Tribunal fines Health and Happiness and chair Luo Fei HK$1.6mBusiness | 25 Jun 2019 8:16 pm
The Market Misconduct Tribunal has found that Health and Happiness International and its chairman and executive director Luo Fei failed to disclose inside information as soon as reasonably practicable and fined them HK$1.6 million each following proceedings brought by the Securities and Futures Commission.
Health and Happiness and Luo admitted a four-week delay in the company’s disclosure of its financial deterioration for the five months ended May 31, 2015, compared with the same period in the previous year.
Luo also admitted he had been negligent in failing to ensure that the company had made timely disclosure of the inside information.
In addition to the fines, the tribunal ordered that: Health and Happiness and Luo jointly and severally pay the SFC’s investigation and legal costs, as well as the Government’s costs of the proceedings; Luo attends 10 hours of SFC-approved training on corporate disclosure regime, directors’ duties and corporate governance.