SUNWAY FINANCIAL MANAGEMENT LIMITED 新威金融管理有限公司
SFC and ICAC joint operation on listed company's suspicious money lending activities
| ICAC statement
SFC, 13-Aug-2021
Media report that the company is Sunway (0058). This probably relates to a pile of 6 loans totalling about HK$130m made in 2016/17 and impaired in 2019. The 2019 accounts stated "The Group has noticed that 6 borrowers (and their guarantors, if any) failed to repay" and "the enforceability of the collaterals, if any, was quite difficult". Also in 2019, HK$100m of "earnest money" paid in 2017 for an aborted acquisition was fully impaired. We hope the ICAC/SFC will investigate that too. A current and a former ED and 3 others have been arrested.
SFC, 13-Aug-2021
Media report that the company is Sunway (0058). This probably relates to a pile of 6 loans totalling about HK$130m made in 2016/17 and impaired in 2019. The 2019 accounts stated "The Group has noticed that 6 borrowers (and their guarantors, if any) failed to repay" and "the enforceability of the collaterals, if any, was quite difficult". Also in 2019, HK$100m of "earnest money" paid in 2017 for an aborted acquisition was fully impaired. We hope the ICAC/SFC will investigate that too. A current and a former ED and 3 others have been arrested.
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