Hong Kong’s SFC Committee has been ordered to exclude the court of the First Court against Zhang Yuqing, former Vice -President and Executive Director of Zhongda International Holdings Limited.
Zhang has been excluded from being a manager and participating in the administration of any listed or non -listed company in Hong Kong, without the court’s permission, for a period of six years. The duration of its exclusion reflects the severity of its abuse. He was also ordered to pay SFC’s expenses to legal procedures.
Legal procedures were resulted from SFC research, which revealed by Zhang during his tenure at Zhongda. Specifically, the SFC found that Zhang failed to fulfill his duties as a director with proper skill, care and diligence, failing to exclude or disclose the transactions of the Board of Directors (i) of his former Zhongda and Zhongda Authorized Capital Zhongda in “Zhongwei Bus).
Although no claim has been claimed that Zhang personally benefited from unauthorized mutual funds or disposal, the court agreed with the SFC that a six -year blockade was appropriate after taking into account the seriousness of its violations and the significant amounts involved.