The Securities and Futures Commission (SFC) of Hong Kong has commenced legal proceedings in the Court of First Instance to seek disqualification and compensation orders against eight former directors of 3DG Holdings (International) Limited (formerly known as Hong Kong Resources Holdings Company Limited) for their alleged failure in preventing misappropriation of $74.4 million in corporate funds.
The eight directors were all serving board members of HK Resources at the material time. They are: Mr Xu Zhigang, executive director and chief executive officer; Mr Wu Xiaolin, Mr Wilfred Lam Kwok Hing, Mr Zhao Jianguo, Ms Dai Wei, executive directors; Mr Loke Yu, Mr Anthony Fan Ren Da and Mr Xu Xiaoping, independent non-executive directors.
The SFC’s investigation revealed that on 8 June 2017, HK Resources acquired a 100% equity interest in a company with a money lender’s licence. Between June 2018 and March 2019, HK Resources granted…
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