IN THE HIGH COURT OF THE
HONG KONG SPECIAL ADMINISTRATIVE REGION
COURT OF FIRST INSTANCE
MISCELLANEOUS PROCEEDINGS NO. 2502 OF 2012
IN THE MATTER OF FIRST CHINA FINANCIAL NETWORK HOLDINGS LIMITED and IN THE MATTER of Section 214 of the Securities and Futures Ordinance, Cap 571 __________________ BETWEEN
IN THE MATTER OF FIRST CHINA FINANCIAL NETWORK HOLDINGS LIMITED
IN THE MATTER of Section 214 of the Securities and Futures Ordinance, Cap 571
DECISION ON COSTS
1. I award the costs of and occasioned by the summons filed on 9 March 2015 (“Summons”) and the consent summons filed on 21 April2015 to the SFC, with a certificate for counsel, to be paid by Wang. Such costs are to be taxed if not agreed. I make no costs orderin respect of Yin, Lee and the Company.
2. Briefly, my reasons are as follows. It was not unreasonable for the SFC to be concerned about the agreement reached between Wangand the Company on the extension of time for the payment of compensation given that (a) Wang remained an executive director and Chairmanof the Board of the Company and (b) the disapproval expressed by the court in respect of the corporate governance exercised overthe Company. Hence, the Summons was rightly taken out.
3. Although it may be said that Wang was doing what he could to meet the time frame for the payment in question, it must be rememberedthat the time frame was agreed by him and that he ought to have applied to the court for an extension of time with proper evidencein support.
Mr Charles Manzoni SC and Mr Norman Nip, instructed by Securities and Futures Commission, for the petitioner
Mr John Scott SC and Mr John Hui, instructed by Robertsons, for the 1st respondent
Mr Jose Maurellet and Mr Justin Lam, instructed by Boase, Cohen & Collins, for the 2nd respondent
Mr Anson Wong SC and Mr Benny Lo, instructed by Sit Fung Kwong & Shum, for the 3rd respondent
Mr Adrian Leung, instructed by K C Ho & Fong, for the 4th respondent