On September 2, 2025, the Securities and Futures Commission ("SFC") obtained disqualification orders against five former directors of Superb Summit International Group Limited. The directors were banned from being directors or managers of corporations in Hong Kong or elsewhere for up to four years. They also admitted to breaching their duties during acquisitions in 2007 and 2009.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On September 2, 2025, the Securities and Futures Commission ("SFC") secured disqualification orders against five former directors of Superb Summit International Group Limited in the Court of First Instance. The disqualified directors include Mr. Law Wai Fai, Mr. Li Jun, Mr. Cheng Man For, Mr. Qiu Jizhi, and Mr. Chan Chi Yuen.
The duration of the disqualification orders varies, with Mr. Law Wai Fai and Mr. Cheng Man For each receiving orders of three and a half years, Mr. Qiu Jizhi receiving three years, Mr. Chan Chi Yuen four years, and Mr. Li Jun two and a half years. These orders also mandate payment of the SFC’s costs in the proceedings.
The former directors admitted to breaching their duties and showing negligence during Superb Summit’s acquisitions in 2007 and 2009. Key allegations include the involvement of non-existent forestry assets and the failure to review essential documents and methodologies during due diligence for the 2007 acquisition. Additionally, for the 2009 acquisition, key directors approved announcements containing false information about nonexistent assets.
In June 2025, the SFC obtained disqualification orders against four former directors and one independent non-executive director for terms ranging from five to ten years. Ongoing proceedings against additional former directors and officers of Superb Summit are anticipated.
Superb Summit's shares were listed on The Stock Exchange of Hong Kong Limited's Main Board from September 18, 2001, and the listing was subsequently terminated on June 4, 2020. The SFC initiated legal proceedings under the Securities and Futures Ordinance against Superb Summit's directors in December 2020.
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