The Securities and Futures Commission (SFC), the Independent Commission Against Corruption (ICAC), and the Accounting and Financial Reporting Council (AFRC) conducted a joint operation involving two Hong Kong-listed companies suspected of falsifying corporate transactions totaling HK$193 million. The investigation revealed that the companies conspired with a syndicate to falsify transactions between May 2018 and December 2021, resulting in overstatements of HK$83.9 million in revenue and misstatement of assets worth HK$109.2 million. Three individuals, including an executive director, were arrested for suspected offenses. The operation highlights the commitment to holding accountable those who defraud investors and undermine market integrity.
Resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR120