20 Nov 2023
SECURITIES AND FUTURES COMMISSION v. XU JINPEI AND OTHERS
- Citation
- [2023] HKCFI 2908
- Court
- Court of First Instance
- Case number
- HCMP572/2022
On the basis of the admitted and agreed facts, the Court was satisfied that the Company’s consolidated bank balances were substantially overstated by omission and fabrication in subsidiary ledgers and supporting documents, that those overstatements fell within s.214(1)(b),(c) and (d) of the SFO, and that the 6th Respondent negligently breached his duties as an INED and Audit Committee member by failing to supervise, investigate and ensure adequate internal controls; accordingly a disqualification order for three years and payment of agreed costs was appropriate and proportionate given the gra…