30 October 2018

Company convicted of carrying on company service business without a licence 
＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊

HKKS Company Service Limited (the Company) was prosecuted by the Companies Registry under sections 53F(1) and (2) of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) for carrying on company service business without a licence. The Company pleaded guilty at Shatin Magistrates' Courts today (October 30) and was fined a total of $50,000 for the charges. In addition, the court also disqualified the Company from holding a licence for a period of six months.

The new licensing regime for trust or company service providers commenced on March 1, 2018. Under the AMLO, such providers are required to apply for a licence from the Registrar of Companies before they can provide trust or company services as a business in Hong Kong. Any person who carries on a trust or company service business in Hong Kong without a licence commits an offence and is liable on conviction to a fine up to $100,000 and imprisonment up to six months.

"The ruling helps disseminate a strong message to all that the Companies Registry will rigorously enforce the licensing regime for trust or company service providers," a spokesman for the Registry said.

24 October 2018 

Company director convicted for giving false or misleading information to Companies Registry
＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊

A director of Rightful Mortgage Limited (the Company) was prosecuted by the Companies Registry (CR) under section 750(6) of the Companies Ordinance for knowingly or recklessly giving false or misleading information to the Registrar of Companies in connection with an application for deregistration of the Company. The director, Ken Lee Sai-cheung, pleaded guilty at Eastern Magistrates' Courts today (October 24) and was fined $15,000 for the charge.

The case relates to false information provided by the defendant in the application form which was lodged with the CR for deregistration of the Company. Contrary to the certification made by the defendant in the application form that the Company was not a party to any legal proceedings and that it had no outstanding liabilities, the Company was reported to be the defendant in a High Court proceeding and there was an adverse costs order granted against the Company.

"The ruling helps disseminate a strong message to all companies and their officers that they have the responsibility to ensure that the information given to the Registrar must not be false or misleading. Any provision of false or misleading information to the CR may attract a fine of $300,000 and imprisonment for up to two years," a spokesman for the CR said.