Hong Kong’s Securities and Futures Commission (SFC) has commenced legal proceedings against the Chairman and controlling shareholder of LET Group Holdings and Summit Ascent Holdings, Andrew Lo, for alleged misconduct that has resulted in the trading of shares of both companies to be suspended.
The proceedings, filed under section 214 of the Securities and Futures Ordinance in the Court of First Instance, seek a share repurchase order to protect the interests of independent minority shareholders of both companies, the SFC said. Such an order would require Lo, LET and/or Summit Ascent to make an offer to purchase shares from both companies’ minority shareholders independent of Lo at a price and in a manner to be determined by the Court.
