SFC fines KTF Capital Management Ltd HK$400k for breaching Financial Resources Rules
SFC
SFC, 28-Jul-2022
The SDA reveals that the firm bought shares in the IPO of Fosun Tourism (1992), triggering breaches of the rather complicated FRR for 5 days in Dec-2018, and then tried to cover it up with a backdated assignment to a 3rd party, failing to report it to the SFC until the auditors detected it 4 months later. The proposed fine was halved from $800k "having considered KTCFM's financial position".