Hong Kong’s SFC Committee (SFC) has reprimanded and imposed a fine on Sino -rich mobile and future $ 2 million to failure for failure to fail in the policy and borrowing practices.
The SFC has also suspended the permission of Mr Budihardjo Wilhelm Soeharsono, officer and manager of the rich in Sino, for five months and two weeks from May 8, 2025 to October 22, 2025.
SFC’s survey found that, between December 1, 2017 and September 30, 2019, Sino rich failed to sufficiently substantiate the borrowing policy of the marginal and to strictly impose the requirement that the credit limits of its customers were determined by their objective proof. The company also failed to demand written explanations to justify divergences from margin lending policy.
The aforementioned failures of Sino rich are violations of the Code of Conduct.
The regulator believes that the failures of the Sino-Rules are due to Budihardjo’s failure to fulfill his duties as a responsible officer and a member of the higher Sino’s rich administration.
During the decision of disciplinary sanctions against the rich in Sino and Budihardjo, the SFC took into account various factors, including the disciplinary history of Sino-Rich. Budihardjo was separately disciplined by the SFC in 2009 for his failures to properly and actively monitor customers’ commercial activities as responsible officer and senior manager of another operation.
The regulator notes that Sino rich has taken steps to correct and improve the borrowing practices of the margin.