Yip, Aric Wik 葉域
SFAT affirms SFC decision to fine Yi Shun Da Capital Ltd for sponsor due diligence failures
| SFAT Decision
SFC, 19-Oct-2021
Relating to the aborted IPO of Imperial Sierra Group Holdings Ltd, in the track record of which, circular payments were supected. The proposed fine was reduced from HK$14m to $4.5m by the SFC and to $3m by the SFAT after considering the firm's financial position. The take-away from this is perhaps don't leave more capital inside your firm than is required by regulations, and pay out profits regularly.
SFC, 19-Oct-2021
Relating to the aborted IPO of Imperial Sierra Group Holdings Ltd, in the track record of which, circular payments were supected. The proposed fine was reduced from HK$14m to $4.5m by the SFC and to $3m by the SFAT after considering the firm's financial position. The take-away from this is perhaps don't leave more capital inside your firm than is required by regulations, and pay out profits regularly.
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