Court appoints administrators for Vantage New Generation Securities Ltd
We note that according to a Restriction Notice issued on 7-Jun-2023, the SFC suspects misappropriation of client assets.
Court appoints administrators for Vantage New Generation Securities Limited
Issue date: 2023-09-06 16:41:54
The Securities and Futures Commission (SFC) has obtained an order from the Court of First Instance (CFI) to appoint Ms Chan Pui Sze and Ms Mak Hau Yin of Briscoe Wong Advisory Limited as joint and several administrators of Vantage New Generation Securities Limited (VNGSL, formerly known as Global Group Securities Limited) (Notes 1 & 2).
Under the court order made on 5 September 2023, Chan and Mak have powers to, amongst other things, administer the property of VNGSL and property held by or to the order of VNGSL on behalf of its clients or third parties, as well as manage the affairs of VNGSL as they consider appropriate.
The SFC considers that it is in the public interest for administrators to be appointed to (i) facilitate an orderly and expeditious return of client properties, (ii) deal with enquiries from VNGSL’s clients in relation to the disposition of their assets and (iii) carry out all investigations into the property, business and/or affairs of VNGSL as the administrators shall think fit.
Prior to seeking the order from the CFI, the SFC issued a restriction notice against VNGSL to preserve client assets held by the broker (Note 3).
- VNGSL is licensed under the Securities and Futures Ordinance (SFO) to carry on Type 1 regulated activity (dealing in securities) since 3 August 2012 and Type 4 regulated activity (advising in securities) since 12 August 2014, subject to the condition that for Type 4 regulated activity, the licensee shall only provide services to professional investors.
- The SFC’s application was made pursuant to section 213 of the SFO. Section 213 of the SFO permits the SFC to apply to the Court for appointing a person to administer the property of another person, who has contravened any of the relevant provisions under the SFO and/or its subsidiary legislation.
- Please see the SFC press release dated 7 June 2023.