Mr. Tsang Chung Yu, a former independent non-executive director of Metaverse Yunji Technology Group, along with 11 others, has been charged in a fraud case related to the improper granting of share options. The charges stem from a joint investigation by the Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC). Tsang and his co-defendants are accused of conspiring to defraud the company by falsely claiming that 10 of the individuals were employees, which led to the issuance of 66 million share options, amounting to approximately $4.35 million in suspected crime proceeds. The SFC will continue to work with the ICAC on this case.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR179