Kwok, Kenneth Hing Wai 郭慶偉
MMT sanctions Mayer (1116) and its former senior management for late disclosure of inside information
| MMT Report
SFC, 21-Dec-2023
Once again the MMT has, wrongly in our view, fined a listed company for the failures of its directors, thereby punishing the shareholders from whom information was withheld. The MMT writes that the company's "culpability was its failure to have in place policies and guidelines" - but that is, of course, a failure of the directors to put those in place.
SFC, 21-Dec-2023
Once again the MMT has, wrongly in our view, fined a listed company for the failures of its directors, thereby punishing the shareholders from whom information was withheld. The MMT writes that the company's "culpability was its failure to have in place policies and guidelines" - but that is, of course, a failure of the directors to put those in place.
MMT finds Mayer (1116) and its former senior management liable for late disclosure of inside information
| MMT report
SFC, 9-Aug-2023
This was on the second attempt, after an earlier tribunal in 2017 (with a different Chairman and the same 2 lay-members) was found by the Court of Appeal to have erred in law. The previous Chairman, Kenneth Kwok Hing Wai, became too ill to proceed with the remitted hearing. The events date back to 2012.
SFC, 9-Aug-2023
This was on the second attempt, after an earlier tribunal in 2017 (with a different Chairman and the same 2 lay-members) was found by the Court of Appeal to have erred in law. The previous Chairman, Kenneth Kwok Hing Wai, became too ill to proceed with the remitted hearing. The events date back to 2012.
MMT sanctions Cheng Chak Ngok for insider dealing in China Gas (0384) in 2011
| MMT report
SFC, 11-Jun-2021
Another long-running case comes to a close, following a retrial after the first MMT hearing wrongly used the criminal rather than civil standard of proof and cleared him.
SFC, 11-Jun-2021
Another long-running case comes to a close, following a retrial after the first MMT hearing wrongly used the criminal rather than civil standard of proof and cleared him.
MMT finds insider dealing by Mr Cheng Chak Ngok in China Gas (0384) shares
| MMT report
SFC, 10-Dec-2020
SFC, 10-Dec-2020
Mayer (1116) ex-directors v SFC & MMT
HK Court of Appeal, 5-Jun-2020
The appeal against the Market Misconduct Tribunal's findings is allowed on an error of law, and the case is remitted back to the MMT. The tribunal had considered the case based on whether the withheld information would have affected the pre-suspension price, rather than whether it would have affected the price after taking into account other post-suspension events.
HK Court of Appeal, 5-Jun-2020
The appeal against the Market Misconduct Tribunal's findings is allowed on an error of law, and the case is remitted back to the MMT. The tribunal had considered the case based on whether the withheld information would have affected the pre-suspension price, rather than whether it would have affected the price after taking into account other post-suspension events.
MMT rejects SFC application to vary investigation costs order in Fujikon case
Market Misconduct Tribunal, 26-Aug-2019
Market Misconduct Tribunal, 26-Aug-2019
MMT decision on SFC investigation costs of Fujikon and its directors
Market Misconduct Tribunal, 31-May-2019
The MMT reduces the SFC's claim from HK$412,637 to an order nisi of HK$100,000.
Market Misconduct Tribunal, 31-May-2019
The MMT reduces the SFC's claim from HK$412,637 to an order nisi of HK$100,000.
MMT fines Fujikon (0927), its CEO and CFO HK$1.5m for late disclosure of inside information
| MMT report, 22-May-2019
SFC, 12-Apr-2019
This endorsed settlement between the SFC and the defendants is unfair to outside shareholders because they will indirectly bear the cost of fines and expenses charged to the company for wrong-doing against the shareholders, namely the failure by the directors to cause the company to publish information on time. If the D&O insurance policy doesn't cover it, then we call on the offending directors to reimburse the company in full. Webb-site founder David Webb is a 10% shareholder of Fujikon.
SFC, 12-Apr-2019
This endorsed settlement between the SFC and the defendants is unfair to outside shareholders because they will indirectly bear the cost of fines and expenses charged to the company for wrong-doing against the shareholders, namely the failure by the directors to cause the company to publish information on time. If the D&O insurance policy doesn't cover it, then we call on the offending directors to reimburse the company in full. Webb-site founder David Webb is a 10% shareholder of Fujikon.
MMT sanctions Yorkey Optical (2788), its CEO and Financial Controller for late disclosure of Inside Information
| SFO s307Z
SFC, 28-Feb-2017
The CEO and company are each fined HK$1m. Ironically then, shareholders are paying for not being told about Inside Information. The HK Treasury gets HK$2m, but 115 investors who overpaid by HK$1.53m during a 13-week period get nothing. The SFC could claim for them under SFO s213, but has not. It appears investors in small-caps are on their own, and must make their own claims under SFO s307Z.
SFC, 28-Feb-2017
The CEO and company are each fined HK$1m. Ironically then, shareholders are paying for not being told about Inside Information. The HK Treasury gets HK$2m, but 115 investors who overpaid by HK$1.53m during a 13-week period get nothing. The SFC could claim for them under SFO s213, but has not. It appears investors in small-caps are on their own, and must make their own claims under SFO s307Z.
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