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

26 Jan 2006



The SFC has successfully prosecuted Everbest Investments Limited and its director {X} under Part XV of the Securities and Futures Ordinance. Everbest had a notifiable interest in the shares of Jingwei Textile Machinery Company Limited at the material time.

Everbest pleaded guilty to four summonses relating to its failure to notify both the Stock Exchange of Hong Kong and Jingwei within the specified period regarding its acquisition of shares in Jingwei on 6 and 18 January 2005, and 4 February 2005, which caused Everbest to have a notifiable interest in Jingwei.

In addition, {X}, a director of Everbest, pleaded guilty to four summonses relating to his failure to ensure that Everbest made the above-mentioned disclosures.

Mr Ian Candy, a Magistrate at Eastern Magistracy, fined each of Everbest and {X} $8,000, making a total of $16,000, and ordered both to pay total investigation costs of $20,000 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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