Nerico Brothers Limited (HK)
SFC revokes the licence of Amber Hill Capital Ltd and bans its senior management for life
| Statement of Disciplinary Action
SFC, 28-Aug-2025
This relates to the collapse of Target Insurance (Holdings) Ltd (ex-6161) and its insurance subsidiary ("Company X" in the SFC's statement). Surely there should be criminal charges against someone for fraud.
SFC, 28-Aug-2025
This relates to the collapse of Target Insurance (Holdings) Ltd (ex-6161) and its insurance subsidiary ("Company X" in the SFC's statement). Surely there should be criminal charges against someone for fraud.
SFC revokes licence of Nerico Brothers Ltd and bans its senior management for life
| Statement of Disciplinary Action
SFC, 28-Aug-2025
This relates to the collapse of Target Insurance (Holdings) Ltd (ex-6161) and its insurance subsidiary ("Company X" in the SFC's statement).
SFC, 28-Aug-2025
This relates to the collapse of Target Insurance (Holdings) Ltd (ex-6161) and its insurance subsidiary ("Company X" in the SFC's statement).
SFC suspends Hadiee Chui Lai Chun, of Rifa Securities, for 7 months
| Statement of Disciplinary Action
SFC, 16-Jun-2025
She was dealing through an undisclosed brokerage account at the now-defunct Nerico Brothers Ltd.
SFC, 16-Jun-2025
She was dealing through an undisclosed brokerage account at the now-defunct Nerico Brothers Ltd.
Target Insurance Co Ltd v Mr Ng Yu & others
HK Court of Appeal, 18-Feb-2025
The Mareva injunction against Mr Ng Yu is continued. The court rules that Deputy High Court Judge Steven Ashley Burns SC "singularly failed to take into account the undisputed evidence that (a) the 1st defendant is the sole beneficial shareholder of the 2nd to 5th defendants, and also a director of the 3rd to 5th defendants, and (b) the 1st defendant and 6th defendant were acquainted and the latter had previously worked for the 1st defendant in his attempt to acquire NBL through the 5th defendant".
HK Court of Appeal, 18-Feb-2025
The Mareva injunction against Mr Ng Yu is continued. The court rules that Deputy High Court Judge Steven Ashley Burns SC "singularly failed to take into account the undisputed evidence that (a) the 1st defendant is the sole beneficial shareholder of the 2nd to 5th defendants, and also a director of the 3rd to 5th defendants, and (b) the 1st defendant and 6th defendant were acquainted and the latter had previously worked for the 1st defendant in his attempt to acquire NBL through the 5th defendant".
SFC freezes accounts at 2 brokers of ex-director of delisted company
| Restriction Notices
SFC, 25-Apr-2024
It suspects a fraudulent scheme to misappropriate US$154m under the guise of securities and spot FX trading, between June 2020 and September 2021. The unnamed company is almost certainly Target Insurance (ex-6161) which imploded after depositing US$154m with Nerico Brothers Ltd. Ex-Chairman Mr Ng Yu was earlier alleged by the bust insurer to be the "central figure in the fraudulent scheme".
SFC, 25-Apr-2024
It suspects a fraudulent scheme to misappropriate US$154m under the guise of securities and spot FX trading, between June 2020 and September 2021. The unnamed company is almost certainly Target Insurance (ex-6161) which imploded after depositing US$154m with Nerico Brothers Ltd. Ex-Chairman Mr Ng Yu was earlier alleged by the bust insurer to be the "central figure in the fraudulent scheme".
SFC bans Lam Ching Chiu and Wong Siu Fung for 5 years
| Reasons for sentence
SFC, 6-Feb-2024
This follows their conviction for corruption in Aug-2022. They received suspended jail terms on 8-Sep-2022 after the judge criticised the ICAC and Department of Justice for the long delay in bringing the prosecution. They were first arrested in Sep-2016 but not charged until Aug-2021.
SFC, 6-Feb-2024
This follows their conviction for corruption in Aug-2022. They received suspended jail terms on 8-Sep-2022 after the judge criticised the ICAC and Department of Justice for the long delay in bringing the prosecution. They were first arrested in Sep-2016 but not charged until Aug-2021.
Target Insurance Co Ltd v Mr Ng Yu & others
HK Court of First Instance, 23-Feb-2023
The Plaintiff is granted leave to appeal against the decision of Deputy High Court Judge Stephen Ashley Burns SC to lift the injunction against Ng Yu, and a stay of his order is granted pending appeal.
HK Court of First Instance, 23-Feb-2023
The Plaintiff is granted leave to appeal against the decision of Deputy High Court Judge Stephen Ashley Burns SC to lift the injunction against Ng Yu, and a stay of his order is granted pending appeal.
Target Insurance Co Ltd v Mr Ng Yu & others
HK Court of First Instance, 3-Jan-2023
Deputy Judge Steven Ashley Burns SC discharges the injunction against Mr Ng Yu.
HK Court of First Instance, 3-Jan-2023
Deputy Judge Steven Ashley Burns SC discharges the injunction against Mr Ng Yu.
Ex-securities brokers guilty of bribing computer company staff over trading programme service
| Reasons for verdict
ICAC, 29-Aug-2022
ICAC, 29-Aug-2022
Winding up of Nerico Brothers Ltd
HK Court of First Instance, 19-May-2022
The petitioner, Target Insurance Co Ltd, is owed over US$154m (HK$1203m). The petitioner is owned by Target Insurance (Holdings) Ltd (6161), the shares of which have been suspended from trading since 5-Jan-2022. The amount represents about 188% of the group's net assets at 30-Jun-2021. Nerico says it has been trying to recover the money from "Four Dimensions Global Strategy Fund".
HK Court of First Instance, 19-May-2022
The petitioner, Target Insurance Co Ltd, is owed over US$154m (HK$1203m). The petitioner is owned by Target Insurance (Holdings) Ltd (6161), the shares of which have been suspended from trading since 5-Jan-2022. The amount represents about 188% of the group's net assets at 30-Jun-2021. Nerico says it has been trying to recover the money from "Four Dimensions Global Strategy Fund".
Target Insurance Co Ltd v Mr Ng Yu & others
HK Court of First Instance, 13-May-2022
The plaintiff, now under managers appointed by the Insurance Authority, alleges a "massive fraud perpetuated" (sic) by Mr Ng Yu and Jerff Lee Cheuk Fung and that Mr Ng is the "central figure in the fraudulent scheme". Mr Ng is Chairman of both Target Insurance (Holdings) Ltd (6161) and Amber Hill Finance (0033). The insurer deposited funds with Nerico Brothers Ltd which were allegedly "dissipated to various corporate vehicles owned by" Mr Ng, including Neo Tech Inc and Amber Hill Capital Ltd.
HK Court of First Instance, 13-May-2022
The plaintiff, now under managers appointed by the Insurance Authority, alleges a "massive fraud perpetuated" (sic) by Mr Ng Yu and Jerff Lee Cheuk Fung and that Mr Ng is the "central figure in the fraudulent scheme". Mr Ng is Chairman of both Target Insurance (Holdings) Ltd (6161) and Amber Hill Finance (0033). The insurer deposited funds with Nerico Brothers Ltd which were allegedly "dissipated to various corporate vehicles owned by" Mr Ng, including Neo Tech Inc and Amber Hill Capital Ltd.
Securities brokers charged with bribery for arranging clients to use trading programme
ICAC, 4-Aug-2021
The brokerage changed its name to "Nerico Brothers Limited" 2 years ago.
ICAC, 4-Aug-2021
The brokerage changed its name to "Nerico Brothers Limited" 2 years ago.
So Yue Bun v Glory Sky Global Markets Ltd
HK Court of Appeal, 15-Mar-2016
Mr So is granted leave to file an amended statement of claim after his earlier claim was struck out.
HK Court of Appeal, 15-Mar-2016
Mr So is granted leave to file an amended statement of claim after his earlier claim was struck out.
So Yue Bun v Glory Sky Global Markets Ltd
HK Court of First Instance, 22-Sep-2015
Judge Conrad Seagroatt calls the Statement of Claim "rambling, disordered, incoherent and, in some respects, unintelligible". He says it "verges on the insulting to the court" and, reaching for the thesaurus, is "contumelious". He strikes it out. We note that the plaintiff was once a licensed representative of the 1st defendant, for leveraged foreign exchange trading from 2005 to 2008.
HK Court of First Instance, 22-Sep-2015
Judge Conrad Seagroatt calls the Statement of Claim "rambling, disordered, incoherent and, in some respects, unintelligible". He says it "verges on the insulting to the court" and, reaching for the thesaurus, is "contumelious". He strikes it out. We note that the plaintiff was once a licensed representative of the 1st defendant, for leveraged foreign exchange trading from 2005 to 2008.
SFC bans Lee Wai Keung, ex-Glory Sky Global Markets, for 12 months
SFC, 11-Dec-2014
He traded through his sister-in-law's account for 6 years.
SFC, 11-Dec-2014
He traded through his sister-in-law's account for 6 years.
High Court upholds conviction of unlicensed leveraged foreign exchange trader
| Judgment
SFC, 10-May-2010
SFC, 10-May-2010
Mr Chau Lap Cheung & Mr Alan Chung Wai Wa fined for unlicensed dealings in leveraged forex trading
SFC, 7-Sep-2009
SFC, 7-Sep-2009
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