Central Steel license abolished

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The Court of Final Appeal last week turned down an appeal from Central Steel (Macao Commercial Offshore) Ltd (CSM) attempting to overturn the government’s abolition of its license. CSM is a subsidiary of Hong Kong-listed company – China Metal Recycling (Holdings) Ltd (CMR). The Securities and Futures Commission of Hong Kong discovered that CMR had been falsifying the majority of its annual revenue figures and official documents from 2007 to 2012. In the meantime, CSM was penalised by the Macao Trade and Investment Promotion Institute for the late submission of its annual audited financial report, despite the fact that the company had been granted extended time for the submission.
Moreover, CSM was not able to submit its financial statements during its appeal at the Court of Final Appeal, as required by the offshore business law.

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