Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Financial misstatement

Legal area

Court

8 Jul 2021

SECURITIES AND FUTURES COMMISSION v. LIU ZHONGKUI AND OTHERS

Citation

[2021] HKCFI 1975
Court

Court of First Instance
Case number

HCMP314/2020

On the basis of the agreed facts the 3rd Respondent failed to exercise the requisite degree of skill and care and participated in conduct amounting to misconduct, deprivation of information and unfairly prejudicial conduct under s.214(1)(b),(c) and (d) SFO; an eight year disqualification is appropriate and the 3rd Respondent must pay costs of HK$285,000 to the SFC.
26 Feb 2021

SECURITIES AND FUTURES COMMISSION v. SHANDONG MOLONG PETROLEUM MACHINERY CO LTD AND OTHERS

Citation

[2021] HKCFI 497
Court

Court of First Instance
Case number

HCMP1094/2019

On the agreed facts the 6 Results Announcements for 2015–2016 were materially false and the senior officers knowingly participated in an inflation scheme; that conduct constituted fraud/misfeasance, failure to provide required information and was unfairly prejudicial under s214(1)(b),(c),(d) of the SFO; having applied the established bracket approach, weighed aggravating factors (dishonesty, magnitude, recurrence) and mitigating factors (cooperation, admissions, remedial steps), the court imposed disqualification periods of 9 years (R2,R4), 8 years (R3), 8 years (R5) and 7 years (R6–R8) and o…