NEWS RELEASE
February 11, 1999
Action against
Three Exchange Members and Three Registered Persons
The Stock Exchange of Hong Kong announces that on January 22, 1999, the Disciplinary Committee heard the following six cases and found the charge(s) preferred against the following Members and registered persons of the Exchange for breach of the Rules of the Exchange proved:-
1. The Cases of the Member, Okachi Investments (Hong Kong) Company Limited ("OIHKCL"), and its Dealing Director, Mr Boon Ah Hit ("Mr Boon")
The substance of the charge proved against OIHKCL and Mr Boon was that OIHKCL had failed and Mr Boon had failed to ensure OIHKCL to have satisfactory internal control procedures, resulting that a former Sales Representative of OIHKCL misappropriated two clients' securities during the period mid 1993 to early 1998.
The Disciplinary Committee, having considered all the information before it including the penalties imposed in previous cases and the representations of OIHKCL and Mr Boon, resolved that a penalty of public censure plus a fine of HK$50,000 be imposed on OIHKCL and a penalty of public censure plus a fine of HK$30,000 be imposed on Mr Boon.
2. The Case of the Member, Wah Hing Securities Limited ("WHSL")
The substance of the charge proved against WHSL was that WHSL had failed to have satisfactory internal control procedures, resulting that a former Sales Representative of WHSL misappropriated seven clients' securities.
The Disciplinary Committee, having considered all the information before it including the penalties imposed in previous cases and the representation of WHSL, resolved that a penalty of public censure plus a fine of HK$50,000 be imposed on WHSL.
3. The cases of the Member, Bali Securities Company Limited ("BSCL"), its Dealing Director, Mr Chan Tak Ying ("Mr Chan"), and its former Dealing Director, Ms Ting Po Ling, Karin ("Ms Ting")
The substance of the charge proved against BSCL, Mr Chan and Ms Ting was that BSCL had failed and both Mr Chan and Ms Ting had failed to ensure BSCL to have satisfactory internal control procedures, resulting that a former Sales Representative of BSCL misappropriated securities and funds of BSCL's clients introduced by her during the period March 1994 to February 1997.
The Disciplinary Committee, having considered all the information before it including the penalties imposed in previous cases and the representations of BSCL and Mr Chan that BSCL has already implemented internal control procedures to rectify the deficiencies and has proceeded to settle with the claimants, resolved that a penalty of public censure plus a fine of HK$80,000 be imposed on BSCL and a penalty of public censure plus a fine of HK$50,000 be imposed on each of Mr Chan and Ms Ting.
Corporate Communications Department
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