27 Nov 2023
FAN REN DA ANTHONY AND ANOTHER v. THE STOCK EXCHANGE OF HONG KONG LTD
- Citation
- [2023] HKCFI 2932
- Court
- Court of First Instance
- Case number
- HCAL1211/2023
The Court held the LRC provided adequate, intelligible reasons; it was rationally open to the LRC to find that the applicants, as Audit Committee members, breached duties under Rule 3.08 and their Directors' Undertakings by failing to ensure adequate internal controls and by endorsing the FY18/19 Interim Report without properly addressing auditors' expressed concerns about ECL; reliance on management or expert commentary did not absolve the non‑delegable supervisory obligations; public censure and mandated training were proportionate; leave to apply for judicial review was dismissed and the s…