Exchange’s Disciplinary Action against Four Current and Former Directors of National Investments Fund Limited (Delisted) (Previous Stock Code: 1227)
Regulatory
26 Sep 2022
香港聯合交易所有限公司
(香港交易及結算所有限公司全資附屬公司)
THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
The Stock Exchange of Hong Kong Limited
IMPOSES A DIRECTOR UNSUITABILITY STATEMENT against:
- Mr Huang Hu, non-executive director of the Company at the time of delisting;
- Mr Liao Kai, independent non-executive director of the Company at the time of delisting;
- Ms Wu Xiao Xia, former independent non-executive director of the Company; and
- Mr Liu Jin, former independent non-executive director of the Company.
The statements made in respect of the above directors are made in addition to a public censure against them. The Director Unsuitability Statement is a public statement that, in the Exchange’s opinion, each of the above directors is unsuitable to occupy a position as director or within senior management of the Company or any of its subsidiaries.
The Division conducted an investigation into events which took place in 2019 and 2020. Mr Huang, Mr Liao, Ms Wu and Mr Liu failed to respond to the Division’s enquiries. After the Exchange commenced disciplinary proceedings, Mr Liao and Ms Wu offered various explanations for their failure to cooperate. None of the explanations put forward were acceptable justification for their failure. A severe sanction was therefore warranted.
Key messages:
Directors are responsible for ensuring that they are contactable by the Exchange, even after their resignation. Contact details must be kept up-to-date. A director’s belief that he/she has no relevant information for the Exchange’s investigation is not an acceptable excuse for failing to respond. Such a failure will constitute non-cooperation and will expose the director to imposition of severe sanctions.
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