Investment holding firm DBA convicted of issuing misleading statement

The SFC claims that DBA's financial statement for the year ended 2012 did not follow listing rules.

Investment holding firm DBA Telecommunication (Asia) Holdings Limited was fined 20,000 and ordered to pay the Securities and Futures Commission (SFC) investigation costs after pleading guilty to making a misleading statement in a prosecution brought by the regulator.

The SFC argues that the financial statements published by DBA for the year ended 2012 had not been agreed by auditors in line with listing rules.

“DBA’s statement in the results announcement that the financial statements had complied with the applicable disclosure provisions of the Listing Rules was therefore false and misleading in a material particular,” the regulator said in a statement.

The SFC also prosecuted DBA’s former director Mr Chan Wai Chuen for making a false or misleading statement for his alleged involvement in the offence.