SFC Prosecutes {X} for Contravening Part XV of the Securities and Futures Ordinance

16 Dec 2004

The SFC has successfully prosecuted {X} for his failure to make timely disclosure of his interest in Sino Technology Investments Company Limited.

{X} today pleaded guilty to two summonses in relation to his failure to make initial disclosures to both Hong Kong Exchanges and Clearing Limited (HKEx) and Sino Technology of his 5.89% interest in Sino Technology on commencement of the Securities and Futures Ordinance (SFO) on 1 April 2003. {X} did not notify Sino Technology and HKEx until 11 July 2003 and 16 July 2003 respectively, in contravention of sections 310(2)(c), 313(2), 324, 325(2)(a) and 328 of the SFO.

Mr Ian Candy, a Magistrate at Eastern Magistracy, fined {X} $4,000 and ordered him to pay investigation costs of $9,500 to the SFC.


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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