Hong Kong SFC, ICAC & Macao Judiciary Police in Joint Operation on 19th & 20th August 2024 for Suspected $15 Million Cross-boundary Fraud, False Accounting & Misconduct Involving Senior Executives of Hong Kong-listed Company, 6 Premises Were Searched with 7 Individuals Arrested, Including a Listed Company Chairman & an Executive Director
23rd August 2024 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) the Independent Commission Against Corruption (ICAC) and the Macao Judiciary Police have executed a joint operation on 19th & 20th August 2024 for suspected $15 million cross-boundary fraud, false accounting & misconduct involving senior executives of a Hong Kong-listed company. 6 premises were searched with 7 individuals arrested, including a listed company Chairman & an Executive Director. Hong Kong SFC (21/8/24): “The Securities and Futures Commission (SFC), the Independent Commission Against Corruption (ICAC) and the Macao Judiciary Police jointly mounted an operation codenamed “Demarcation” on 19 and 20 August 2024 in relation to suspected cross-boundary fraud and misconduct. Senior executives of a listed company in Hong Kong were allegedly involved in fictitious transactions and false accounting totalling around HK$120 million. Six premises were jointly searched by the SFC and the ICAC. During the joint operation, the ICAC also arrested seven persons, including the chairman and an executive director of the listed company. The arrestees had allegedly committed the offence of agent using documents with intent to deceive his principal under the Prevention of Bribery Ordinance. The investigation revealed that the chairman of the listed company and other individuals had allegedly falsified business documents and accounting records of the company’s subsidiaries in Hong Kong and Macao, while the company’s trade receivables totalling over MOP113 million (about HK$110 million) were reduced. Meanwhile, the individuals concerned had also allegedly used false documents and accounting records to conceal the misappropriation of the company’s funds over HK$9 million. The above conduct may have resulted in the commission of offences or misconduct by the listed company and/or its management which contravene certain provisions under the Securities and Futures Ordinance for disclosing false or misleading information, as well as for defalcation, fraud, misfeasance, or other misconduct in relation to the conduct of the business or affairs of the listed company.”
“ Hong Kong SFC, ICAC & Macao Judiciary Police in Joint Operation on 19th & 20th August 2024 for Suspected $15 Million Cross-boundary Fraud, False Accounting & Misconduct Involving Senior Executives of Hong Kong-listed Company, 6 Premises Were Searched with 7 Individuals Arrested, Including a Listed Company Chairman & an Executive Director “
Hong Kong SFC, ICAC & Macao Judiciary Police in Joint Operation on 19th & 20th August 2024 for Suspected $15 Million Cross-boundary Fraud, False Accounting & Misconduct Involving Senior Executives of Hong Kong-listed Company, 6 Premises Were Searched with 7 Individuals Arrested, Including a Listed Company Chairman & an Executive Director
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