DBA Telecommunication (Asia) Holdings Limited fined $20,000 by SFC

The Eastern Magistrates’ Court has announced that it has today convicted DBA Telecommunication (Asia) Holdings Limited (DBA) after it pleaded guilty to making a false or misleading statement in a prosecution brought by the Hong Kong Securities and Futures Commission (SFC).

DBA was fined $20,000 and ordered to pay the SFC’s investigation costs.

On 28 March 2013, DBA published results announcement for the year ended 31 December 2012 on the Stock Exchange of Hong Kong Limited’s (SEHK) website.

The SFC alleges that the financial statements had not been agreed by the auditors as required under the Rules Governing the Listing of Securities on the SEHK (the Listing Rules). DBA’s statement in the results announcement that the financial statements had complied with the applicable disclosure provisions of the Listing Rules was therefore false and misleading in a material particular.

The SFC also prosecuted DBA’s former director Mr Chan Wai Chuen for making a false or misleading statement for his alleged involvement in the offence. The case was adjourned until 9 August 2018 when plea will be taken.

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