Hong Kong’s securities watchdog has obtained a court order requiring two former directors of Arta TechFin to compensate the company HK$57.5 million.
The Court of First Instance has ordered Andrew Liu, a former non-executive director and Quincy Hui Kwong-hei, a former managing director, to pay the company, known as Freeman Financial Corporation, at the material time, for the financial loss they caused from its acquisition and disposal of a stake in Liu’s Holdings, the Securities and Futures Commission said.
Liu and Hui were also disqualified from acting as directors, without leave of the court, for eight years and six years respectively.
The court found that Liu’s misconduct was the most serious, while Hui played a major part in the transaction, the SFC said.
Seven other former executive directors and independent non-executive directors of the Arta TechFin were disqualified by the court for periods ranging from one to two years.
They, together with Liu and Hui, were ordered to pay the SFC the costs of the legal proceedings.
The SFC commenced its legal proceedings related to the 2011 incident in October 2016.
