Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has obtained a court order requiring former directors of Yu Cheng Financial Holdings Limited to pay HKD 57.5 million in compensation due to financial losses incurred from improper handling of the acquisition and sale of shares in Liu's Group Limited [1][2]. Group 1 - The court ruled that former non-executive director Liao Junlun and former managing director Xu Guangxi were primarily responsible for the financial losses suffered by Yu Cheng Financial [1][2]. - Liao and Xu are prohibited from serving as directors of Yu Cheng Financial and any other corporations for periods of eight and six years, respectively [1]. - Seven other former executive and independent non-executive directors have also had their directorships revoked for periods ranging from one to two years and are required to pay legal costs to the SFC [1][2]. Group 2 - The SFC initiated legal proceedings in October 2016 under Section 214 of the Securities and Futures Ordinance, alleging that the directors violated their duties in the 2011 acquisition and subsequent sale of Liu's Group shares, leading to significant losses for Yu Cheng Financial [2]. - The court found that all involved directors had operated the business in a manner that oppressed the company, resulting in unfair harm and misconduct, thus holding them accountable for the financial damages [2]. - The duration of disqualification reflects the severity of each individual's misconduct and level of involvement in the improper activities [3].
香港证监会要求裕承科金(00279)两名前任董事向公司支付5750万港元赔偿