The Securities and Futures Commission says a statement issued last year by Kong Tai International Holdings Co was misleading. It was made when the group was known as Golden Hill Land Development Co. It said following the sale of 247.85 million shares in Golden Hill to Andy Wang Xian-chou, none of the directors in the company, besides Mr Wang, would have an interest in the firm. The commission found this misleading because David Wong Wai-chi retained an interest through a mortgage granted in his favour as security in a deal between him and Mr Wang. Under the deal, a default would result in Mr Wong being entitled to settle the loan using the sale shares in Kong Tai.