FCA Fines Health Care Co., Execs For Loss-Reporting Delay
Law360, London (June 3, 2019, 2:07 PM BST) -- The Financial Conduct Authority said Monday it has fined a healthcare investment company and two executives £660,000 ($835,000) for delaying news that it had lost millions of pounds after a crackdown on the Chinese market in medical products.
Hong Kong-based Cathay International Holdings Ltd. waited too long before publicly announcing that a Chinese subsidiary that had heavily invested in the ginkgo industry had earned significantly less than market expectations, the FCA said.
Companies regulated by the City watchdog are required to disclose changes in their financial health as soon as possible. But Cathay held off making the bad news public, delaying disclosure until...
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