C Y Foundation Group Limited
HKSAR v Theodore Cheng Chee Tock & Philip Yu
HK District Court, 30-Oct-2012
"The flouting of listing rules...might well be exacerbated by a lack of tight regulation and a comprehensive mechanism to punish those who manipulate the system. It is also clear to see that quite many people in the senior management level of companies failed or were reluctant ot distinguish their own fund and the funds of a public listed company." - District Judge Stanley Chan.
Luck Continent Ltd v Theodore Cheng Chee Tock & others
HK Court of First Instance, 25-Apr-2012
The HK court orders that the Bye-laws of C Y Foundation (1182), a Bermudan company, be amended so as to enable a director to be removed by an ordinary (not special) resolution, in compliance with the Listing Rules. The next question is whether the Bermudan companies registry will register a change to the Bye-laws, ordered by a HK court, which has not been approved by special resolution, or whether the company has to seek the Bermudan court's agreement to this.
C Y Foundation chairman faces court for alleged fraud.
Circular dated 30-Oct-2007
We note that the acquisition circular doesn't even state where the vendor, Beauford Limited, was incorporated, let alone who owned it. Just a bald claim of independence. Another example of why HKEx must change the Listing Rules to require disclosure of counterparty ownership in transactions with listed companies.
ICAC response statement
The listed company is unnamed. SCMP reported this morning that the ICAC visited the offices of C Y Foundation (1182) on 30-Aug-2010.
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