Court of First Instance handed down judgment in the first petition brought by the SFC under s.214 of the Securities and Futures Ordinance, refusing to make any compensation order

7 May 2020 -- In SFC v Wong Wai Kwong and Ors [2020] 3 HKLRD 604 ; [2020] 3 HKLRD 664 after trial the Hon Coleman J refused to make any compensation order (originally sought by the SFC in the sum of over HK$2billion) against the former directors of Egana Goldpfeil (Holdings) Ltd (Stock Code: 048) (in Liquidation) ("Egana"), although disqualificaiton orders were made ranging from 6-9 years. 

This was the first petition brought by the SFC under s.214 of the Securities and Futures Ordinance.  The SFC alleged a large-scale misapplication of funds which gave rise to doubtful receivables over HK$2.5billion, and that the former directors were responsible to make a compensation covering those losses. 

Tony Ko acted for the 3rd Respondent, a former director of Egana.  The judgment can be found here.