MING PAO chairman Yu Pun-hoi, 36, will almost certainly escape prosecution for failing to disclose to the Stock Exchange convictions in Canada for offences committed 15 years ago.
When Yu was 20, he served four months in a Canadian prison for credit card and chequebook fraud and illegal possession of arms.
Under changes to Stock Exchange rules introduced last November all directors must make their declarations on oath. Lying is then punishable by law.
Herbert Hui, head of the listing division, said Yu had not signed one of the new legally binding forms.
Yu omitted to disclose a Canadian criminal record to the exchange when he became a director of Ming Pao and when South Sea Development was acquired in March 1992.
'The only time he would have to fill in a new declaration is for changes in directorships,' a lawyer said.
If Yu had signed one of the new forms he could have faced a two-year jail sentence and a fine starting at $10,000, the lawyer said.