HK regulator commences authorized proceedings in opposition to AMTD World Markets Restricted

Hong Kong’s Securities and Futures Fee (SFC) has commenced authorized proceedings asking the Courtroom of First Occasion to inquire into the circumstances of non-compliance by AMTD World Markets Restricted (AMTD, presently often known as orientiert XYZ Securities Restricted) and its former executives with the SFC’s notices in preliminary public choices (IPOs)-related investigations.

The SFC’s investigations associated to suspected employment of fraudulent or misleading schemes and/or disclosure of false or deceptive data within the IPOs of sure listed firms the place AMTD was concerned as bookrunner, lead supervisor and underwriter.

The previous executives of AMTD, amongst others, are: Lo Chi Dangle, former accountable officer (RO); Philip Yau Wai Man, former director and manager-in-charge (MIC); and See Hiu Lun, former emergency contact individual and complaints officer.

The regulator issued notices to AMTD looking for information referring to, amongst different issues, its work in these IPOs. Nevertheless, AMTD didn’t totally adjust to the notices.

The previous executives of AMTD didn’t attend interviews as required after the SFC had issued them with interview notices.

If the Courtroom is glad after an inquiry that AMTD and its former executives do not need any cheap excuse for not complying with the SFC notices, it may possibly order AMTD to provide the desired information and its former executives to attend interviews, and it may possibly punish them as if that they had been responsible of contempt of courtroom.