SFC Seeks Former Boss Linked To Jack Lamb In Macau
The Hong Kong Securities and Futures Commission recently said it has launched a legal case against the company's former chairman related to Macau casino junket veteran Jack Lam In Lock.
The Securities and Exchange Commission alleges that Tong Seok-Lun, a former chairman of Sino Green Energy International Group, made an illegal profit of US$1 million in 2008 by disposing of a mainland printed circuit board manufacturer. He alleges that he did this by engaging in secret transactions with buyers at the expense of Sino Green Energy's public shareholders.
The Hong Kong-listed company said in a July 15 filing that Jack Lam, chairman of Macau junket company Jimei Group Ltd, will join other companies in buying 325 million new shares of Sinogreen for a total of HK$113.8 million (US$14.7 million).
Sinogreen, formerly known for its silicone rubber keypad deals, said in the same filing that Lam's "extensive experience in the gaming industry and business network will help the group gradually diversify its business into the [Macao] gaming market."
SFC's enforcement action against Sinogreen relates to allegations that occurred before Mr. Lamb negotiated with the company.
The Securities and Exchange Commission is also taking action against two former executive directors of Sinorgreens on the grounds that Tong failed to comply with the stock market's trading rules.
The SFC is seeking an order from the Hong Kong court of first instance to disqualify three former directors from being directors of the company and pay compensation to Sinor Green for losses caused by misconduct.
Lamb completed its initial purchase of 325 million Sinorgreens shares, according to a filing on Sept. 26.
But a company appointed to advise Sinorgreens' independent shareholders warned Lamb and his backers not to approve a subsequent sale of the stock.
Financial adviser Veda Capital said the terms of the equity offering were "not fair and reasonable" for independent shareholders.
Sinorgreens said in a filing on Friday that its former chairman and former executive director, who were subject to the SFC action, resigned on March 2, 2009 and October 8, 2008, respectively.
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