Two directors at a listed company and the former chairman of a second listed company have been banned by the regulator from trading stocks after an "extremely serious breach" of the listing code. Chevalier International Holdings chairman Chow Yei-ching and his son and Chevalier director Oscar Chow Vee-tsung have been issued "cold-shoulder" orders prohibiting them from trading stocks for 10 years and 2 years respectively starting on July 2. The order does not apply to their stake in property, construction and financial services conglomerate Chevalier. Former ENM Holdings chairman Joseph Leung Wing-kong was also handed a two-year trading ban. All breached the Takeovers and Mergers and Share Repurchases code, by acting as undisclosed concert parties with late Chinachem Group chairwoman Nina Wang Kung Yu-sum, to gain voting rights control over ENM without triggering a general offer. "The panel takes the view that the conduct of the respective respondents … constitute an extremely serious breach of the code which merits severe sanctions," the Takeover and Mergers Panel wrote in its judgment yesterday. Leung resigned as ENM chairman on May 5, almost two months after regulators first publicly reprimanded him. The decade-old transaction only came to light in 2012 when lawyers acting for Wang's estate contacted Chow about the shareholdings. Chow then "brought the matter to the SFC's attention", the Securities and Futures Commission said in March when sanctions against the three men were first publicly mooted. In the early 2000s the flamboyant Wang, also known as Nina Kung, held a 34.64 per cent in retailing clothing and entertainment group ENM, a slither below the then 35 per cent general offer threshold. Between 2000 and 2002, when ENM's share price averaged 60 HK cents, Chow acquired 160 million shares of ENM, approximately 9.69 per cent of ENM's issued share capital, "on Kung's behalf and at her request", regulators wrote.Neither Chow nor his companies directly benefited from the transaction, the regulators said.