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CITIC, former directors cleared by tribunal over alleged market misconduct

Hong Kong's Market Misconduct Tribunal determined that CITIC Ltd. and its former directors did not mislead the market in information disclosures made concerning its financial position in a circular dated Sept. 12, 2008, according to an April 10 news release.

In September 2014, Hong Kong's Securities and Futures Commission started proceedings in the Hong Kong Court of First Instance and the Market Misconduct Tribunal against five of the company's former executive directors: Larry Yung Chi Kin, Henry Fan Hung Ling, Leslie Chang Li Hsien, Peter Lee Chung Hing and Chau Chi Yin.

The executives allegedly had engaged in market misconduct in connection with losses that the company suffered on its investment in leveraged foreign exchange contracts.