The suspension came after a letter from the Hong Kong Securities and Futures Commission (SFC) that its chairman, who is also chairman of Timway International Group Holdings Limited, was involved in leading Timway’s business or operations in a manner “unfairly unfavorable to the interests of Timway members.”
Following the suspension, Mr. Chanmiz was appointed acting president of Landing International Development.
A spokesperson for Landing International Development Ltd said, “We have decided to suspend all administrative and executive duties and powers of Chairman Yang to ease shareholders and public concerns.”
The Hong Kong Securities and Futures Commission (SFC) alleged that “Yang, as a shadow director of Timway, violated his disclosure obligations and violated his fiduciary duties to Timway by failing to procure him to disclose certain internal information and committed fraudulent acts for private purposes and personal gain.”
Regulators in Hong Kong are awaiting an order prohibiting Yang from ever becoming a director, receiver, liquidator or custodian of Tim Wei or other companies again. 온라인경마