Other Key SFO Enforcement Actions to Date


Date  Disciplinary Target  Penalty        Summary of Misconduct
October 2011
Principal supervisor,         
Core Pacific-Yamaichi 
Banned from re-entering the industry for six years
Banned from re-entering the 
industry for four years
Principal supervisor responsible for sponsor’s failure to conduct proper inquiries especially in the face of allegations that there had been falsification 
of sales.
July 2009 
VC Capital 
HK$1.5 million fine and public 
Failed to keep a proper record of its due diligence work as sponsor.
January 2009
Responsible officer,  
China Everbright
Banned from re-entering the 
industry for two years and six 
Failed to exercise due skill, care and diligence in supervising another responsible officer in the handling of a GEM to Main Board transfer application. Draft prospectus contained major inaccuracies.
April 2008 Core Pacific-Yamaichi
HK$2.8 million fine, and 
committed to independent 
review of sponsorship 
operation, with “suspended 
Failed to (i) conduct adequate due diligence on client’s customers and sales; (ii) ensure responses to the Exchange’s enquiries were complete and not misleading; (iii) report irregularities to the Exchange it had detected about the sales; and (iv) diligently supervise the team.
June 2006
Deloitte & Touche 
Corporate Finance
Responsible officer
Voluntarily refrained from 
acting as sponsor for 9 
Voluntarily refrained from 
acting as principal supervisor 
for 6 months
Failed to, inter alia, (i) conduct reasonable due diligence; and (ii) ensure adequate support for representations in prospectus.
March 2006
CSC Asia Limited
Responsible officers
Voluntarily refrained from 
acting as sponsor for 13 
Voluntarily refrained 
from acting as principal 
supervisors for 8 months
Failed to act with due skill, care and diligence when performing due diligence into two listing applications and failed to ensure that the prospectuses and the submissions made to the Exchange were prepared to the required standard.
January 2005 ICEA Capital Limited HK$30 million settlement Failed to exercise due skill, care and diligence in the course of performing its sponsor duties for the listing of Euro Asia Agricultural (Holdings) Company Limited.


Leave a Reply

You must be logged in to post a comment.