Elate Holdings Limited 誼礫控股有限公司
HKICPA bans Mr Ng Ka Kuen for 16 months
HKICPA, 7-Oct-2020
This is his 4th sanction in just over 4 years. Webb-site Who's Who shows that the firm only had 1 listed audit client, so Client A must be Elate Holdings Ltd (0076), then named South Sea Petroleum Holdings Ltd, and the practice review must have covered the 2015 accounts.
HKICPA, 7-Oct-2020
This is his 4th sanction in just over 4 years. Webb-site Who's Who shows that the firm only had 1 listed audit client, so Client A must be Elate Holdings Ltd (0076), then named South Sea Petroleum Holdings Ltd, and the practice review must have covered the 2015 accounts.
HKICPA fines Mr Ng Ka Yuen HK$100k
HKICPA, 24-Sep-2019
For bad work on the 2014 audit of South Sea Petroleum (0076). This is his 3rd sanction by the HKICPA.
HKICPA, 24-Sep-2019
For bad work on the 2014 audit of South Sea Petroleum (0076). This is his 3rd sanction by the HKICPA.
HKICPA bans Mr Chan Bing Chung for 2 years, fines Miss Chan Wai Ling HK$50k
HKICPA, 3-Sep-2019
For bad work on the 2013 audit of South Sea Petroleum (0076).
HKICPA, 3-Sep-2019
For bad work on the 2013 audit of South Sea Petroleum (0076).
HKICPA fines Woo Yuen Fai HK$70k
HKICPA, 30-Jul-2019
For audit deficiencies in the 2015 accounts of South Sea Petroleum (0076).
HKICPA, 30-Jul-2019
For audit deficiencies in the 2015 accounts of South Sea Petroleum (0076).
SFC reprimands Ever-Long Securities Co Ltd for inadequate internal controls and staff supervision
SFC, 1-Jun-2006
SFC, 1-Jun-2006
CSFB's Toxic Convertibles
Webb-site.com lifts the lid on the toxic convertibles scam in HK, in which small, mostly naive companies surrender control over future equity issuance to an investment bank, whose principal interest is to lock in a profit by converting bonds on a rolling basis at a deep discount to market and selling the resulting shares. CSFB has led the way down this value-destroying path, with Merrill Lynch recently joining the fray. We estimate that the banks make a gross profit on money raised of about 31%, and the average stock price has fallen 30% since a toxic convertible was launched. If you are a listed company, just say no. If you are an institutional investor, take your business elsewhere. (8-Jun-2005)
Webb-site.com lifts the lid on the toxic convertibles scam in HK, in which small, mostly naive companies surrender control over future equity issuance to an investment bank, whose principal interest is to lock in a profit by converting bonds on a rolling basis at a deep discount to market and selling the resulting shares. CSFB has led the way down this value-destroying path, with Merrill Lynch recently joining the fray. We estimate that the banks make a gross profit on money raised of about 31%, and the average stock price has fallen 30% since a toxic convertible was launched. If you are a listed company, just say no. If you are an institutional investor, take your business elsewhere. (8-Jun-2005)
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