The Hong Kong Securities Commission: a restraining notice was issued to brokers to freeze more than HK$125 million of assets suspected of having been involved in the first public share fraud

On 30 July, the HSBC issued a restraining notice to FTI (Hong Kong) Ltd., prohibiting it from dealing with or disposing of assets held by an entity in a customer ' s account up to HK$125,247,000. The entity is suspected of being involved in a fraudulent scheme designed to create false or unreal images of the need for a first public shareholding. FWCA is not the subject of an investigation by the HSBC and the restraining notice does not affect FWCA or its other clients. The restraining notice prohibits the disposal or disposal by any means, without the prior written consent of the HSBC, of any assets in the account of another person in respect of such customer, or in respect of such assets, to the extent of the amount contained in the notification. If he or she receives any instructions relating to restricted assets, he or she must also immediately inform the BOI. The investigation by the BOSC is still ongoing。