Hong Kong authorities arrest suspects OVER USD17m fraud

The Securities and Futures Commission and the Commercial Crime Bureau of the Police conducted a joint operation with the police against suspected corporate fraud involving a sum in excess of HKD130m (USD17m). At least eight people, including the company's current and former executive directors and senior executives, were arrested in the joint operation, which followed an SFC's referral to the police on suspected fraud that occurred before the company was delisted. The joint operation also involved a search of various offices and residences of the arrestees and other relevant parties. The SFC said it will continue to work closely with the police to tackle the misconduct of listed companies to protect the investing public and maintain the integrity of Hong Kong's financial markets based on a memorandum of understanding in combating financial crime back in 2017.