Court orders ex-Combest (ex-8190) senior execs to make HK$192m compensation to shareholders
SFC
SFC, 02-Jun-2025
Webb-site filed a detailed complaint on this to the SFC on 21-Dec-2017. Justice Harris asks why criminal charges were not brought, as the case "clearly bears the hallmarks of a fraud". The SFC replies that it referred the case to the Police Commercial Crime Bureau on 20-Jun-2019. Over $293m of losses were caused to Combest, so the respondents appear to have made a net profit and avoided criminal charges.
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SFC secures first-of-its-kind settlement to compensate public shareholders of Combest (ex-8190)
SFC
SFC, 16-Sep-2024
Webb-site filed a detailed complaint on this matter with the SFC on 21-Dec-2017.
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SFC petitions to wind up Combest (8190)
SFC, 21-May-2020
At last, some real action. Webb-site filed a detailed complaint on this matter with the SFC on 21-Dec-2017. The SFC now alleges over-priced acquisitions identified in our complaint. The sellers were BVI companies the owners of which were not disclosed. The SFC alleges 2 directors and a suspected shadow director, one Mr Ng Kwok Fai, caused losses of HK$293m to Combest. Notably the SFC seeks a winding-up rather than just compensatory orders. They should do this more often - many other companies suspended by the SFC, including Lerado (1225) are in such limbo.