Ng, Jeffrey Chi Ching 吳子正
MMT sanctions Yorkey Optical (2788), its CEO and Financial Controller for late disclosure of Inside Information
| SFO s307Z
SFC, 28-Feb-2017
The CEO and company are each fined HK$1m. Ironically then, shareholders are paying for not being told about Inside Information. The HK Treasury gets HK$2m, but 115 investors who overpaid by HK$1.53m during a 13-week period get nothing. The SFC could claim for them under SFO s213, but has not. It appears investors in small-caps are on their own, and must make their own claims under SFO s307Z.
SFC, 28-Feb-2017
The CEO and company are each fined HK$1m. Ironically then, shareholders are paying for not being told about Inside Information. The HK Treasury gets HK$2m, but 115 investors who overpaid by HK$1.53m during a 13-week period get nothing. The SFC could claim for them under SFO s213, but has not. It appears investors in small-caps are on their own, and must make their own claims under SFO s307Z.
SFC takes Yorkey (2788), its CEO and FC to MMT for late disclosure of inside info
SFC, 6-Apr-2016
Notably the action is not against the other directors. The implication is that they didn't know the business was deteriorating, because they were not provided with the monthly management accounts. In our view, that omission in itself is poor governance.
SFC, 6-Apr-2016
Notably the action is not against the other directors. The implication is that they didn't know the business was deteriorating, because they were not provided with the monthly management accounts. In our view, that omission in itself is poor governance.
Porky Yorkey (2788) EGM recording
The CFO told the meeting that all of the shares in the Employees Trust had by now been fully vested in 200 employees, but after 7 years, not one of them has left the company or withdrawn their shares from the trust and sold them. Incredible. Do the employees even know that they have these rights, or is this just a back-door way to cement a sub-controlling shareholding with extra votes? (7-Jun-2013)
The CFO told the meeting that all of the shares in the Employees Trust had by now been fully vested in 200 employees, but after 7 years, not one of them has left the company or withdrawn their shares from the trust and sold them. Incredible. Do the employees even know that they have these rights, or is this just a back-door way to cement a sub-controlling shareholding with extra votes? (7-Jun-2013)
Porky Yorkey (2788) AGM recording
Only 3 out of 7 directors attended: Alan Chiang Hsiang-tai (INED, acting chairman of meeting), Iris Wu Shu-ping (NED, also director of 27.4% shareholder Asia Optical) and Nagai Michio (CEO, non-shareholder). Also present were Ng Chi Ching (CFO, non-director). The EGM on connected transactions followed this. (7-Jun-2013)
Only 3 out of 7 directors attended: Alan Chiang Hsiang-tai (INED, acting chairman of meeting), Iris Wu Shu-ping (NED, also director of 27.4% shareholder Asia Optical) and Nagai Michio (CEO, non-shareholder). Also present were Ng Chi Ching (CFO, non-director). The EGM on connected transactions followed this. (7-Jun-2013)
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