A FORMER director of Process Automation Holdings, Wong Sui-lam, was publicly censured by the listing committee of the Stock Exchange of Hong Kong yesterday for a breach of the rules governing the listing of a company.
The listings committee ruled that Mr Wong, who now lives in Canada, breached the conditions of the director's undertaking by failing to ensure a fair market for the trading of his company's shares in 1991.
Yesterday, they ruled that Mr Wong 'failed to ensure an open market in the sale of the company's shares following their flotation'.
They said Mr Wong breached the listings agreement.
The listing committee found that Mr Wong 'failed to take steps to avoid the creation of a false market in the company's shares'.
It said Mr Wong failed to release information which 'might have been expected to affect activity in and the price of the company's shares'.
