Question
Reply:
Question No. 3
Reply by Mr P. Jacobs, Secretary for Economic Services
to
a
202 question by the
hion Keith Lam
2
JP,
1 n the Legislative Council
on 13 March 1985
Would Government inform this Council what action, if any, has been taken to sanction publicly listed companies which do not submit their accounts or reports in time and have any company officials been prosecuted or has any company been suspended from trading for this offence?
Sir,
The sanctions available in relation to the
mischief described by Mr Lam are contained in the
Companies Ordinance and enforced by a prosecution section
in the Companies Registry of the Registrar General' S
Department. In the event of a
of a company's failure to comply
with the relevant provisions both the company itself and
its directors are prosecuted. The maximum penalty now
provided by the Companies Ordinance is a fine of $10,000
or
6 months' imprisonment. The sanction of suspension
from trading is not available.
2.
During the present financial year, the Registrar
of Companies has prosecuted eight publicly listed
companies and their directors. Convictions were secured
in five cases (comprising a total of 104 summonses); one
case was withdrawn; and two cases are being defended and
have been ad journed.
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