The SFC is finally waking up after it's victory in the PCCW vote rigging case ("here are shares for your bonus but you need to sign over proxy"). Chaoda next?
Enoch Yiu
Apr 24, 2009
The Securities and Futures Commission continued its crackdown on market malpractices yesterday, with its first criminal case against a chief executive of a listed company for giving misleading information to the market.
The SFC started proceedings against David Vong Tat-ieong, the chief executive and major shareholder of Vongroup, which operates a smart card finance and restaurant business, for allegedly failing to disclose key information to investors in a deal he made with investment bank ABN Amro in 2007.
Vong appeared in the Eastern Magistracy yesterday but the case was adjourned to May 29, pending an application to transfer it to the District Court.
This is the first criminal prosecution on misleading market information after it became a criminal offence under the Securities and Futures Ordinance introduced in 2003.
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