The Stock Exchange of Hong Kong Ltd has imposed a Director Unsuitability Statement and a censure against Andrew Lo – the majority shareholder, Executive Director and Chairman of LET Group Holdings and Summit Ascent Holdings – deeming him unsuitable to occupy a position as director or within senior management of the two companies or any of their subsidiaries.
The finding relates to Lo’s attempts early last year to sell off the group’s entire interest in Russian integrated resort Tigre de Cristal without following required processes and specifically a requirement to obtain shareholder approval.
