CITIC cleared of market misconduct


CITIC Limited, an investment holding company that indirectly owns Companhia de Telecomunicações de Macau (CTM) was cleared of market misconduct charges on Monday.
According to a filing of the company with the Hong Kong Stock Exchange, the Market Misconduct Tribunal (MMT) ruled in favour of CITIC, stating that no market misconduct within the meaning of the Securities and Futures Ordinance took place in the publication of the company’s circular on September 12, 2008.
The Securities and Futures Commission (SFC) had alleged that the company and its five former directors had engaged in market misconduct involving the disclosure of false or misleading information, according to the filing.
The proceedings were filed by SFC in September 2014 with the Court of First Instance of the High Court of Hong Kong