Wong Chong-shan - a key shareholder in troubled footwear company Hwa Kay Thai Holdings - has been prosecuted by the Securities and Futures Commission (SFC) for failing to report the disposal of up to 15 per cent of the company's shares. Wong and his wholly owned investment company Flying Elephant Investment were fined $18,000 and required to pay costs of $8,900 to the SFC by the Western Magistracy. On six occasions from January to April last year, Wong breached the Securities (Disclosure of Interests) Ordinance by failing to report the sale of 218 million shares representing 10.5 per cent of Hwa Kay Thai's issued share capital. On three occasions, Flying Elephant Investment sold 111 million shares during the period, equal to 5.37 per cent of the company. Wong, also known as Keeree Kanjanapas, is a substantial shareholder in Hwa Kay Thai with 21.8 per cent of the company as of January last year and is formerly its executive chairman. His father, Chue Meng, holds 48.77 per cent. Hwa Kay Thai Holdings is to change hands after independent third party, Patrick Wong, through wholly owned Shine United International, agreed to inject $60 million in return for 57 per cent of the company under an agreement made last November. The company suffered a $2.51 billion net loss in the year to March last year after the meltdown in Thailand savaged operations. Hwa Kay Thai has net current liabilities of $108.32 million and has warned of a possible liquidation if creditors do not approve the share sale. Last month, the firm announced a debt restructuring involving repayment of loans worth $255 million. After the restructuring, its principal bankers will own 10 per cent of the company and top creditor Puma will have 9.8 per cent.