MMT makes first disqualification orders against officers for late disclosure of inside information

The Market Misconduct Tribunal (“MMT”) has issued its first disqualification orders against officers for breaches of the disclosure requirements under section 307G(2) of the Securities and Futures Ordinance (“SFO”).

The disqualification orders were made against the CEO and the Financial Controller of Yorkey Optical International (Cayman) Limited (“Yorkey”). The MMT held that there was a 13-week delay in announcing the material losses suffered by Yorkey in late 2012, and that the delay was a result of the reckless conduct of the CEO Mr Nagai Michio and the Financial Controller Mr Ng Chi Ching.

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