SFC Prosecutes Lee Fung Hong (Cheung's) Forex Dealers Limited and {X} for Disclosure of Interests Offences

14 Apr 2005

The SFC has successfully prosecuted Lee Fung Hong (Cheung’s) Forex Dealers Limited and {X} for disclosure of interests breaches. Lee Fung Hong was a substantial shareholder of Simsen International Corporation Limited and {X} was a director of Lee Fung Hong at the material time.

Lee Fung Hong and {X} today pleaded guilty to a total of eight summonses in relation to the failure of Lee Fung Hong to make to both Hong Kong Exchanges and Clearing Limited and Simsen (i) initial disclosure of its 7.27% interests in Simsen upon commencement of the SFO, and (ii) timely disclosure of its disposal of interests in Simsen on 3 March 2004, in contravention of sections 310(1)(a), 310(2)(c), 313(1)(c), 313(2), 324, 325(1)(a), 325(2)(a), 328 and 390(1) of the Securities and Futures Ordinance.

Mr Ian Candy, a Magistrate at Eastern Magistracy, fined Lee Fung Hong and {X} a total of $16,000 and ordered them to pay investigation costs of $5,000 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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