The Securities and Futures Commission (SFC) has secured a three-year disqualification order against Mr. Au Yeung Ho Yin, former CFO of Fujian Nuoqi Co., Ltd., for failing to fulfill his duties in overseeing the company’s finances and corporate governance. His neglect allowed the former chairman to withdraw approximately RMB225 million from Nuoqi’s accounts without proper board approval. The court found that Au Yeung did not investigate unauthorized transactions and misrepresented the use of IPO proceeds in the company’s annual report. The SFC emphasized the crucial role CFOs play in safeguarding corporate assets and ensuring accurate financial reporting to protect investors.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR174