9 Mar 2015
RE CHINA METAL RECYCLING (HOLDINGS) LTD
- Citation
- RE CHINA METAL RECYCLING (HOLDINGS) LTD
- Court
- Court of First Instance
- Case number
- HCCW210/2013
On the balance of probabilities the Commission proved a large‑scale, systematic fraud: circular funds flows between Central Steel Macao, suppliers and customers and widespread false or non‑genuine bills of lading resulted in material overstatement of revenue and profit; evidence established likely orchestration by the Company’s directing mind (Mr Chun). Given the seriousness, scale and market impact of the misconduct and the absence of a credible defence or viable, properly‑sourced rescue, it is in the public interest and just and equitable to wind up the Company under SFO s212 and C(WUMP)O s…