The Securities and Futures Commission (SFC) secured a landmark court decision requiring three former senior executives of the delisted Combest Holdings Limited—shadow director Ng Kwok Fai and ex-directors Liu Tin Lap and Lee Man To—to compensate shareholders with $192 million in special dividends due to their misconduct. The trio was found guilty of orchestrating overvalued acquisitions ($229 million), fictitious payments ($64 million), and revenue inflation between 2016 and 2019. Ng received a 12-year directorship disqualification, while Liu and Lee were banned for eight years. This case highlights the SFC’s commitment to holding corporate controllers accountable and ensuring shareholder restitution. This compensation will be distributed as special dividends to the independent public shareholders, marking a significant step in corporate governance and investor protection.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR79
