Bank of America and Standard Chartered were also fined, the Securities and Futures Commission said in a statement.
Logo of Swiss global financial services company UBS at the entrance of a branch’s building in Zurich, February 25, 2016.
The settlements bring an end to multiyear investigations by the financial regulator, which has been increasing its efforts to clean up Hong Kong’s capital markets. The collapse of several high-profile companies shortly after their trading debuts left investors with losses and dented the city’s reputation as a premier financial hub. The SFC is probing other IPOs, its enforcement chief has previously said.Standard Chartered: HK$59.
February 2018 Credit Suisse Group was handed HK$39 million in penalties for various internal control failures spanning a 14-year period Standard Chartered and UBS were joint sponsors of China Forestry’s 2009 IPO, which raised US$216 million. The stock was suspended in 2011 after financial irregularities were discovered, and the company is now in liquidation. Cen’s license was revoked for failing to discharge his supervisory duties relating to the deal, the SFC said. Among the bank’s errors was a failure to verify China Forestry’s legal rights over forests it claimed to control, according to the regulator.
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