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Lerado share trading halted in HK over alleged false statements
June 6, 2017 / 1:37 AM / 4 months ago

Lerado share trading halted in HK over alleged false statements

HONG KONG, June 6 (Reuters) - Hong Kong’s securities regulator suspended trading in Lerado Financial Group Co Ltd on Tuesday alleging it had issued false and misleading statements about an open share offer, the financial service group said.

The Securities and Futures Commission (SFC) alleged a company circular dated Oct. 26, 2015 included “materially false, incomplete or misleading information”, Lerado said in a filing to the Hong Kong bourse late on Monday.

Lerado said it was seeking legal advice and would not proceed with a rights issue announced in March until a resolution was reached with the SFC.

The company has proposed to raise HK$460 million (USD) to fund investment in a joint venture and for working capital.

The SFC declined to comment.

Reporting by Donny Kwok; Editing by Stephen Coates

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