Execution of Orders

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  • Mirabell International Holdings Limited

    • Following the Market Misconduct Tribunal’s determination in the proceedings in relation to dealings in the listed securities of Mirabell International Holdings Limited in February 2008 that Mr. Zhang Bi Jia and Ms. Liu Yan Yan had engaged in market misconduct, the Securities and Futures Commission (SFC) has banned Mr. Zhang Bi Jia from re-entering the industry for life. The press release issued by SFC on 31 January 2011 is attached. 

  • China Overseas Land and Investment Limited

    • In the proceedings in relation to dealings in the listed securities of China Overseas Land and Investment Limited on and between 7 January 2004 and 26 January 2004, the Market Misconduct Tribunal made orders pursuant to section 257(1)(g) of the Securities and Futures Ordinance, Cap. 571 that the Hong Kong Institute of Certified Public Accountants (“HKICPA”) be recommended to take disciplinary action against Mr. Leung Chi Keung, Edmond (“Mr Leung”) and Mr. Luk Ka Cheung, Steve (“Mr. Luk”).

      The Disciplinary Committee of HKICPA ordered on 19 September 2012 that Mr. Leung and Mr. Luk be reprimanded and their names be removed from the register of certified public accountants for a period of one year with effect from 31 October 2012; and further ordered that Mr. Leung and Mr. Luk pay a penalty of HK$100,000 each and the costs of the disciplinary proceedings.

      The findings of the Disciplinary Committee are available at the HKICPA's website under the "Compliance" section at http://www.hkicpa.org.hk .

    • Following the Market Misconduct Tribunal’s determination in the proceedings in relation to dealings in the listed securities of China Overseas Land and Investment Limited in January 2004 that Mr. David Tsien Pak Cheong, Mr. Edmond Leung Chi Keung and Mr. Steve Luk Ka Cheung had engaged in market misconduct, the Securities and Futures Commission (SFC) has banned Mr. Edmond Leung Chi Keung from re-entering the industry for 10 years from 11 July 2012 to 10 July 2022. The press release issued by SFC on 11 July 2012 is attached.

    • Following the Market Misconduct Tribunal (MMT)’s determination in the proceedings in relation to dealings in the listed securities of China Overseas Land and Investment Limited in January 2004 that Mr. David Tsien Pak Cheong, Mr. Edmond Leung Chi Keung (Mr Edmond Leung) and Mr. Steve Luk Ka Cheung had engaged in market misconduct, Mr Edmond Leung lodged an appeal to the Court of Appeal (CA) against the determination of MMT. CA dismissed the appeal and handed down its judgment on 18 April 2012. [ See CACV 256/2010, available through the Link on the Judiciary website.]

    • On 22 September 2010, the Securities and Futures Appeals Tribunal quashed a life long prohibition order against Mr. Tsien Pak Cheong, David made by the Securities and Futures Commission on 27 January 2010 pursuant to section 194(1)(iv) of the Securities and Futures Ordinance, Cap. 571 and in its place imposed a prohibition for ten years. Mr. Tsien is prohibited from doing all or any of the following in relation to any regulated activities:

      i. applying to be licensed as a representatives;
      ii. applying to be approved as a responsible officer of a licensed corporation;
      iii. applying to be given consent to act or to continue to act as an executive officer of a registered institution under s 71C of the Banking Ordinance; and 
      iv. seeking through a registered institution to have his name entered into the register maintained by the Monetary Authority under the Banking Ordinance as that of a person engaged by the registered institution in respect of a regulated activity.

      The decision of the Securities and Futures Appeals Tribunal is available on its website at www.sfat.gov.hk . 

    • Following the Market Misconduct Tribunal’s determination in the proceedings in relation to dealings in the listed securities of China Overseas Land and Investment Limited in January 2004 that Mr. David Tsien Pak Cheong, Mr. Edmond Leung Chi Keung and Mr. Steve Luk Ka Cheung had engaged in market misconduct, the Securities and Futures Commission (SFC) has banned Mr. Steve Luk Ka Cheung from re-entering the industry for 10 years. The press release issued by SFC on 23 August 2011 is attached. 

  • Mobicon Group Limited

    • In the proceedings in relation to dealings in the listed securities of Mobicon Group Limited on and between 1 April 2003 and 25 May 2005 the Market Misconduct Tribunal made orders pursuant to section 257(1)(g) of the Securities and Futures Ordinance, Cap. 571 that the Hong Kong Institute of Certified Public Accountants (“CPA”) be recommended to take disciplinary action against Mr. Yeung Kin Kwan, Alvan (“Mr. Yeung”). 

      The CPA took disciplinary action against him and on 4 March 2010 its Disciplinary Committee found that, contrary to section 34(1)(a)(x) of the Professional Accountants Ordinance, Cap. 50 (“PAO”), he was guilty of dishonourable misconduct. 

      The Disciplinary Committee ordered that the name of Mr. Yeung be removed from the register of certified public accountants for 4 years with effect from 3 April 2010 under section 35(1)(a) of the PAO and, in addition, the Committee made orders in respect of its costs against him.

      The findings of the Disciplinary Committee are available at the CPA's website under the "Compliance" section at http://www.hkicpa.org.hk.

  • Sunny Global Holdings Limited

    • In the proceedings in relation to dealings in the listed securities of Sunny Global Holdings Limited in and between June and August 2003 the Market Misconduct Tribunal made orders pursuant to section 257(1)(g) of the Securities and Futures Ordinance, Cap. 571 that the Hong Kong Institute of Certified Public Accountants (“CPA”) be recommended to take disciplinary action against Mr. Wilfred Hung Fan Wai, Mr. Joe Chan Cheung and Ms Katherine Yu Kin Ling. 

    • The CPA took disciplinary action against them and on 18 January 2010 its Disciplinary Committee found that, contrary to section 34(1)(a)(vi) of the Professional Accountants Ordinance, Cap. 50 (“PAO”), in light of the findings that they were culpable of market misconduct as determined by the Market Misconduct Tribunal, each of them had failed or neglected to observe, maintain or otherwise apply the Statement 1.200 of the "Professional Ethics- Explanatory Foreword". Furthermore the Disciplinary Committee determined that Ms Katherine Yu Kin Ling was guilty of professional misconduct, contrary to section 34(1)(a)(viii) of the PAO. 

    • The Disciplinary Committee ordered that:

      (i) Mr. Wilfred Hung Fan Wai and Mr. Joe Chan Cheung be reprimanded under section 35(1)(b) of the PAO;

      (ii) the name of Ms Katherine Yu Kin Ling be removed from the register of certified public accountants for 18 months from 1 March 2010 under section 35(1)(a) of the PAO; and

      (iii) Mr. Wilfred Hung Fan Wai, Mr. Joe Chan Cheung and Ms Katherine Yu Kin Ling each pay a penalty of $100,000 under section 35(1)(c) of the PAO.

      In addition, the Committee made orders in respect of its costs against the parties. 

      The findings of the Disciplinary Committee are available at the CPA's website under the "Compliance" section at http://www.hkicpa.org.hk.

  • QPL International Holdings Limited

    • In the proceedings in relation to dealings in the listed securities of QPL International Holdings Limited in May and June 2003, the Market Misconduct Tribunal made orders, pursuant to section 257(1)(g) of the Securities and Futures Ordinance, Cap. 571, that the Securities and Futures Commission (SFC) be recommended to take disciplinary action against Sun Hung Kai Investment Services Ltd (SHKIS), Cheeroll Limited (now known as Sun Hung Kai Strategic Capital Limited), Mr. Edmond Chau Chin Hung and Ms. Connie Cheung Sau Lin. The SFC took disciplinary action against Mr. Edmond Chau Chin Hung for having engaged in market misconduct and, having reprimanded him, fined him $2,000,000 and prohibited him for life from re-entering the industry. The press release issued by SFC on 28 Jan 2010 is attached.

    • The Tribunal's report into dealings in the listed securities of QPL International Holdings Limited.
      Appeals by Mr Edmond Chau Chin Hung, Sun Hung Kai Investment Services Limited and Sun Hung Kai Strategic Capital Limited against the Tribunal's orders, pursuant to section 257(1)(c) of the Securities and Futures Ordinance, Cap. 571, that each of them "shall not again perpetrate any conduct which constitutes market misconduct” were dismissed by the Court of Appeal on 22 December 2009. [See CACV 62/2009, available through Links on the Judiciary website.]

    • In the proceedings in relation to dealings in the listed securities of QPL International Holdings Limited in May and June 2003, the Market Misconduct Tribunal made orders, pursuant to section 257(1)(g) of the Securities and Futures Ordinance, Cap. 571, that the Securities and Futures Commission (SFC) be recommended to take disciplinary action against Sun Hung Kai Investment Services Ltd (SHKIS), Cheeroll Limited (now known as Sun Hung Kai Strategic Capital Limited), Mr. Edmond Chau Chin Hung and Ms. Connie Cheung Sau Lin. After receiving the orders, the SFC reprimanded SHKIS and fined it $4,000,000. The press release issued by SFC on 12 October 2009 is attached.

2007Copyright| Important notices Last revision date: 24 July, 2014