The Market Misconduct Tribunal (MMT) has ordered former China Forestry Holdings CEO Li Han Chun and his investment vehicle, Top Wisdom Overseas Holdings, to disgorge $353.43 million, representing avoided losses from insider dealing in China Forestry shares. Additionally, Li Han Chun and former chairman Li Kwok Cheong were penalized for disclosing false or misleading information in the company’s IPO prospectus and financial reports. Both were disqualified from holding corporate roles and banned from securities trading in Hong Kong for five years, alongside cease-and-desist orders. They, along with Top Wisdom, were also ordered to cover the costs incurred by the Government and the SFC.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR203
