Hong Kong SFC Tackles Operators of An $450 Million Corporate Fraud

The Securities and Futures Commission of Hong Kong (SFC) announced that it has conducted a joint operation with the Commercial Crime Bureau of the Police against a Hong Kong-listed company and its former senior executives.

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According to the regulator, the listed company and its former senior executives were suspected of a series of corporate fraud related offences involving a total of $450 million. And the operation involved a search of the office premises of the company and the residences of its former senior.

The SFC conducted the search with the police under the Securities and Futures Ordinance for offences related to corporate fraud, disclosing false or misleading information and other misconduct.

During the operation, the Police arrested two persons, aged 53 and 61 for offences of conspiracy to defraud, theft and money-laundering. They are alleged to have conspired with other persons to conduct fictitious transactions and/or misappropriate funds from the listed company and are now being detained for further enquiries.executives.

“Today’s joint operation once again demonstrated the seamless collaboration between the SFC and the Police to tackle complex and serious financial crimes as well as their commitment to protect the public and maintain the integrity and the reputation of Hong Kong’s financial markets,”the regulator said.