The Securities and Futures Commission (SFC) of Hong Kong has commenced legal proceedings under section 214 of the Securities and Futures Ordinance (SFO) in the Court of First Instance to seek a share repurchase order to protect the interests of independent minority shareholders of LET Group Holdings Limited and Summit Ascent Holdings Limited as a result of alleged misconduct of Mr Lo Kai Bong, chairman, executive director and controlling shareholder of both companies.
The share repurchase 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.
The alleged misconduct of Lo has resulted in the trading suspension of the shares of LET and Summit Ascent. Since it is uncertain as to whether and when…
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