2017
The SFC says the unnamed sole shareholder and director appears to have been window-dressing the month-end liquid capital on repeated occasions by issuing a cheque at month-end which was then dishonoured on the first day of the next month.
Tencent unit seeks to withhold shareholding information, raising governance concerns
Reuters, 6-Jul-2017
Reuters, 6-Jul-2017
Concentration warning in Worldgate Global (8292)
SFC, 6-Jul-2017
20 holders have 93.95% of the shares.
SFC, 6-Jul-2017
20 holders have 93.95% of the shares.
Defeated candidate of DC Election sentenced for false claims of support
ICAC, 5-Jul-2017
Liu Siu Fai is ordered to perform 80 hours of community service.
ICAC, 5-Jul-2017
Liu Siu Fai is ordered to perform 80 hours of community service.
Lam & Lai Solicitors v Albert Ho Chun Yan
HK Court of First Instance, 5-Jul-2017
Former CE candidate Albert Ho Chun Yan wins his appeal against the decision of the unnamed taxation Master to allow his soilcitors to charge for a duplication of work by 2 partners of the firm (Raymond Lam Wai Chin and Alfie Elden Lai Chi Chiu). The cost of 64 objected items totalled 367 hours and amounted to HK$1.46m. Nice work if you can get it.
HK Court of First Instance, 5-Jul-2017
Former CE candidate Albert Ho Chun Yan wins his appeal against the decision of the unnamed taxation Master to allow his soilcitors to charge for a duplication of work by 2 partners of the firm (Raymond Lam Wai Chin and Alfie Elden Lai Chi Chiu). The cost of 64 objected items totalled 367 hours and amounted to HK$1.46m. Nice work if you can get it.
SFC directs continued suspension of National Agri (1236)
Company announcement, 4-Jul-2017
The stock last traded on 27-Mar-2017. It was suspended the next day because it could not produce its 2016 results. The SFC suspects materially false, incomplete or misleading information was contained in a series of announcements regarding payment of "earnest money" for a purported investment fund.
Company announcement, 4-Jul-2017
The stock last traded on 27-Mar-2017. It was suspended the next day because it could not produce its 2016 results. The SFC suspects materially false, incomplete or misleading information was contained in a series of announcements regarding payment of "earnest money" for a purported investment fund.
China Jicheng (1027) Chairman cuts stake after Enigma Network meltdown
Company announcement, 3-Jul-2017
Huang Wenji cut his stake from 74.48% to 66.25%, selling 8.23% at an average $0.0115 per share, a loss of 95.9% since last Monday (26-Jun-2017), but still almost double the net assets per share of $0.0064. No word on whether any of his shares were pledged. The announcement contains a probable error - if he sold 4.01% on Friday, that is about 3,008m shares, not 30,008m shares. Total proceeds for the 2 days were about HK$71m
Company announcement, 3-Jul-2017
Huang Wenji cut his stake from 74.48% to 66.25%, selling 8.23% at an average $0.0115 per share, a loss of 95.9% since last Monday (26-Jun-2017), but still almost double the net assets per share of $0.0064. No word on whether any of his shares were pledged. The announcement contains a probable error - if he sold 4.01% on Friday, that is about 3,008m shares, not 30,008m shares. Total proceeds for the 2 days were about HK$71m
WLS (8021) dumps QPL (0243) after Enigma Network meltdown
| CCASS changes
Company announcement, 3-Jul-2017
The 3.92% holding in QPL had not previously been disclosed. The average sale price was $0.2068.
Company announcement, 3-Jul-2017
The 3.92% holding in QPL had not previously been disclosed. The average sale price was $0.2068.
Jia Meng (8101) sells Luen Wong (8217) after Enigma meltdown
Company announcement, 30-Jun-2017
The average sale price was $0.97. The shares represented 36.9% of JM's net assets at 31-Mar-2017, when the market price was $19.00.
Company announcement, 30-Jun-2017
The average sale price was $0.97. The shares represented 36.9% of JM's net assets at 31-Mar-2017, when the market price was $19.00.
Huang Kuang Cheng and QMIS Securities Ltd convicted of giving false or misleading information to SFC
SFC, 30-Jun-2017
No, "job rotation" is not an acceptable euphemism for "fired for stealing client money". The firm had fired Yu Chun Chieh, whom the SFC banned for life on 2-Jun-2015. Mr Huang is now an RO of i-Golden Data Capital Ltd. He and QMIS were each fined HK$10k.
SFC, 30-Jun-2017
No, "job rotation" is not an acceptable euphemism for "fired for stealing client money". The firm had fired Yu Chun Chieh, whom the SFC banned for life on 2-Jun-2015. Mr Huang is now an RO of i-Golden Data Capital Ltd. He and QMIS were each fined HK$10k.
Illegal short sales under scrutiny in HK's 'Enigma' Crash
Bloomberg, 30-Jun-2017
If Charles Li has any evidence of this, he should produce it. To us, this looks like an attempt to deflect the blame from the systemic failure of the for-profit regulator, HKEX, to produce and enforce adequate governance provisions in the Listing Rules. HKEX should no longer be a regulator.
Bloomberg, 30-Jun-2017
If Charles Li has any evidence of this, he should produce it. To us, this looks like an attempt to deflect the blame from the systemic failure of the for-profit regulator, HKEX, to produce and enforce adequate governance provisions in the Listing Rules. HKEX should no longer be a regulator.
Our stories
Rebuilding free markets in HK
These slides are from a presentation by David Webb today, on how HK's free markets have eroded during the 20 years since the Handover, and what HK can do to recover its dynamism. (16-Jun-2017)
These slides are from a presentation by David Webb today, on how HK's free markets have eroded during the 20 years since the Handover, and what HK can do to recover its dynamism. (16-Jun-2017)
AAC (2018) announcement seems familiar
AAC, in a rather desperate move, has announced a "strategic cooperation agreement" with CITIC Bank. Where have we seen that before? (9-Jun-2017)
AAC, in a rather desperate move, has announced a "strategic cooperation agreement" with CITIC Bank. Where have we seen that before? (9-Jun-2017)
The Enigma Network: 50 stocks not to own
Sometimes, all you need to tell a story is a picture. (15-May-2017)
Sometimes, all you need to tell a story is a picture. (15-May-2017)
Holdings in Fullshare (0607) via Shanghai Connect
Nice work by Glaucus Research today in a thorough analysis of the bubble in Fullshare, which also relates to a bubble in Zall (2098) because of their cross-holdings. Webb-site called these bubbles on 5-Aug-2016, and this chart suggests that accumulation of Fullshare by persons on the Southbound train may have propped it up. (25-Apr-2017)
Nice work by Glaucus Research today in a thorough analysis of the bubble in Fullshare, which also relates to a bubble in Zall (2098) because of their cross-holdings. Webb-site called these bubbles on 5-Aug-2016, and this chart suggests that accumulation of Fullshare by persons on the Southbound train may have propped it up. (25-Apr-2017)
Spilt milk: net CCASS changes after sell-off in China Huishan Dairy (6863)
Trades in Friday morning's collapse were settled yesterday, 28-Mar. We see that mainland investors via Shanghai Connect bought a net 77.6m shares (0.58%), raising their stake to 7.32%, while the biggest net reduction came from Guoyuan Securities Brokerage (HK), 216m shares (1.60%). It's a fair bet that there was a margin call, but we wait for Chairman Yang to reveal all. (29-Mar-2017)
Trades in Friday morning's collapse were settled yesterday, 28-Mar. We see that mainland investors via Shanghai Connect bought a net 77.6m shares (0.58%), raising their stake to 7.32%, while the biggest net reduction came from Guoyuan Securities Brokerage (HK), 216m shares (1.60%). It's a fair bet that there was a margin call, but we wait for Chairman Yang to reveal all. (29-Mar-2017)
Press statement from WKCDA
Poor transparency: you won't find this on the WKCDA web site, so it's going on ours. We've added a link from the statement to the Procurement Procedures. (22-Feb-2017)
Poor transparency: you won't find this on the WKCDA web site, so it's going on ours. We've added a link from the statement to the Procurement Procedures. (22-Feb-2017)
West Kowloon needs tender care
We urge the board of WKCDA, which was bypassed for months in the planning of the Palace Museum, to put the main architectural services contract out to tender, given that there is still no binding contract with Rocco Yim's company. Let him compete for the work, in line with HK's commitments to free and fair trade under WTO obligations. We estimate the contract size at HK$140m. (6-Feb-2017)
We urge the board of WKCDA, which was bypassed for months in the planning of the Palace Museum, to put the main architectural services contract out to tender, given that there is still no binding contract with Rocco Yim's company. Let him compete for the work, in line with HK's commitments to free and fair trade under WTO obligations. We estimate the contract size at HK$140m. (6-Feb-2017)
RIP Clare Hollingworth
She was born on the same day as the Republic of China and shipping tycoon Tung Chao Yung. She died today aged 105 years 3 months. (10-Jan-2017)
She was born on the same day as the Republic of China and shipping tycoon Tung Chao Yung. She died today aged 105 years 3 months. (10-Jan-2017)
1539 candidates in under 4 minutes
Today, a few people are choosing even fewer people who will select HK's new Chief Executive. Our compilation shows the details of all 1539 candidates for 1034 seats, including 300 uncontested. Last time, the electorate of the 637 densest seats (lowest electors per seat) was 4,363. There is healthy competition in the largest electorates, including Education and Health Services, but the most they can hope for is to tip the balance if 2 establishment candidates run for the job and Beijing doesn't pick a winner and direct its agents from the small circles accordingly. (11-Dec-2016)
Today, a few people are choosing even fewer people who will select HK's new Chief Executive. Our compilation shows the details of all 1539 candidates for 1034 seats, including 300 uncontested. Last time, the electorate of the 637 densest seats (lowest electors per seat) was 4,363. There is healthy competition in the largest electorates, including Education and Health Services, but the most they can hope for is to tip the balance if 2 establishment candidates run for the job and Beijing doesn't pick a winner and direct its agents from the small circles accordingly. (11-Dec-2016)
Shenzhen Connect southbound tracking
The Webb-site CCASS Analysis System shows the daily net change in the aggregate stock balances held by mainland investors via Shenzhen Connect. Movements correspond to trades 2 days earlier. (8-Dec-2016)
The Webb-site CCASS Analysis System shows the daily net change in the aggregate stock balances held by mainland investors via Shenzhen Connect. Movements correspond to trades 2 days earlier. (8-Dec-2016)
Andrew Left and the right to be wrong
We take a close look at the Market Misconduct Tribunal's report on Mr Left's erroneous criticism of China Evergrande (3333), and what that says about free speech amongst participants in the HK market. (23-Oct-2016)
We take a close look at the Market Misconduct Tribunal's report on Mr Left's erroneous criticism of China Evergrande (3333), and what that says about free speech amongst participants in the HK market. (23-Oct-2016)
Open letter to the board of Ming Fai (3828) from David Webb
Webb-site founder David Webb owns almost 10% of Ming Fai and calls for a special dividend of at least $0.352 per share to reduce net cash to not more than HK$300m (34% of net assets) after the sale of the investment property, which we support. Ming Fai has a strong core business, but if the current board, which holds 33% of Ming Fai, doesn't do the right thing then we will nominate directors who will. (19-Oct-2016)
Webb-site founder David Webb owns almost 10% of Ming Fai and calls for a special dividend of at least $0.352 per share to reduce net cash to not more than HK$300m (34% of net assets) after the sale of the investment property, which we support. Ming Fai has a strong core business, but if the current board, which holds 33% of Ming Fai, doesn't do the right thing then we will nominate directors who will. (19-Oct-2016)
LegCo - who's got religion?
There were 19 oath-taking Christians in last week's LegCo swearing in, 7 non-religious oaths, and 44 affirmations. So who believes in a higher power than Beijing? (16-Oct-2016)
There were 19 oath-taking Christians in last week's LegCo swearing in, 7 non-religious oaths, and 44 affirmations. So who believes in a higher power than Beijing? (16-Oct-2016)
SFC warns market on CIFG (0412)
Following Webb-site's bubble warning on 26-Sep-2016, the SFC has conducted an ownership investigation. (13-Oct-2016)
Following Webb-site's bubble warning on 26-Sep-2016, the SFC has conducted an ownership investigation. (13-Oct-2016)
Alleged hacked BOCI account explains Pa Shun Pharma (0574) surge
A Cyberport-based investment company alleges that an unauthorised person logged into its BOCI account and bought up 4.92% of PSP at an average 36% above the previous day's close, draining its account of about HK$37.7m. The SFC has today commenced a general cybersecurity review on brokers' systems after 16 incidents in the last 12 months involving over HK$100m. (13-Oct-2016)
A Cyberport-based investment company alleges that an unauthorised person logged into its BOCI account and bought up 4.92% of PSP at an average 36% above the previous day's close, draining its account of about HK$37.7m. The SFC has today commenced a general cybersecurity review on brokers' systems after 16 incidents in the last 12 months involving over HK$100m. (13-Oct-2016)
Other news
CSD officer, prisoner and his girlfriend charged
ICAC, 24-Jul-2017
Apparently prisoner Mr Wong Wai Leung was in need of facial cleanser, gel mask and face cream - some sort of face-saving exercise, no doubt.
ICAC, 24-Jul-2017
Apparently prisoner Mr Wong Wai Leung was in need of facial cleanser, gel mask and face cream - some sort of face-saving exercise, no doubt.
Koo Ming Kown v SFC
HK Court of First Instance, 21-Jul-2017
The SFC succeeds in its application to strike out Mr Koo's claim.
HK Court of First Instance, 21-Jul-2017
The SFC succeeds in its application to strike out Mr Koo's claim.
HKICPA bans Andrew Lai Ka Cheung for 1 year
HKICPA, 19-Jul-2017
The reasons reveal that the client to which he had given a clean audit for 6 years was Ting Wai Monastery Ltd, which hit the news in 2015 when the chief nun Sik Chi Ding (aka Lung Yan Roy) was alleged by a director, Mary Jean Reimer, to have mismanaged funds and to have married two mainland monks to get them residency in HK.
HKICPA, 19-Jul-2017
The reasons reveal that the client to which he had given a clean audit for 6 years was Ting Wai Monastery Ltd, which hit the news in 2015 when the chief nun Sik Chi Ding (aka Lung Yan Roy) was alleged by a director, Mary Jean Reimer, to have mismanaged funds and to have married two mainland monks to get them residency in HK.
Ex-assistant project manager admits accepting HK$430k kickbacks
ICAC, 18-Jul-2017
Cheung Chi Hung, 47, formerly of RNB Engineering HK Ltd, admits inflating invoices as contractor to renovation of Yau Oi Commercial Complex, Tuen Mun, and then obtaining kickbacks from electrical sub-contractors for the difference.
ICAC, 18-Jul-2017
Cheung Chi Hung, 47, formerly of RNB Engineering HK Ltd, admits inflating invoices as contractor to renovation of Yau Oi Commercial Complex, Tuen Mun, and then obtaining kickbacks from electrical sub-contractors for the difference.
SFC directs continued suspension of China Household (0692)
Company announcement, 17-Jul-2017
The stock has been suspended since 22-Jun-2017 following a negative research report. The SFC suspects irregularities in the 2013 financial data.
Company announcement, 17-Jul-2017
The stock has been suspended since 22-Jun-2017 following a negative research report. The SFC suspects irregularities in the 2013 financial data.
HKICPA fines Lee Wing Yan & Tse Wai Ho HK$20k jointly
HKICPA, 17-Jul-2017
For holding out their company (unnamed) as an auditor when it was not a registered corporate practice.
HKICPA, 17-Jul-2017
For holding out their company (unnamed) as an auditor when it was not a registered corporate practice.
Carpenter Tan (0837): what not to do with surplus cash
| Preventing cash shells
Company announcement, 12-Jul-2017
The comb maker says it's been sitting on surplus cash since its 2009 IPO, so rather than return the money to shareholders, it is buying wealth management products from Bank of Jiangsu. Net cash was 69% of net assets at 31-Dec-2016, so it meets our definition of a cash shell (exceeding 50%) and the excess (or more) should be paid out unless minority shareholders veto the payout, as proposed in our 2016 article "Preventing cash shells".
Company announcement, 12-Jul-2017
The comb maker says it's been sitting on surplus cash since its 2009 IPO, so rather than return the money to shareholders, it is buying wealth management products from Bank of Jiangsu. Net cash was 69% of net assets at 31-Dec-2016, so it meets our definition of a cash shell (exceeding 50%) and the excess (or more) should be paid out unless minority shareholders veto the payout, as proposed in our 2016 article "Preventing cash shells".
HKICPA bans Nigel Wong Kong Yiu for 5 years
HKICPA, 12-Jul-2017
His firm's name was "N K Co. CPA Limited", not "Nigel Wong CPA Limited" as the reasons state.
HKICPA, 12-Jul-2017
His firm's name was "N K Co. CPA Limited", not "Nigel Wong CPA Limited" as the reasons state.
Trio charged with HK$2.2m HKJC souvenir purchase orders fraud
ICAC, 10-Jul-2017
Yim Sze Sum, a former HKJC manager, is alleged to have conspired with Carl Wong Chow and his daughter Cecilia Wong Chi Yan, directors and shareholders of Empire Printing & Production Specialist Ltd, to rig 4 tenders by using 2 other companies under common control to "compete" for the work.
ICAC, 10-Jul-2017
Yim Sze Sum, a former HKJC manager, is alleged to have conspired with Carl Wong Chow and his daughter Cecilia Wong Chi Yan, directors and shareholders of Empire Printing & Production Specialist Ltd, to rig 4 tenders by using 2 other companies under common control to "compete" for the work.
Belle on employee purchases
Company announcement, 7-Jul-2017
Comment: if Belle is not involved in the purchase of shares by 300 employees, all or most of whom promptly withdrew their shares from CCASS to become registered shareholders, then how does it know that they all paid either $6.09 or $6.10 on 2 trading days? Although Belle has 111,700 employees, most of them are on the mainland and unable to buy shares directly in HK. Only 0.8% of staff were outside the mainland at the time of the IPO in 2007. So it seems that a significant portion of HK staff bought shares just for the 20-cent gain per share (before expenses) that the privatisation would provide.
Company announcement, 7-Jul-2017
Comment: if Belle is not involved in the purchase of shares by 300 employees, all or most of whom promptly withdrew their shares from CCASS to become registered shareholders, then how does it know that they all paid either $6.09 or $6.10 on 2 trading days? Although Belle has 111,700 employees, most of them are on the mainland and unable to buy shares directly in HK. Only 0.8% of staff were outside the mainland at the time of the IPO in 2007. So it seems that a significant portion of HK staff bought shares just for the 20-cent gain per share (before expenses) that the privatisation would provide.
SFC issues restriction notice on W. Falcon Asset Management (Asia) Ltd
SFC, 7-Jul-2017
The SFC says the unnamed sole shareholder and director appears to have been window-dressing the month-end liquid capital on repeated occasions by issuing a cheque at month-end which was then dishonoured on the first day of the next month.
SFC, 7-Jul-2017
The SFC says the unnamed sole shareholder and director appears to have been window-dressing the month-end liquid capital on repeated occasions by issuing a cheque at month-end which was then dishonoured on the first day of the next month.
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