NEWS RELEASE
July 26, 1999
PUBLIC CENSURE ANNOUNCEMENT
Mr Ho Tai Loi, Taylor
Former Executive Director of
Ngai Hing Hong Company Limited
The Listing Committee of the Stock Exchange of Hong Kong has recently concluded an investigation into the conduct of Mr Ho Tai Loi, Taylor, a Former Executive Director of the Ngai Hing Hong Company Ltd. The investigation concerned the failure by Mr Ho to comply with the Securities (Insider Dealing) Ordinance (Cap. 395) as a result of his dealings in the shares of the Company on 21 July 1995 (the "Material Time"), as required by the Securities (Insider Dealing) Ordinance. The Listing Committee has concluded that Mr Ho has acted in breach of his Declaration and Undertaking with regard to Directors, whereby Mr Ho has undertaken to comply to the best of his ability with all the securities laws and regulation from time to time in force in Hong Kong and in breach of the Model Code for Securities Transactions by Directors of Listed Companies as contained in Appendix 10 to the Exchange Listing Rules.
The Listing Committee, having considered submissions from the Listing Division and correspondence from Mr Ho and has taken into account the following:-
(a) that Mr Ho acted in such a manner so as to commit a serious breach of his Undertaking;
(b) the size of the dealings in the shares of the Company at the Material Time;
(c) that Mr Ho has admitted to insider dealing; and
(d) that Mr Ho was found by the Insider Dealing Tribunal of Hong Kong to have engaged in insider dealing.
Accordingly, Mr Ho is hereby publicly censured by the Listing Committee for acting in breach of his Undertaking as contained in Appendix 5 (Form B) and for further acting in breach of the Model Code. For the avoidance of doubt the Listing Committee confirms that in relation to this matter it is not censuring the Company or any members of its Board save for Mr Ho.
Corporate Communications Department
| © Copyright 1996-2006 irasia.com Ltd. All rights reserved. Tel: (852) 2831-9792. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |