HONG KONG: SFC Hong Kong commences disciplinary proceedings against chairman of Pearl Oriental Oil Limited and others for breach of Hong Kong Takeovers Code

Wednesday September 18 2013

The SFC Takeovers Executive has announced it is commencing disciplinary proceedings before the Hong Kong Takeovers and Mergers Panel against the chairman of Pearl Oriental Oil Limited, Mr Wong Yuk Kwan (also known as Wong Kwan), and four other people as the Executive believes that there has been a breach of the Code on Hong Kong Takeovers and Mergers (Takeovers Code).

The SFC alleges that Wong and the four actively co-operated to assist Wong to obtain or consolidate control of Pearl Oriental (“acting in concert”) and avoid the obligations under the Takeovers Code to make a general offer for the shares of the company.

The disciplinary proceedings before the Takeovers Panel will be held in public. If the Takeovers Panel finds there has been a breach of the Takeovers Code it is empowered to issue a range of sanctions including imposing a “cold shoulder order” which would deny the person being sanctioned direct or indirect access to the Hong Kong securities markets for a period of time specified by the Takeovers Panel.

Click on the above link for the SFC press release.