Hong Kong’s SFC Committee has been ordered to exclude the Court of First Instance against Mrs Ho Siu Man, former executive director of the First Credit Finance Group Limited.
HO has been excluded from being a manager and participating in the management of any listed or non -listed company in Hong Kong, without the license of the court, for a period of seven years. The duration of its exclusion reflects the severity of its abuse. He was also ordered to pay SFC costs in the process.
SFC’s legal action against HO follows a survey finding that Mr Cho Kwai Chee has acted as a de facto director of First Credit, participating in the management of company or affairs and the decision -making decisions organized by rights organized by rights organized by rights organized by rights organized by rights organized by rights organized by rights organized by rights. The rights organized by the rights organized by the rights organized by the rights organized by the rights that organize the rights that organize the rights. Issued by the first credit.
However, the announcements issued by the first credit on the completion of the position and the issue of rights incorrectly stated that all places and subscribers were independent third parties.
Ho admitted that she had violated her duties and/or failed to exercise the degree of care, skills and diligence she required by her as director of the company such as:
- He should have been aware of the de facto manager of Cho in the company, but failed to ensure that the company publishes a statement to reveal its role.
- caused negligence to the company to make a false and/or misleading statement about the independence of the places in the placement announcement.
- Recklessly caused the company to make a false and/or misleading statement on the independence of the subscribers of the Rights of the Rights of the Rights in the announcement of rights. and
- Failed to consider the impact of diluting the placement on shareholders before approved.
SFC’s procedures against the other four former directors and a former de facto director of the first credit are ongoing.