Larry Yung Chi-kin the son of the “Red Capitalist” founder of China’s largest conglomerate, has been cleared along with four former directors of Citic Ltd of charges of misconduct and of providing misleading information to the investing public over a 2008 foreign-exchange loss.
“There has been a failure to prove” the charges of culpability under the Securities & Futures Ordinance, which renders the issue of criminal responsibility unnecessary, according to a statement by the Market Misconduct Tribunal, citing a verdict handed down by Mr Justice Michael Hartmann.
To read about the case in full, please click here.
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