The Securities and Future Commission disqualifies former CFO of Fuguiniao Co.Ltd for two years.

SFC has obtained a court order against the CFO of FuGuiNiao Co. Ltd Company due to lack of understanding of his role, responsibilities, and duty as CFO of the listed company. To ensure the interest of the company is safeguarded, and interest of innocent investment public.

The SFC pledges that Chan has acted in serious dereliction of his duty, while three former directors of the company also involved in and have knowledge of these undisclosed deposits. He failed to ensure or verify the accuracy of the company consolidated financial statements and other corporate announcements, ensuring its proper compliance with the Listing Rules and relevant disclosure requirements.

Specifically, Chan failed to ascertain whether deposits of Fuguiniao were subject to pledges with banks, monitor the company’s financial affairs (including its material transactions and significant deposit pledges), and follow up the matter even after revelation of the undisclosed deposit pledges by the company’s auditor and forensic investigator.

Resource:

https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/02/20240201-3/

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