6 Feb 2018
SECURITIES AND FUTURES COMMISSION v. QUNXING PAPER HOLDINGS CO LTD AND OTHERS
- Citation
- [2018] HKCFI 271
- Court
- Court of First Instance
- Case number
- HCA2428/2013
The court found on the evidence that Qunxing published materially false or misleading financial information (overstated sales and undisclosed bank borrowings) and breached ss277,298 and 384 of the SFO and s342F Cap 32; the knowledge of the controlling directors (3rd and 4th defendants) was attributable to Qunxing; Best Known and the Zhus were knowingly involved. Applying the wide remedial scope and discretionary criteria of s213(2)(b) and (4), the court held it was desirable and not unfair to make restorative/compensatory orders and to direct a pro rata payment scheme from the available asset…