Hong Kong Securities and Futures Commission: Court-appointed manager has successfully allocated HK$19 million in assets to clients of Hong Kong Grandeur International.

The Securities and Futures Commission of Hong Kong learned on July 23 that, following court approval in January 2025, the court-appointed manager has completed the distribution of approximately HK$19 million in assets to affected customers of Hong Kong Horizons Investment Limited (Hong Kong Horizons) this month as compensation. Prior to this, the court had granted final relief in November 2022 in legal proceedings brought by the Securities and Futures Commission of Hong Kong under section 213 of the Securities and Futures Ordinance, including a restitution order for the benefit of Hong Kong Horizons' affected customers and an order appointing a manager to recover and manage Hong Kong Horizons' assets. The legal proceedings of the Securities and Futures Commission of Hong Kong at that time stemmed from an investigation initiated by the Commission upon detecting signs of financial irregularities at Hong Kong Horizons. The investigation by the Securities and Futures Commission of Hong Kong found that Hong Kong Horizons and its sole director and shareholder, Sze Ki Tsui, had sold securities without authorization from Hong Kong Horizons' clients, misappropriated proceeds from the sales, and falsified client statements to conceal unauthorized trades. The Securities and Futures Commission of Hong Kong subsequently referred the case to the police for further investigation. The Department of Justice in Hong Kong also filed criminal charges against Tsui in connection with the investigation. The criminal legal proceedings against Tsui in the High Court have concluded. Tsui admitted to misappropriating approximately HK$58 million in assets from Hong Kong Horizons' clients from 2011 to 2019. On July 3, 2025, the court sentenced Tsui (88 years old) to 160 hours of community service after considering her remorse and efforts to repay Hong Kong Horizons' affected clients using her own and friends' assets. Mr. Christopher Wilson, Director of Enforcement at the Securities and Futures Commission of Hong Kong, stated: "The Securities and Futures Commission of Hong Kong is committed to maintaining market integrity and strengthening investor protection. This action by the Securities and Futures Commission of Hong Kong demonstrates zero tolerance for dishonest practices by intermediaries and a commitment to maintaining public confidence in financial markets."