Hong Kong SFC Obtains Disqualification Orders Against 5 ex-Directors of Superb Summit International Group for Misconduct in Carefully Planned Acquisitions in 2007 & 2009: 1) Company with Non-Existent Forestry Assets for $213 Million (HKD 1.6 Billion) and 2) Company with Intellectual Property Rights of Engineering Technology But of Little or No Value, Lee Chi Kong Disqualified for 10 Years, Wong Yun Kuen 7 Years, Lam Ping Kei 5 Years, Wong Choi Fung 5 Years & Yeung Kwong Lun 5 Years
12th July | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has obtained disqualification orders against 5 ex-Directors of Superb Summit International Group for misconduct in carefully planned acquisitions in 2007 & 2009, acquiring 1) Company with non-existent forestry assets for $213 million (HKD 1.6 billion) and acquiring 2) Company with intellectual property rights of engineering technology but of little or no value. Director Lee Chi Kong is disqualified for 10 years, Wong Yun Kuen 7 years, Lam Ping Kei 5 years, Wong Choi Fung 5 years & Yeung Kwong Lun 5 years. Hong Kong SFC (11/7/25): “The Securities and Futures Commission (SFC) has obtained disqualification orders in the Court of First Instance against four former executive directors, Mr Lee Chi Kong, Mr Lam Ping Kei, Ms Wong Choi Fung and Mr Yeung Kwong Lun, and a former independent non-executive director, Mr Wong Yun Kuen, of Superb Summit International Group Limited (Superb Summit) (Notes 1 to 3). Lee was disqualified for 10 years, Wong Yun Kuen was disqualified for seven years, while the others were each disqualified for five years, from (i) being, or continuing to be, a director, liquidator, or receiver or manager of the property or business of Superb Summit or any other corporation including any of Superb Summit’s subsidiaries and affiliates, or (ii) in any way, directly or indirectly, being concerned, or taking part, in the management of Superb Summit or any other corporation including any of Superb Summit’s subsidiaries and affiliates. They were also ordered to pay the SFC’s costs in the proceedings (Notes 4 and 5). The SFC commenced proceedings against the former directors following its investigations into allegations of misconduct by Superb Summit’s directors and other officers. These allegations pertain to three acquisitions made between 2007 and 2014, which were part of the carefully implemented schemes to defalcate and misappropriate the assets of Superb Summit. Superb Summit suffered significant losses as a result of these acquisitions. Superb Summit acquired 70% and 30% interests in a target company – which purportedly held forestry assets – in 2007 and 2009, respectively, for a total of $1.678 billion. The Court found that the forestry assets did not exist. Superb Summit also acquired interests in another company which purportedly held intellectual property rights for certain engineering technology. The Court found that the technology had little to no value, and the transaction served as a means to channel significant funds to Superb Summit’s substantial shareholder. Five former directors admitted to breaching their duties by failing to take relevant steps to ensure that proper and reasonable due diligence had been conducted regarding the alleged forestry assets in the 2007 and 2009 acquisitions and/or the target technology in the 2014 acquisition. They also accepted that in considering and approving the acquisitions, they were incompetent, reckless or negligent (as applicable) (Note 6). The disqualification orders against these five former directors were made on the basis of their admission. The SFC’s proceedings against other former directors and officers of Superb Summit are ongoing.”
“ Hong Kong SFC Obtains Disqualification Orders Against 5 ex-Directors of Superb Summit International Group for Misconduct in Carefully Planned Acquisitions in 2007 & 2009: 1) Company with Non-Existent Forestry Assets for $213 Million (HKD 1.6 Billion) and 2) Company with Intellectual Property Rights of Engineering Technology But of Little or No Value, Lee Chi Kong Disqualified for 10 Years, Wong Yun Kuen 7 Years, Lam Ping Kei 5 Years, Wong Choi Fung 5 Years & Yeung Kwong Lun 5 Years “
Notes:
- Superb Summit’s shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on 18 September 2001. The listing of its shares was cancelled with effect from 4 June 2020.
- Lee was a former executive director (ED) from 10 February 2009 to July 2014, and the chairman from 17 February 2009 to 16 July 2014. Lam was the former ED from 29 January 2001 to 17 February 2009 and chairman from 12 September 2001 to 17 February 2009. Wong Choi Fung was the former ED from 29 January 2001 to 23 October 2007. Yeung was the former ED from 1 September 2002 to 23 October 2007. Wong Yun Kuen was a former independent non-executive director from 11 April 2007 to 24 June 2010.
- The SFC commenced proceedings under section 214 of the Securities and Futures Ordinance in December 2020.
- The judgment is available on the Judiciary’s website (Case No. HCMP 2305/2020).
- The orders were made following the Court’s approval that the proceedings could be disposed of by way of Carecraft procedure where the Court determines the appropriate orders to be made based on an agreed statement of facts and agreed proposed orders.
- The involvement of the directors are as follows: Lee (2009 and 2014 acquisitions), Lam (2007 acquisition), Wong Choi Fung (2007 acquisition), Yeung (2007 acquisition), Wong Yun Kuen (2007 and 2009 acquisitions).
Hong Kong SFC Obtains Disqualification Orders Against 5 ex-Directors of Superb Summit International Group for Misconduct in Carefully Planned Acquisitions in 2007 & 2009: 1) Company with Non-Existent Forestry Assets for $213 Million (HKD 1.6 Billion) and 2) Company with Intellectual Property Rights of Engineering Technology But of Little or No Value, Lee Chi Kong Disqualified for 10 Years, Wong Yun Kuen 7 Years, Lam Ping Kei 5 Years, Wong Choi Fung 5 Years & Yeung Kwong Lun 5 Years

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