Tribunal fines CMBC Capital ex-boss Philip Suen HK$1.2m for disclosure failings

Business | 16 Oct 2020 6:38 pm

The Market Misconduct Tribunal has found that CMBC Capital and six of its former directors failed to disclose inside information under the Securities and Futures Ordinance and imposed a 15-month disqualification order against the company’s former chief executive and company secretary Philip Suen Yick-lun.

Philip Suen was also fined HK$1.2 million and CMBC Capital’s former chairman Paul Suen Cho-hung was fined HK$900,000, by the tribunal.

The remaining four former directors are Lau King-hang, former executive director, and three former independent non-executive directors, Huang Zhencheng, Weng Yixiang and Wong Kwok Tai.

CMBC Capital and the above-mentioned six former directors admitted that the information about significant improvement in the company’s financial performance for the five months ended August 31, 2014, came to their knowledge on or around October 31, 2014. However, such information was not made public until November 7, 2014, when a positive profit alert was published aboout the company’s financial performance for the six months ended September 30, 2014.

Philip Suen and Paul Suen also admitted that their negligent conduct had resulted in CMBC Capital’s breach of the requirements of the corporate disclosure regime.

The tribunal also ordered that CMBC Capital and the six former directors to pay the SFC’s investigation and legal costs, as well as the costs of proceedings; and the six former directors to attend an SFC-approved training program on the corporate disclosure regime, directors’ duties and corporate governance.

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