Certified Public Accountant Banned in Hong Kong for Making Fake Agreement

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The Hong Kong Institute of Certified Public Accountants (HKICPA) ordered the name of Lee Yiu Sun, certified public accountant (practising) be removed from the register of CPAs for three years with effect from Aug 12, 2018.

He has also been disqualified from being a director or involved in the management of any listed or unlisted corporation in Hong Kong for five years, required  to pay costs of HKICPA’s disciplinary proceedings of HK$35, 857 (US$4568), said the accountancy body.

Lee was the executive director, CEO and the compliance officer of Hong Kong-listed First China Financial Network Holdings Ltd, said HKICPA.

He was found by the Court of First Instance in a court action filed by Securities and Futures Commission to have breached his director's duties to First China by falsely putting forward a non-existent agreement, causing First China to wrongly pay a dividend of RMB18.69 million, HKICPA added.

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