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Hong Kong appeals court dismisses Moody's appeal over HK$11M fine

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Hong Kong appeals court dismisses Moody's appeal over HK$11M fine

Moody's Corp. lost its appeal over a penalty from Hong Kong's Securities and Futures Commission for a report that alleged corporate governance failings at certain Chinese companies, Reuters reported Sept. 3.

In 2014, Hong Kong's securities regulator fined Moody's HK$23 million after it found that the Moody's report, which was published in July 2011, violated certain codes of conduct, including factual inaccuracies. The company appealed to the Securities and Futures Appeals Tribunal, which partly upheld the regulator's decision but reduced the fine to HK$11 million. The tribunal ruled that while Moody's made certain lapses in publishing the report, it was just carrying on its regulated activity of providing credit rating services.

In a statement, Moody's said it was "disappointed" with the dismissal from Hong Kong's Court of Final Appeal but recognized its importance for "market clarity," according to Reuters.