The Stock Exchange of Hong Kong has taken disciplinary action against Hong Kong Resources Holdings Company Limited (stock code: 2882) and eight directors. The company and two former executive directors, Mr. Xu Zhigang and Mr. Zhao Jianguo, have been censured. Additionally, Mr. Fan Ren Da Anthony, Dr. Loke Yu, Ms. Dai Wei, Mr. Lam Kwok Hing Wilfred, Mr. Wu Xiaolin, and Mr. Xu Xiaoping, have also been censured. The exchange further directed Ms. Dai, Mr. Fan, Dr. Loke, Mr. Xu Xiaoping, Mr. Lam, and Mr. Wu to attend training. The disciplinary action was taken due to concerns raised by auditors regarding the company’s loans and inadequate controls, resulting in a misleading interim report and a 100% impairment loss. The case emphasizes the importance of robust internal controls and vigilance by directors and audit committees.
Resource: https://www.hkex.com.hk/News/Regulatory-Announcements/2023/2312042news?sc_lang=en