Hong Kong SFC pursues proceedings against Andrew Lo and two companies

Hong Kong’s Securities and Futures Commission said it still plans to pursue legal proceedings against Andrew Lo, LET Group Holdings and Summit Ascent Holdings, with the action due to start in September next year. The SFC said HKD146.9 million was paid into court on 20 October, leading to the lifting of worldwide freezing orders against Lo and Major Success Group; the proceedings seek remedies including a share repurchase order.