Date Company/ Name Breach Conduct Disciplinary Actions
29 July 2019

• Mr Ng Man Sun, executive director (“ED”) of Amax International Holdings Limited (the “Company”)

• Ms Ng Wai Yee, ED of the Company

• Ms Yeung Pui Han Regina, independent non-executive director (“INED”) of the Company

• Mr Li Chi Fai, INED of the Company

• Ms Sie Nien Che, INED of the Company

(collectively, the “Directors”)
          




• MLR3.08(f)

• Director’s Undertaking







                       
• Directors failed to (a) apply the required skill, care and diligence, breaching Rule 3.08(f) of the Exchange Listing Rules; and (b) comply to the best of their ability with the Exchange Listing Rules, breaching their Director’s Undertakings.


REGULATORY MESSAGE:

An issuer’s financial statements in an annual report should provide a true and fair view of the issuer’s state of affairs and of the results of its operations and its cash flow. A disclaimer of opinion deprives the shareholders and investing public of the right to quality information relating to the issuer to appraise the issuer’s position and to make informed investment decisions, which in turn destroys transparency, trust and confidence in the market.

Directors are responsible for the issuer’s financial statements. They must exercise such degree of skill, care and diligence as may be reasonably expected under Rule 3.08(f) of the Exchange Listing Rules including in respect of the issuer’s financial reporting obligations. Directors must take substantive steps in a timely manner towards resolving the issues that have given rise to the disclaimer of opinion in the issuer’s financial statement. Failure to do so by a director demonstrates a lack of proactivity and diligence on his part in procuring compliance with the issuer’s financial reporting obligations, and may amount to a breach of the director’s duties.

SANCTIONS:

Public Censures of

• Mr Ng Man Sun

• Ms Ng Wai Yee

• Ms Yeung Pui Han Regina

• Mr Li Chi Fai

• Ms Sie Nien Che

DIRECTION:

• Each of the Directors to attend training as described in the news release.

NEWS RELEASE:

https://www.hkex.com.hk/News/News-Release/2019/190729news?sc_lang=en