Hong Kong's Securities and Futures Commission welcomes High Court conviction of former Hua Han officer for money laundering with 7 years 8 months imprisonment

Hong Kong's Securities and Futures Commission (SFC) welcomed the High Court’s conviction of Wong Ming Chun, the former financial controller and company secretary of Hua Han Health Industry Holdings Limited, on two counts of money laundering linked to the misappropriation of the listed company’s funds in 2015. Wong pleaded guilty, received a sentence of seven years and eight months’ imprisonment, and was disqualified from being a director of any Hong Kong company for 12 years without leave of the court. The SFC traced the case to its investigation into suspected false or misleading information in Hua Han’s financial statements from 2013 to 2015, which uncovered the misappropriation of proceeds from the company’s 2015 fundraising activities and led the SFC to refer its findings to the Police. The money laundering offences were brought under section 25(1) of the Organized and Serious Crimes Ordinance, while the director disqualification was imposed under section 168E of the Companies (Winding Up and Miscellaneous Provisions) Ordinance. The SFC said its investigation is ongoing.