Disgraced financier Chim Pui-chung must make a general offer to minority shareholders of Mandarin Resources at an estimated cost of HK$143 million, closing the books on one of Hong Kong's longest-running regulatory sagas. The former legislator has been ordered by a judge to pay HK$30 for each share under an agreement reached with the Securities and Futures Commission (SFC). Mr Chim - in his heyday referred to as the 'company doctor' and 'golden banker' - has been declared unfit to hold a management position in the firm and is barred from being a director. The former high-flier also has been forced to agree to an undertaking that he have absolutely nothing to do with Mandarin in the future. He must sell his entire stake in the company to an independent third party. Mandarin Resources shares have been suspended from trading on the stock exchange for the past 14 years, a record. They last traded at 8.4 HK cents. The company has 17.68 million shares, out of which 12.9 million, or 72.96 per cent, are held by Mr Chim, according to Bloomberg figures. On this basis, it would cost Mr Chim HK$143.45 million to buy all the shares he does not own. Trading in Mandarin is expected to resume under new management. Mr Chim must also foot the SFC's legal costs of HK$30 million. He has been battling with the regulator since 1996 when a winding-up petition was filed against Mandarin as a matter of public interest. The move sparked four years of bitter legal sparring with the body. His immediate response was to lob a HK$50 million libel suit at five top SFC officials, including then chairman Anthony Neoh. The writ was thrown out by the High Court in October 1996, as was an application for a judicial review of the SFC's decision. He then took legal steps to have the liquidators removed from the company. This also failed. Yesterday's order follows a ruling in November in which Mr Chim was panned for being a deceitful 'puppet master' who consistently disregarded the interests of minority shareholders in Mandarin. He was found to have concealed illicit activities from shareholders and the investing public, with 'repeated breaches' of takeover codes and listing rules. Mr Justice Michael Burrell highlighted a number of transactions during the early 1990s that had come under attack from regulators. This included the sale of Markle Land at a considerable undervalue and the use of the proceeds to acquire shares in Lucky Man Properties, which Mr Chim also controlled. In a scathing ruling, Mr Justice Burrell said: 'At times it seemed to the court that Mr Chim believed that what he had been doing was acceptable business practice when it was not. 'In such instances it was alarming to note the yawning gap between Mr Chim's perceived standards of business ethics and those high standards which this community expects.' Some of the allegations were used in a criminal investigation and subsequent High Court trial, with a jury convicting Mr Chim in August 1998 of plotting to forge share transfer documents. He was jailed for three years, but his sentence was reduced to less than a year on appeal. In the meantime, he was found guilty of illicitly treating voters to a dinner and was also stripped of his Legco seat. In the civil litigation with the SFC, the judge ruled that Mr Chim had been in control of Mandarin secretly, before publicly acquiring 51 per cent. The board moreover simply rubber-stamped what Mr Chim asked them to, 'regardless of whether it involved breaches of fiduciary duty or the misleading of minority shareholders or any other matters not in the interests of the company', the judge ruled. Mr Chim - once renowned for his flamboyant displays of temperament in court and in public - has kept a relatively low profile since the proceedings concluded in November.