Fiduciary Duties: A Case Study On The Exchange's Censure Against Ex-Directors Of Global Uin Intelligence
| Published date | 18 March 2024 |
| Law Firm | Norton Rose Fulbright Hong Kong |
| Author | Psyche Tai, Rachel Chan, Winnie Chan, Ethan Chen, Vicky Lam, Doris Ng and Harold Tin |
The Stock Exchange of Hong Kong Limited (Exchange) issued a public censure and Director Unsuitability Statement on 5 March against two former directors of Global Uin Intelligence Holdings Limited (Global Uin) for violating their fiduciary duties by misappropriating Global Uin's IPO proceeds. They had also failed to cooperate in the investigation.
This enforcement action was jointly investigated by the Exchange and the Securities and Futures Commission (SFC), with the assistance of the Monetary Authority of Singapore. It serves as a real-life reminder on the significance of directors' fiduciary duties, and is the second disciplinary action taken by the Exchange on directors' breach of fiduciary duties in less than a month.1
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