Liu, Andrew (1955) 廖駿倫

The court grants Mr Hui's application to amend his defence, adding a claim that even if he has been in breach of his duty (which is denied), the Articles of the company indemnify him under Cayman law.

Mr Best fails in his attempt to have the SFC's petition against him struck out.

At last, a bit of action on part of what we call the "Chung Nam Network". The SFC is pursuing 4 current and 8 former directors.

The petition, not yet published, seeks disqualification and compensation orders against 4 respondents relating to the aborted investment in Liu's holdings in 2010/11, which caused a loss to Freeman of HK$76.8m. At the time, Quincy Hui Kwong Hei and Lo Kan Sun were Managing Directors, Sue Au Shuk Yee was Executive Director and Agustin V Que was an INED of Freeman.

So now they are just going to punt stocks on their own, without needing shareholders' approval.

No shareholders' approval is required, because Imagi has already declared securities trading to be in its "ordinary and usual course of business" - and that didn't require approval either. Andrew Liu was from 2010-2015 a non-executive director of Freeman Financial (0279), another company in what we call the "Chung Nam Network". During his time on that board, the stock total return was -92.80%.

Penta successfully sues a BVI company at the centre of what we call the "Chung Nam Network" over a guarantee of a profit from a subscription of shares in Mascotte (0136) which followed a heavy loss on an earlier subscription in Freeman (0279). The claimed quantum is HK$211m. After a restructuring, Allied Weli is now a 100% subsidiary of HEC Capital Ltd.

Unable to obtain legal title to the shares in Liu's holdings which Freeman has already paid for, it sells the beneficial interest back to the parents of Andrew Liu, it's Chairman and substantial shareholder, and they benefit by the same amount, HK$76.8m.

But Mr & Mrs Liu will continue to hold the shares "on trust" for Freeman unless and until they can execute the share transfer under the terms of a deed between the shareholders of Liu Holdings and its M&A.

...and agrees to procure subscribers for $275m of convertible bonds, carrying rights to replacement convertible bonds. Of the 99,125,239 shares he subscribed at $0.275, he sold all except 300,000 on 4-Oct-2010 at an average of $0.338.