July 24 2020
The Eastern Magistrates’ Court convicted Brilliance Capital Management Limited (BCM) and its director Mr Law Sai Hung in a prosecution brought by the SFC for holding out as carrying on a business in advising on corporate finance without an SFC licence. They were fined a total of $30,000 and ordered to pay the SFC’s investigation costs.
The Court found on or around 8 January 2013 BCM held itself out to a company as carrying on a business in advising on corporate finance, namely advising on listing applications, by entering into an Advisor Engagement Agreement whilst unlicensed.
The Court also found Law, in his capacity as an officer of BCM, aided, abetted, counselled, procured, induced BCM to hold itself out to a company as carrying on a business in advising on corporate finance or that the offence by BCM was committed with the consent, connivance of or was attributable to the recklessness of Law.