SFC, stock exchange take disciplinary action against FingerTango, a Chinese gaming company

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SFC, exchange say actions by company and directors resulted in losses of more than US$660 million.

The SFC is also seeking disqualification and compensation orders from the Court of First Instance (CFI) for the same alleged misconduct.“Corporate directors, including independent non-executive directors, tasked with the governance of a corporation, have the obligation to oversee the activities of management and ensure that adequate internal control policies and procedures are established and operate effectively,” Christopher Wilson, the SFC’s executive director of enforcement, said in a statement.“Adopting a lax policy which would relieve directors from overseeing important decisions is not an excuse to alleviate directors’ responsibility.

Investigations conducted by the SFC and exchange found that the listing’s proceeds were put into a wealth management product, which was not disclosed in a prospectus at the time.

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Article Details

Author / Journalist: Mia Castagnone

Category: Business

Markets: Hong Kong

Topics: Million Company Directors Losses Gaming Proceeds Us$660 Exchange Disciplinary Misconduct Fingertango

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-16 @ 21:39:24 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 224 words

Reading Time: 2 minutes read

Sentences: 5 lines

Sentence Length: 45 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 25193996

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