The Market Misconduct Tribunal (MMT) has concluded that Mayer Holdings Limited (Mayer) and its former senior executives violated the Securities and Futures Ordinance (SFO) by failing to promptly disclose inside information. This ruling comes after Mayer and its directors successfully appealed against a previous decision by the MMT. During the reevaluation, the MMT determined that the undisclosed information, including suspicious transactions and auditor resignations, would have had a significant impact on Mayer’s share price. Additionally, it was discovered that Mayer did not have written guidelines or internal control policies in place to ensure compliance with the SFO’s disclosure requirements, resulting in a breach. The MMT also held the former senior executives responsible for intentionally, recklessly, or negligently contributing to the breach. The tribunal will determine the appropriate sanctions in a future hearing. Previously, in 2017, the MMT fined Mayer and the executives a total of $10.2 million and imposed disqualification orders ranging from 12 to 20 months. However, Mayer and eight executives successfully appealed the decision, leading to the case being sent back to the MMT for reconsideration.