ACCP Global Ltd, 100%-owned by Barry Lau Wang Chi, defaults on subscription of shares in CA Cultural (1566)
Company announcement, 08-Dec-2021
Astonishingly, the 86m shares were allotted on 29-Sep-2021 without having been paid for, and 40m of the shares were deposited into the clearing system with a broker, Well Link Securities Ltd, for the subscriber's account. A week later, the stock crashed 77%, and now the subscriber has defaulted. We note that Keith Kwan Kin Man, the CFO of Well Link, was once a licensed representative of Adamas Asset Management (HK) Ltd, which was then 50% owned by Barry Lau.
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Credit Suisse fined HK$2.1m for software cock-up causing 8,042 bad option trades
SFC
SFC, 09-Nov-2020
The SDA reveals that a latent bug was introduced into Mercury Direct, the firm's market-making software, in 2013, causing it on 28-Feb-2019 to send options quotes priced for March 2019 but tagged as March 2020. Given the time value of options, these were underpriced and were quickly snapped up by the market, until 7,837 of them were cancelled. The 205 honoured trades caused the firm a loss of US$307k.
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SFC fines Credit Suisse HK$39.3m for years of regulatory breaches
SFC, 08-Feb-2018
Among other things, the firm settled its own sales using clients' securities on 843 occasions from 2010-2016, made 94 naked short sales, and failed to report over 1200 (weekly) short positions between Jun-2012 and Oct-2014.
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Life ban for Jagjit Singh Dhillon, ex-Credit Suisse
SFC, 12-Jan-2015
For cooking his trading books.
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人物
SFC fines Credit Suisse Securities (HK) Ltd HK$1.6m