The Securities and Futures Commission ("SFC") has obtained a seven-year disqualification order against Ms Ho Siu Man, a former executive director of First Credit Finance Group Limited. She admitted to breaching her fiduciary duties and made false and misleading statements.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On July 21, 2025, the Securities and Futures Commission ("SFC") imposed a seven-year disqualification order on Ms. Ho Siu Man, former executive director of First Credit Finance Group Limited. The order restricts Ho from serving as a director or being involved in the management of any listed or unlisted corporation in Hong Kong without court approval.
The severity of her misconduct is reflected in the order, which also mandates Ho to cover the SFC's costs in the proceedings. She was found to have permitted Mr. Cho Kwai Chee to act as a de facto director of First Credit, engaging in its business affairs and making decisions as a director, from December 2015 to June 2017.
Ho violated her fiduciary duties by failing to ensure the disclosure of Cho’s de facto directorship. Additionally, she negligently allowed First Credit to make false and misleading statements about the independence of placees and subscribers in its Placing and Rights Issue announcements. She also did not consider the dilution effect of the Placing on shareholders before approving it.
The SFC is pursuing ongoing proceedings against four other former directors and a former de facto director of First Credit. This order against Ho is part of a Carecraft procedure, where the court determines the appropriate orders based on an agreed statement of facts and proposed orders.
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