Regulator begins proceedings against Ngai Lai-haBusiness | 16 Sep 2020 7:09 pm
The Securities and Futures Commission began disciplinary proceedings against Ngai Lai-ha, the chairperson of International Housewares Retail Company (1373) over a breach of the Code on Takeovers and Mergers.
The SFC alleges that in a number of purchases of the company’s shares, Ngai acquired on each occasion more than 2 percent voting rights from her lowest collective percentage interest in the preceding 12 months without making a mandatory general offer under the Takeovers Code.
In 13 separate instances from March to May 2019, Ngai had triggered an obligation to make a mandatory general offer and breach the Takeovers Code.
Meanwhile, the regulator has prohibited Fabian Shin Yick, a former responsible officer and chief executive of Yi Shun Da Capital, for 20 months over initial public offering sponsor failures.
Shin was a sponsor principal in charge of supervision of the execution of a listing application in 2017 for which YSD Capital was the sponsor.