Former chairman and key shareholder of Hwa Kay Thai Holdings, Wong Chong-shan, has been publicly censured by the stock exchange for failing to report changes to his interests in the company in 1998. In a separate disciplinary action, the exchange also publicly censured the board of directors of luxury developer Paladin for failing to report its interim results for the six months to the end of December by the deadline imposed under listing rules. An investigation by the stock exchange listing committee found Mr Wong secretly sold down his stake in Hwa Kay Thai on nine occasions between January 14 and April 24, 1998. At the time, Mr Wong was chairman of the footwear company which was struggling with serious debts incurred during the Asian financial crisis. Mr Wong disposed of 329 million shares, representing almost 16 per cent of Hwa Kay Thai's capital, through his wholly owned investment company, Flying Elephant Investment. The disposals reduced Mr Wong's shareholding to 5.93 per cent from 21.8 per cent. The investigation found on all nine occasions, Mr Wong neglected to file the necessary reports under the Securities (Disclosure of Interests) Ordinance (SDI). The ordinance requires directors and shareholders to report changes of interests in firms which they own more than 10 per cent. The listing committee made clear it was censuring Mr Wong, not Hwa Kay Thai Holdings or any members of its board. In the case of Paladin, the board of directors failed to publish the results before the deadline that requires firms to publish interim results for the second half of the year before the end of March the following year. It said its deadline failure was an oversight.