Wen, Yibo (1966) 文一波
Court orders Sound Global (ex-0967) chairman Wen Yibo to purchase shares from investors
| Judgment
SFC, 6-Oct-2022
This is the first compensation order of its kind, and hopefully there will be more. 3 other defendants are in the mainland and the SFC has been unable to serve the Petition on them, so the SFC proceeded to trial against Mr Wen and the company alone. Mr Wen's scheme grossly inflated bank balances by RMB 2.72bn, equivalent to 89% of net assets in the 2013 annual report. The buy-out price will be determined at another hearing. Whether he has any assets in HK to honour the order is another matter.
SFC, 6-Oct-2022
This is the first compensation order of its kind, and hopefully there will be more. 3 other defendants are in the mainland and the SFC has been unable to serve the Petition on them, so the SFC proceeded to trial against Mr Wen and the company alone. Mr Wen's scheme grossly inflated bank balances by RMB 2.72bn, equivalent to 89% of net assets in the 2013 annual report. The buy-out price will be determined at another hearing. Whether he has any assets in HK to honour the order is another matter.
Sound Global (0967): controller pledges 22.3% to CCB for US$50m loan
Company announcement, 5-Jul-2013
Singapore Listing Rules provide better disclosure than HK, where pledges are not required to be disclosed.
Company announcement, 5-Jul-2013
Singapore Listing Rules provide better disclosure than HK, where pledges are not required to be disclosed.
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