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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.
- FUJIKON INDUSTRIAL HOLDINGS LIMITED
- Health and Happiness (H&H) International Holdings Limited
- HKSAR Market Misconduct Tribunal
- SECURITIES AND FUTURES COMMISSION
- Yorkey Optical International (Cayman) Ltd.