The Securities and Futures Commission of Hong Kong obtained a disqualification order against the former executive director of Tech Corp.

On March 3, the Securities and Futures Commission of Hong Kong announced that it had obtained a disqualification order against the former Chairman and Executive Director of Tech Pro Technology Development Limited, Li Wing-sang, and two former executive directors, Lau San-sang and Chiu Tsz-hong, for failing to properly manage Tech Pro's investments in a joint venture company with a mainland partner. Li and Lau were also directors and supervisors of the joint venture company, and they are prohibited from serving as directors, liquidators, receivers, or managers of any listed or non-listed corporation in Hong Kong, and from participating in the management of any listed or non-listed corporation in Hong Kong for a period of seven years. Chiu had no position in the joint venture company, but he was also disqualified for four years. The three individuals were also ordered to pay the legal costs of the Securities and Futures Commission in the relevant legal proceedings. The investigation by the Securities and Futures Commission revealed that the three directors did not have sufficient control and oversight over the joint venture company, and delegated day-to-day management to the mainland partner. As a result, the partner was able to misappropriate over 300 million RMB from the joint venture company. The partner also failed to pay overdue rent for a building in Shanghai, leading to a court order in mainland China terminating the joint venture company's sublease rights to the building, causing Tech Pro to lose the full value of its investment in the joint venture company. However, the three individuals were not aware of the mainland court order and the related legal proceedings.