On July 11, 2025, the Securities and Futures Commission ("SFC") obtained disqualification orders against four former executive directors and one former independent non-executive director of Superb Summit International Group Limited for up to 10 years, based on allegations of misconduct involving asset misappropriation and misrepresentation. The former directors admitted to breaching their duties, and the SFC is continuing proceedings against other former directors and officers.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On July 11, 2025, the Securities and Futures Commission ("SFC") secured disqualification orders against five former directors of Superb Summit International Group Limited, including four executive directors and one independent non-executive director.
The individuals, Mr. Lee Chi Kong, Mr. Lam Ping Kei, Ms. Wong Choi Fung, Mr. Yeung Kwong Lun, and Mr. Wong Yun Kuen, were barred from holding any directorship, liquidation, or receivership positions with Superb Summit or any of its subsidiaries for a maximum of 10 years. Additionally, they are prohibited from managing or being involved in the management of these entities. The SFC also ordered them to cover their costs in the proceedings.
Following comprehensive investigations, the SFC commenced proceedings against these directors based on allegations of misconduct. The inquiries specifically focused on three acquisitions made between 2007 and 2014 by Superb Summit, which were found to involve asset misappropriation and defalcation, resulting in significant losses.
The acquisitions targeted two companies—one with purported forestry assets and another with intellectual property rights for certain engineering technologies. The Court determined that neither the forestry assets nor the technology held substantial value, thus rendering the transactions fraudulent.
Five former directors confessed to failing to conduct adequate due diligence and were deemed to have acted incompetently, recklessly, or negligently in approving the acquisitions. Consequently, they were disqualified from their positions based on these admissions.
The SFC’s ongoing proceedings against other former directors and officers of Superb Summit are progressing under the Carecraft procedure, which the Court has approved.
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