The Securities and Futures Commission (SFC) has filed legal proceedings against Mr. Lo Kai Bong, chairman and controlling shareholder of LET Group Holdings Limited and Summit Ascent Holdings Limited, seeking a share repurchase order for minority shareholders due to alleged misconduct. This includes disregarding Listing Rules and failing to disclose significant asset disposal plans in Russia, which led to trading suspensions. The SFC also seeks to disqualify Lo from his director roles, citing his failure to act with due diligence and comply with regulatory requirements.119 million shares in January 2011, avoiding a loss of approximately $353 million. This action was taken after the executives learned from auditors about imminent risks to the company’s share value.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR157
