SFC Prosecutes (1) {X1} and (2) {X2} for Contravening the Securities (Disclosure of Interests) Ordinance

24 Dec 2002



The SFC has successfully prosecuted {X1} and {X2} under the Securities (Disclosure of Interests) Ordinance.

(1)       {X1} of Proactive Technology Holdings Limited pleaded guilty to two summonses relating to his failure to report to the Hong Kong Exchanges and Clearing Limited (HKEx) within five business days from his acquisition of 7,500,000 Proactive shares on 24 May 2001 and disposal of 2,500,000 Proactive shares on 22 November 2001. {X1} did not notify the HKEx of his change in interest until 16 and 15 January 2002, a delay of 7.5 and 1.5 months respectively.

(2)       {X2}, of Guoco Group Limited, pleaded guilty to two summonses relating to his failure to report to the HKEx within five business days from his disposal of 191,205 Guoco shares on 8 December 2001.{X2} did not notify the HKEx of the disposal until 8 February 2002, a delay of approximately seven weeks.

Ms Polly Lo, a Magistrate at Western Magistracy, fined {X1} and {X2} $10,000 and $7,000 respectively, and ordered them to pay respective costs of $16,419 and $6,668 to the SFC.

Ends



Note: The names of certain individuals in some news releases have been masked because they satisfy certain criteria set out under the Rehabilitation of Offenders Ordinance.


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