30 Jan 2009
SECURITIES AND FUTURES COMMISSION v. FUNG CHIU AND OTHERS
- Citation
- SECURITIES AND FUTURES COMMISSION v. FUNG CHIU AND OTHERS
- Court
- Court of First Instance
- Case number
- HCMP2524/2006
On the agreed facts the 5th respondent, as finance director and compliance officer, failed to exercise reasonable skill, care and diligence, abdicated responsibilities to a de facto controller, permitted substantial unsecured deposits, loans and advances and allowed materially misleading public disclosures; that conduct amounted to misfeasance/misconduct and was unfairly prejudicial under s214 SFO, justifying a disqualification order. Given admitted cooperation and mitigation the appropriate period was six years limited to listed corporations and their subsidiaries/affiliates, taking effect 2…