22 May 2023
SECURITIES AND FUTURES COMMISSION v. LAU CHI YUEN JOSEPH AND ANOTHER
- Citation
- [2023] HKCFI 1346
- Court
- Court of First Instance
- Case number
- HCMP239/2019
On the balance of probabilities the Court found that Joseph Lau directed and controlled Big Good/Frankie Ma as his nominees, financed the acquisition in substantial part, orchestrated resale to Luxey at an inflated price and failed to disclose his interest; those facts established breaches of fiduciary duties (good faith, proper purpose, no-conflict, no-secret-profit, disclosure) and contraventions of s.214(1)(b),(c) and (d). Eric Chung, as CEO and compliance officer, failed to make reasonable enquiries, to report red flags and to ensure due diligence and thereby breached his duty of care and…