SFC obtains disqualification orders against former directors of National Agricultural Holdings Limited

enforcement

The Securities and Futures Commission (SFC) has received disqualification orders against three former executives of National Agricultural Holdings Limited (NAH). These orders were obtained due to a series of misconduct allegations orchestrated by NAH’s controlling shareholder and former senior officers from 2015 to 2017. Mr Liu Yong, a former executive director of NAH, was disqualified for three years, while Ms Kathy Chiu Kam Hing and Mr William Fan Chung Yue, two former independent non-executive directors of NAH, were disqualified for 20 months. They have also been ordered to pay the SFC’s costs in the proceedings. The Court found that the former executives had breached their duties to NAH by allowing the former senior officers to dominate NAH’s affairs for personal gain and failing to exercise independent judgment and supervision. The SFC’s legal proceedings against NAH, its controlling shareholder, and other former directors and senior officers are still ongoing.

Resuorce: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR68

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