SFC Successfully Prosecutes {X} for Contravening the Securities (Disclosure of Interests) Ordinance

27 May 2003




The SFC has successfully prosecuted {X} of Fairyoung Holdings Limited (Fairyoung) (renamed Dynamic Global Holdings Limited), under the Securities (Disclosure of Interests) Ordinance.

{X} today pleaded guilty to one summons relating to her failure to report to Hong Kong Exchanges and Clearing Limited (HKEx) within five days from her disposal of 45,076,827 shares of Fairyoung on 31 January 2002.  {X} did not notify HKEx of the disposal until 19 February 2002.

Mr T S Jenkins, a Magistrate at Western Magistracy, fined {X} $5,000 and ordered her to pay costs of $5,000 to the SFC.

An SFC spokesman reminds directors or chief executives of listed companies that they are under a duty to notify their companies and HKEx their interests in the companies irrespective of the percentage of their stakes. Reporting obligations also arise whenever there is any change in the interest of their shareholdings. The notification must state the number or amount, and class, of shares involved. In case of uncertainty on their disclosure requirements, they should seek professional advice.

Ends

Notes:
1. Disclosure of interests requirements are now provided for in the Securities and Futures Ordinance. The reporting period has been reduced to three business days.



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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