Three ex-directors of C A Pacific Finance Company Limited (CAPF) and C A Pacific Securities Company Limited (CAPS) were barred from acting as company directors. The longest period of the disqualification orders made by the court today (December 5) is up to December 31, 2014.
1) Mr Wong But Sit Jason - disqualified from today up to December 31, 2014, to run concurrently with an earlier disqualification order;
2) Madam Chu King Yee - disqualified from today up to December 31, 2008; and
3) Mr Lo Kwai Sang - disqualified from today up to December 31, 2006.
The disqualification proceedings were initiated by the Official Receiver (OR) under section 168H of the Companies Ordinance.
"The case demonstrates Government's determination to deter any malpractice on the part of company directors," a spokesman for the Official Receiver's Office said today.
CAPF and CAPS were wound up by the court in June 1998. The OR has investigated the conduct of the directors of the two companies and decided that it is in the public interest to institute disqualification proceedings against three ex-directors.
After one and a half day's hearing in the High Court before the Honourable Mr Justice Yam, the Court found the allegations of unfit conduct substantiated. These allegations include unauthorised transfer of $249 million from CAPF, failure to make disclosure to the Securities and Futures Commission, failure to maintain proper accounting records, and trading at the risk of and to the detriment of the creditors of CAPF and CAPS.
The disqualification order against Mr Wong will run concurrently with an earlier disqualification order made against him for a period of seven years starting from January 31, 2000, after he was convicted of an offence of false accounting in the case HCCC 364/1998.
Upon an application by Mr Lo under section 168Q of the Companies Ordinance, the court granted leave to Mr Lo to act as a director of Hui Kai Securities Limited, Hui Kai Futures Limited and Hui Kai Holdings Limited notwithstanding the disqualification period, subject to quarterly statutory audit and SFC investigation during the period of the disqualification order. These measures aim to protect the public from any possible mismanagement of Mr Lo.
Any contravention of the disqualification order will be subject to criminal penalties and personal liabilities.
Ends/Friday, December 5, 2003