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Screenshot of a breaking news alert e-mail from Q2 2017
The Market Misconduct Tribunal (MMT) has found that Yorkey Optical International (Cayman) Limited, its CEO Mr Nagai Michio and Financial Controller Mr Ng Chi Ching failed to disclose inside information as soon as reasonably practicable under the corporate disclosure regime following proceedings brought by the Securities and Futures Commission (SFC).
The MMT found that there had been a 13-week delay in Yorkey’s disclosure of its material losses in the second half of 2012 as a result of the reckless conduct of Nagai and Ng, and this had caused investors to suffer a notional loss of approximately $1.5 million.
The MMT has ordered that:
- Yorkey and Nagai pay a fine of $1 million each;
- Nagai and Ng be disqualified from, amongst other things, being a director or being involved in the management of any listed corporation in Hong Kong, for 18 and 15 months respectively;
- Yorkey, Nagai and Ng pay the SFC’s investigation and legal costs, as well as the costs of the MMT proceedings;
- Yorkey appoint a SFC-approved independent professional adviser to review its procedures for compliance with the corporate disclosure regime; and
- Nagai and Ng attend SFC-approved training programme on corporate disclosure regime, directors’ duties and corporate governance.