Regulator fines Cheung Kong director for disclosure offences

Cheung Kong (Holdings) non-executive director Katherine Hung Siu-lin, the former long-serving head of the group's property sales business, was fined yesterday for breaching the securities disclosure law.

It is the second time in a year a non-executive director of the Cheung Kong group has been fined for disclosure-related offences.

Hung yesterday pleaded guilty to four summonses relating to her failure last year to report within five days trades in derivative products of Hutchison Whampoa, the conglomerate arm of Cheung Kong.

Magistrate Polly Lo fined Hung HK$24,000 at Western Magistracy yesterday and ordered her to pay costs of HK$18,802 to the Securities and Futures Commission.

Hung, 55, joined the Cheung Kong Group in 1972 and acted as an executive director from 1985 to August 2000 handling Cheung Kong's property sales and marketing business.

She resigned from the post on September 1, 2000, when she was appointed director of the Li Ka Shing Foundation, which oversees the private investments of Cheung Kong chairman Li Ka-shing.

According to the SFC, Ms Hung acquired 34,000 units of an equity-linked derivative product - so-called return or discount options warrants - of Hutchison on February 16 last year.