Cathay International Holdings Ld Statement relating to UK FCA enforcement action (0469D)
June 21 2019 - 4:58AM
UK Regulatory
TIDMCTI
RNS Number : 0469D
Cathay International Holdings Ld
21 June 2019
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Cathay International Holdings Limited
("Cathay" or the "Company")
Statement relating to UK FCA enforcement action
Hong Kong, 21 June 2019: Reference is made to the Company's
announcement on 31 May 2019 relating to the Decision Notices issued
by the FCA to the Company, Cathay's CEO, Mr Jinyi Lee, and Cathay's
Finance Director, Mr Eric Siu; and the consideration of whether to
refer the FCA's decision to the Upper Tribunal.
After consultation with the legal counsels, the Company
maintains its position as stated in the announcement on 31 May
2019, particularly, that the Company does not accept certain of the
FCA's findings and rejects that the relevant breaches was committed
recklessly. However, the referral to Tribunal is a lengthy process
which will involve commitment of significant management resources,
and will incur legal fees and related costs which would far
outweigh the benefit of any positive outcome from the process and
would not be in the best interests of the Company and its
shareholders.
Accordingly, Cathay, Mr Lee and Mr Siu decide not to refer the
FCA's decision to the Upper Tribunal.
The Company continues to focus management resources on its core
businesses and, at the same time, on strengthening its management,
including consolidating the Group's internal audit function and
centralising the Group's company secretary function to increase
effectiveness and efficiency.
-Ends-
For further enquiries, please contact:
Cathay International Holdings Limited Tel: +852 2828 9289
Eric Siu (Finance Director)
Patrick Sung (Director and Controller)
Consilium Strategic Communications Tel: +44 (0) 203 709 5702
Mary-Jane Elliott / Matthew Neal / Lindsey Neville
About Cathay
Cathay International Holdings Limited (LSE: CTI.L) is a main
market listed investment holding company and an operator and
investor in the healthcare sector in the People's Republic of China
(the "PRC"). The Company and its subsidiaries (collectively the
"Group") aim to leverage on investment opportunities in the growing
domestic demand for high quality healthcare products in the PRC and
build portfolio companies into market sector leaders with
competitive edge. Cathay has already demonstrated a track record of
identifying investment opportunities in this area including:
Lansen, a leading specialty pharmaceutical company focused on
rheumatology and dermatology in the PRC; Haizi, a company engaged
in the manufacture, marketing and sale of inositol and its
by-product, di-calcium phosphate; Natural Dailyhealth, a company
engaged in production and sales of plant extracts for use as key
active ingredients in healthcare products; and Botai, a company
engaged in collagen products.
The Group employs approximately 1,500 people across the PRC,
including over 20 specialist corporate and business development
staff based at the holding company's offices in Hong Kong and
Shenzhen. Cathay also has a hotel investment. For more information
please visit the Company's website: www.cathay-intl.com.hk.
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END
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