Landing International chairman suspended until further notice

The Securities and Futures Commission of Hong Kong has submitted a court petition against Yang Zhihui regarding his role in a separate Hong Kong-listed company.

Hong Kong.- Landing International Development has reported that it has suspended Yang Zhihui‘s duties and powers as chairman and executive director with effect from November 18 until further notice. The decision was taken due to legal proceedings involving another company.

Landing received a letter from the Securities and Futures Commission of Hong Kong (SFC) notifying it that legal proceedings have commenced at the Hong Kong Court of First Instance against several respondents and Teamway International Group Holdings Limited. Yang Zhihui has been named as one of the respondents.

The SFC alleges that the business or affairs of Teamway have been conducted in a manner that was “unfairly prejudicial to the interests” of its members. It also alleged that Yang, “as a shadow director of Teamway,” had “breached his fiduciary duties”, “failed to procure Teamway to disclose certain inside information, in breach of his disclosure duties” and “undertook certain conduct dishonestly for his private purpose and personal benefits”.

The SFC is seeking orders to prohibit Yang from being a director, liquidator or receiver or manager of Teamway or any other corporation and from taking part in the management of Teamway or any other corporation, be it directly or indirectly.

Landing said Yang’s suspension would not affect the daily operation of the group. Day-to-day business operations and management will be overseen by four executive directors and the senior management team. Chan Mee Sze, an executive director, will act as chair of the board until further notice.

Landing said it will make further announcements when appropriate according to listing rules.