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Cellcom Israel Ltd. Message Board

nicoleberk 1 post  |  Last Activity: Dec 20, 2014 2:26 AM Member since: Nov 26, 2001
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  • The Securities and Futures Commission (SFC) has commenced proceedings to disqualify four former directors of Tack Fat Group International Limited (Tack Fat or the Company), now known as Tack Fiori International Group Limited (Notes 1 & 2).
    They are the Company’s former chairman and executive director Mr Kwok Wing, and former executive directors Mr Norman Ho Yik Kin, Ms Michelle Kwok Choi Ha and Mr Lam Yick Sing (collectively referred to as the Directors) (Note 3).
    The first hearing of the petition was heard in the Court of First Instance today. The SFC alleges that:
    The Company proposed to acquire a 40% interest in a timber company in Cambodia, shortly before the Company was placed into provisional liquidation, falsely announcing that the vendor was an independent third party when in fact the transaction was a sham involving an undisclosed connected party.
    The Company failed to ensure shareholders were given all information they might reasonably expect in relation to various loan agreements entered into between the Company and various money lenders between June and July 2008, again shortly before the Company entered provisional liquidation. Some of these loan agreements involved the pledging of significant assets of the Company, which indicated a serious deterioration in the financial position of the Company.
    Again, shortly before the Company was placed into provisional liquidation, the Company allotted share options in respect of 40 million shares in the Company, which were converted without payment and sold for the benefit of the former chairman between June and July 2008, gaining an unfair advantage not only over other members of the Company but also the investing public, in particular approximately 110 counterparties. The former chairman possessed material non-public price sensitive information in respect of the Company and ma

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