SFC restrains former director of SMI Culture & Travel Group Holdings Limited from disposing personal properties

enforcement

The Securities and Futures Commission (SFC) has taken action to prevent Ms. Leung Anita Fung Yee Maria, former CEO and executive director of SMI Culture & Travel Group Holdings Limited, from selling her properties in Shanghai and Canada. The SFC aims to preserve these assets to satisfy a potential compensation order resulting from legal proceedings initiated by the SFC in October 2019 against Leung and two other senior executives of SMI Culture & Travel Group. The SFC obtained an interim injunction order against Leung, requiring her to notify the SFC of any property sale agreements. After Leung had entered into sale and purchase agreements for her properties, the SFC expressed concerns about asset dissipation. Consequently, the SFC applied to the court to restrain the completion of these agreements until the determination of their injunction application. Leung gave an undertaking to the court not to proceed with the sales without the SFC’s consent or court permission, preserving the status quo until the court’s decision on the SFC’s application.

Resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR121

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