SECURITIES AND FUTURES COMMISSION v. YEUNG KUI WONG AND OTHERS

SECURITIES AND FUTURES COMMISSION v. YEUNG KUI WONG AND OTHERS

On the agreed facts the 2nd Respondent participated in failures of disclosure and other lapses amounting to misfeasance or misconduct; his mitigating arguments did not distinguish him sufficiently from similarly situated directors and a five year disqualification order was warranted; the 6th Respondent's lesser role warranted a two year disqualification order. Costs to follow the parties' agreement.

Citation
SECURITIES AND FUTURES COMMISSION v. YEUNG KUI WONG AND OTHERS
Parties
Petitioner: Securities and Futures Commission; 1st Respondent: Yeung Kui Wong; 2nd Respondent: Hung Kwok Wa Godfrey; 3rd Respondent: Lai Wing Chuen John; 4th Respondent: Yeung Ying Fong Ellen; 5th Respondent: Yu Hung Wong; 6th Respondent: Leung Ping Chung Hermann
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
1 March 2011
Case Number
HCMP1742/2009
Procedural Posture
Carecraft Summary Proceedings Under Section 214 SFO / Judgment Following Summary Carecraft Hearing
Outcome
Disqualification orders granted against the 2nd and 6th Respondents and costs ordered as agreed.
Legal Topics
Director Disqualification, Disclosure Obligations, Connected Transactions, Misfeasance and Misconduct, Carecraft Proceedings, Section 214 SFO
Source Language
EN
Securities Law Corporate Law Company Governance Injunctions and Remedies Director Disqualification Disclosure Obligations Connected Transactions Misfeasance and Misconduct +2 more

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Parties

Securities and Futures Commission

Petitioner

Yeung Kui Wong

1st Respondent

Hung Kwok Wa Godfrey

2nd Respondent

Lai Wing Chuen John

3rd Respondent

Yeung Ying Fong Ellen

4th Respondent

Yu Hung Wong

5th Respondent

Leung Ping Chung Hermann

6th Respondent

Procedural Posture

Carecraft Summary Proceedings Under Section 214 SFO / Judgment Following Summary Carecraft Hearing

Legal Issues

  1. 1 Whether the 2nd and 6th Respondents engaged in conduct amounting to misfeasance or misconduct in relation to Warderly's business and affairs
  2. 2 Whether disqualification orders should be made and if so their scope and duration
  3. 3 Whether the 2nd Respondent's disqualification should be limited to listed companies only

Ratio Decidendi

On the agreed facts the 2nd Respondent participated in failures of disclosure and other lapses amounting to misfeasance or misconduct; his mitigating arguments did not distinguish him sufficiently from similarly situated directors and a five year disqualification order was warranted; the 6th Respondent's lesser role warranted a two year disqualification order. Costs to follow the parties' agreement.

Court Disposition

Disqualification orders granted against the 2nd and 6th Respondents and costs ordered as agreed.

Orders

  • 2nd Respondent (Hung Kwok Wa Godfrey) is disqualified for 5 years from being or continuing to be a director, liquidator, receiver or manager of the property or business of any listed or unlisted company in Hong Kong or their subsidiaries or affiliates and from directly or indirectly taking part in the management of...
  • 6th Respondent (Leung Ping Chung Hermann) is disqualified for 2 years from being or continuing to be a director, liquidator, receiver or manager of the property or business of any listed company in Hong Kong or their subsidiaries or affiliates and from directly or indirectly taking part in the management of any such...