The Hong Kong bourse has taken disciplinary action against the former CEO and chairman of Pa Shun International (HKG:0574), as well as an executive director over a breach of their duty to protect the company's interest related to certain acquisitions, a Tuesday filing by the bourse said.
The bourse directs former chairman, CEO, and executive director Chen Yen Fei, and former executive director Shen Shun to each complete 15 hours of training on regulatory and legal topics and listing rule compliance.
In 2019, the company had acquired two companies expecting to co-own certain Malaysian properties which were under construction at the time and expected to be completed the same year.
The vendors and a Malaysian investor failed to fulfill their payment obligations to the developer, while completion of the construction was also delayed till December 2021. The developer terminated the agreements in April 2022 due to the payment defaults.
The Hong Kong stock exchange believes the former executives should have been wary of these risks and exercised reasonable skill and care at the time of the acquisitions.
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