The Hong Kong Securities and Futures Commission (SFC) has obtained an order from Hong Kong’s Court of First Instance against AMTD Global Markets Limited for failing to comply with statutory notices issued during SFC investigations, requiring the firm to produce outstanding records and penalising it for contempt of court. The investigations relate to suspected fraudulent or deceptive schemes and/or the disclosure of false or misleading information in the initial public offerings of certain listed companies where AMTD acted as bookrunner, lead manager and underwriter. The Court’s order concerns outstanding requests in SFC notices issued under section 183 of the Securities and Futures Ordinance on 22 July 2021, 31 August 2021 and 2 June 2022, which sought records and documents and answers to written questions, and it rejected AMTD’s explanations for non-compliance linked to ownership and management changes and the relocation or loss of books and records. The Court found AMTD was not liable in relation to a separate SFC notice issued on 30 January 2023, and the SFC did not pursue the proceedings against four former executives after they attended interviews. AMTD must comply with the outstanding requests by 19 January 2026, while the amount of the fine for contempt will be determined later.

Original source View in tracker