Hong Kong SFC Starts Legal Proceedings to Disqualify 7 Former Directors & Chief Financial Officer of Former Listed Company China Candy Holdings for Fa
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Hong Kong SFC Starts Legal Proceedings to Disqualify 7 Former Directors & Chief Financial Officer of Former Listed Company China Candy Holdings for Falsifying Bank & Accounting Records to Overstate Bank Balances by 87% to 97% in 2016 20th April 2023 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has started legal proceedings (Court of First Instance) to disqualify 7 former directors & Chief Financial Officer of former listed company China Candy Holdings for falsifying bank and accounting records to overstate bank balances by 87% to 97% in 2016. Hong Kong SFC: “The SFC’s legal action follows an investigation which found that China Candy’s 2016 interim report and 2016 annual report had falsely and misleadingly portrayed the company’s financial strength by overstating the cash and bank balances by 87% and 97% as of 30 June 2016 and 31 December 2016 respectively. To this end, falsified bank and accounting records were created to cover up the overstatement of the company’s cash and bank balances (Fraudulent Scheme). The SFC alleges that Xu, Hong and Wang were, at the material time, the instigators and perpetrators of, or at least knowingly permitted, acquiesced or turned a blind eye to the Fraudulent Scheme. As for the remaining former executive and independent non-executive directors, the SFC alleged that they were negligent and/or in breach of their duties owed to China Candy including, inter alia, duties of care, skill and diligence and duties to act in the best interest of the company … … The 8 respondents named in the SFC’s legal proceedings under section 214 of the Securities and Futures Ordinance (SFO) are: Mr Xu Jinpei, former chairman and executive director; Ms Hong Yinzhi, former chief executive officer and executive director; Ms Li Yuna and Ms Yvonne Hung, former executive directors; Mr Nicholas Chiu Sai Chuen, Mr Fangus Chu Wai Wa and Mr Ong King Keung, former independent non-executive directors; and Mr Wang Zhihong, former chief financial controller.” See full statement below.
“ Hong Kong SFC Starts Legal Proceedings to Disqualify 7 Former Directors & Chief Financial Officer of Former Listed Company China Candy Holdings for Falsifying Bank & Accounting Records to Overstate Bank Balances by 87% to 97% in 2016 “
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Hong Kong SFC Starts Legal Proceedings to Disqualify 7 Former Directors & Chief Financial Officer of Former Listed Company China Candy Holdings for Falsifying Bank & Accounting Records to Overstate Bank Balances by 87% to 97% in 2016
SFC seeks court orders to disqualify former directors and ex-chief financial controller of China Candy Holdings Limited
20th April 2023 – The Securities and Futures Commission (SFC) has commenced legal proceedings in the Court of First Instance (CFI) to seek disqualification orders against seven former members of the board of directors of China Candy Holdings Limited (China Candy) and the company’s former chief financial controller (Note 1).
The eight respondents named in the SFC’s legal proceedings under section 214 of the Securities and Futures Ordinance (SFO) are: Mr Xu Jinpei, former chairman and executive director; Ms Hong Yinzhi, former chief executive officer and executive director; Ms Li Yuna and Ms Yvonne Hung, former executive directors; Mr Nicholas Chiu Sai Chuen, Mr Fangus Chu Wai Wa and Mr Ong King Keung, former independent non-executive directors; and Mr Wang Zhihong, former chief financial controller (Notes 2 & 3).
The SFC’s legal action follows an investigation which found that China Candy’s 2016 interim report and 2016 annual report had falsely and misleadingly portrayed the company’s financial strength by overstating the cash and bank balances by 87% and 97% as of 30 June 2016 and 31 December 2016 respectively. To this end, falsified bank and accounting records were created to cover up the overstatement of the company’s cash and bank balances (Fraudulent Scheme).
The SFC alleges that Xu, Hong and Wang were, at the material time, the instigators and perpetrators of, or at least knowingly permitted, acquiesced or turned a blind eye to the Fraudulent Scheme. As for the remaining former executive and independent non-executive directors, the SFC alleged that they were negligent and/or in breach of their duties owed to China Candy including, inter alia, duties of care, skill and diligence and duties to act in the best interest of the company.
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