HK SFC, Police clamp down on $450M corporate fraud scheme

Hong Kong’s Securities and Futures Commission (SFC) and Commercial Crime Bureau of the Police today conducted a joint operation against a Hong Kong-listed company and its former senior executives suspected of a series of corporate fraud related offences involving a total of $450 million.

The operation involved a search of the office premises of the listed company and the residences of its former senior executives.

The SFC conducted the search with the Police under the Securities and Futures Ordinance for offences related to corporate fraud, disclosing false or misleading information and other misconduct.

During the operation, the Police arrested two persons, aged 53 and 61 for offences of conspiracy to defraud, theft and money-laundering. They allegedly conspired with other persons to conduct fictitious transactions and/or misappropriate funds from the listed company and are now being detained for further enquiries.

The investigations are continuing.

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