The Stock Exchange of Hong Kong Limited has censured Brilliance China Automotive Holdings Limited and issued a Director Unsuitability Statement against former executive directors Ms. Ma Nina and Mr. Yan Bingzhe, deeming them unsuitable for directorial or senior management roles. Additionally, Mr. Sun Baowei, also a former executive director, received a Prejudice to Investors’ Interests Statement and censure for his actions. The reprimands follow an investigation into the Company’s provision of over RMB53.4 billion in financial assistance to its controlling shareholder, Huachen Automotive Group Holdings Company Limited, which lacked commercial benefit and led to significant losses for the Company. Ms. Ma, Mr. Yan, and Mr. Sun were found to have breached their director’s duties by failing to disclose conflicts of interest and ensure compliance with Listing Rules, and they did not cooperate with the Exchange’s investigation.
Resources: www.hkex.com.hk/News/Regulatory-Announcements/2024/240827news?sc_lang=en