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Hong Kong regulator bans responsible officer at Hontex sponsor

Nov 21 2012 Trond Vagen, Compliance Complete

Hong Kong's Securities and Futures Commission (SFC) yesterday banned an executive director and responsible officer at Mega Capital (Asia), the company which acted as a sponsor for the doomed listing of sportswear maker Hontex International Holdings on the Stock Exchange of Hong Kong (SEHK). The SFC said it had banned Wong Tang Chung for three years until November 18, 2015, for failing to discharge his duties as a sponsor principal and a responsible officer. The SFC's enforcement action marks another step towards resolving the outstanding issues over the Hontex listing, which the SFC claimed was based on false prospectus information. The company listed in December 2009 with Mega Capital acting as sole sponsor, but its shares were suspended only a few months later as concerns grew over the validity of the information in its prospectus. In April this year, the SFC fined Mega Capital HK$42 million ($5.4 million) and revoked its licence. The regulator has also won a court judgement against

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