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Public Censure Announcement - Mr Wong Chong Shan, Formerly Director of Hwa Kay Thai Holdings Limited

Regulatory
10 Jul 2000

PUBLIC CENSURE ANNOUNCEMENT

Mr Wong Chong Shan
Formerly Director of
Hwa Kay Thai Holdings Limited (the Company)

The Listing Committee of the Stock Exchange of Hong Kong has recently concluded an investigation into the conduct of Mr Wong Chong Shan, formerly Director of the Company. The investigation concerned the failure by Mr Wong to file the necessary notification reports in respect of the changes in his beneficial interest in the Company as a result of dealings in the shares of the Company (from 14 January 1998 to 24 April 1998, the "Relevant Dates") within the notification period required under the Securities (Disclosure of Interests) Ordinance (the SDI Ordinance). Mr Wong was advised of the disposal of the shares effected by Tai Fook Securities Limited and Phoenix Capital Securities Limited on or about 1 June 1998 and his duty to make the requisite disclosures arose at that time. Mr Wong was subsequently convicted of an offence under the SDI Ordinance by Western Magistracy on 23 February 1999. The Listing Committee has concluded that Mr Wong acted in breach of his Declaration and Undertaking with regard to Directors as set out in Form B of Appendix 5 to the Exchange Listing Rules (the Undertaking), whereby Mr Wong undertook to comply to the best of his ability with the SDI Ordinance.


The Listing Committee, having considered submissions from both the Listing Division and Mr Wong, has taken into account the following:-
  1. that Mr Wong acted in such a manner as to commit a continuous breach of his Undertaking; and
  2. the frequency and the size of the dealings in the shares of the Company during the Relevant Dates.
Accordingly, Mr Wong is hereby publicly censured by the Listing Committee for breach of his Undertaking.

For the avoidance of doubt, the Listing Committee confirms that in relation to this matter it is not censuring the Company or any members of its Board except Mr Wong.

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Corporate Communications

Updated 10 Jul 2000