The Securities and Exchange Commission (SFC) has received exclusion orders in court of the first former executive director, Mr. Lee Chi Kong, Mr Lam Ping Kei, Mrs Wong Choi Fung and Mr Yung Kwong Lun and the former independent non -international director, Mr. Wong Yun Kuen, Superb Summit International Limited.
Lee was excluded for 10 years, Wong Yun Kuen was excluded for seven years, while others were excluded for five years, from (i), or continued to be, a manager, liquidator or recipient or manager of the Superb Summit or any other company, or its direct, direct, or direct. Part, in managing Superb Summit or any other company, including any of its subsidiaries and subsidiaries Superb Summit. They were also ordered to pay SFC costs in the process.
The SFC launched procedures against former directors following its investigations into allegations of misconduct by Superb Summit and other officers. These allegations relate to three acquisitions between 2007 and 2014, which were part of the carefully applied plans for compensation and abuse of the assets of the excellent summit. The excellent summit suffered significant losses as a result of these acquisitions.
Superb Summit acquired interests of 70% and 30% in a target company – which was supposed to hold forest assets – in 2007 and 2009, respectively, for a total of $ 1,678 billion. The court found that the assets of forestry did not exist.
Superb Summit has also acquired interests in another company, which is supposed to hold intellectual property rights for certain engineering technologies. The court found that technology had little or no value and the transaction served as a means of channeling significant funds for the great Superb Summit shareholder.
Five former directors admitted that they were violating their duties by failing to take relevant measures to ensure that the correct and logical due diligence had been carried out on the supposed forest assets in the 2007 and 2009 acquisitions and/or target technology in 2014. negligence (as appropriate). The exclusion commands against these five former directors were based on their acceptance.
SFC procedures against other former Superb Summit managers and officers are ongoing.