By Craig Tarasoff
Hong Kong’s securities regulator, the Securities and Futures
Commission (SFC), has initiated legal proceedings against Citic Ltd., a Chinese
state-owned investment company, and several of its former directors, to
compensate investors for massive losses in 2008. Citic invested heavily in the
Australian dollar, which subsequently decreased significantly in value resulting
in losses of over $2 billion. There are reports that the directors knew of the
losses for multiple weeks before disclosing information to investors. The SFC
appears to have brought legal proceeding for these events from six years ago, because if it had waited any longer
prosecution would have been barred by Hong Kong’s statute of limitations. The
Wall Street Journal has the details.
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