DBA Telecommunication (Asia) Holdings Limited convicted of making false or misleading announcement

28 Jun 2018



The Eastern Magistrates’ Court today convicted DBA Telecommunication (Asia) Holdings Limited (DBA) after it pleaded guilty to making a false or misleading statement in a prosecution brought by the Securities and Futures Commission (SFC) (Notes 1 & 2).

DBA was fined $20,000 and ordered to pay the SFC’s investigation costs.

On 28 March 2013, DBA published results announcement for the year ended 31 December 2012 on the Stock Exchange of Hong Kong Limited’s (SEHK) website.

The SFC alleges that the financial statements had not been agreed by the auditors as required under the Rules Governing the Listing of Securities on the SEHK (the Listing Rules).  DBA’s statement in the results announcement that the financial statements had complied with the applicable disclosure provisions of the Listing Rules was therefore false and misleading in a material particular.

The SFC also prosecuted DBA’s former director Mr Chan Wai Chuen for making a false or misleading statement for his alleged involvement in the offence.  The case was adjourned until 9 August 2018 when plea will be taken.

End

Notes:

  1. DBA is listed on the Main Board of the Stock Exchange of Hong Kong Limited.
  2. Under section 384 of the Securities and Futures Ordinance Cap 571, it is a criminal offence to provide false or misleading information to the Stock Exchange of Hong Kong Limited.


Page last updated : 28 Jun 2018