mobile search

PUBLIC CENSURE ANNOUNCEMENT - Mr. Tsui Yam Tong and Mr. Tsui Ho Chuen (collectively, the "Executive Directors") of CNT Group Limited (the "Company")

Regulatory
13 Dec 1999

PUBLIC CENSURE ANNOUNCEMENT

Mr. Tsui Yam Tong and Mr. Tsui Ho Chuen
(collectively, the "Executive Directors")
of
CNT Group Limited (the "Company")

The Stock Exchange of Hong Kong hereby publicly censures Mr. Tsui Yam Tong and Mr. Tsui Ho Chuen for breaches of the Exchange Listing Rules, the Model Code for Securities Transactions by Directors of Listed Companies as set out in Appendix 10 of the Exchange Listing Rules (the "Model Code") and the Declaration and Undertaking with regard to Directors given by them to the Exchange in the form set out in Appendix 5B of the Exchange Listing Rules (the "Undertaking").

The Listing Committee of the Exchange has recently concluded an investigation into the conduct of Mr. Tsui Yam Tong and 
Mr. Tsui Ho Chuen, Executive Directors of the Company. The investigation concerned the failure by each of the Executive 
Directors to comply with the Model Code and Rule 3.13 of the Listing Rules as a result of dealings in the shares of the 
Company on December 2 and 3, 1998 by the trustee of a discretionary trust, in which each of the Executive Directors at the 
relevant time were each beneficiaries thereunder, at a time when the Executive Directors were in possession of price sensitive information that was not in the public domain. The Listing Committee considers that the provisions of the Model Code place an obligation on directors who are beneficiaries under a trust to inform the trustee of their obligations under the Model Code in this respect when necessary.

The Listing Committee, having considered submissions from the Listing Division and each of the Executive Directors, 
concluded that the Executive Directors acted in breach of the Model Code and Rule 3.13 of the Exchange Listing Rules 
and, further, acted in breach of their respective Undertakings whereby they undertook to comply to the best of their ability with
the Exchange Listing Rules.

Accordingly, Mr. Tsui Yam Tong and Mr. Tsui Ho Chuen are hereby publicly censured by the Listing Committee for acting in 
breach of Rule 3.13 of the Exchange Listing Rules, their respective Undertakings and the Model Code.

For the avoidance of doubt, the Listing Committee confirms that it is not censuring the Company nor any members of its 
Board save for Mr. Tsui Yam Tong and Mr. Tsui Ho Chuen in relation to this matter.

*

*

*

Corporate Communications Department

Updated 13 Dec 1999

Loading