Securities and Futures Commission v. Yin Yingneng Richard and Others

HCMP 2502/2012

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

MISCELLANEOUS PROCEEDINGS NO. 2502 OF 2012

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BETWEEN

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DECISION ON COSTS
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1.I award the costs of and occasioned by the summons filed on 9 March 2015 (“Summons”) and the consent summons filed on 21 April 2015 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 order in 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 Wang and the Company on the extension of time for the payment of compensation given that (a) Wang remained an executive director and Chairman of the Board of the Company and (b) the disapproval expressed by the court in respect of the corporate governance exercised over the 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 remembered that the time frame was agreed by him and that he ought to have applied to the court for an extension of time with proper evidence in 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 1^st respondent

Mr Jose Maurellet and Mr Justin Lam, instructed by Boase, Cohen & Collins, for the 2^nd respondent

Mr Anson Wong SC and Mr Benny Lo, instructed by Sit Fung Kwong & Shum, for the 3^rd respondent

Mr Adrian Leung, instructed by K C Ho & Fong, for the 4^th respondent