Anthony Wu Ting-yuk, former chairman of the Hospital Authority, has been slapped with a two-year suspension from the roster of certified accountants and a fine of HK$250,000 (US$32,255) for professional misconduct, the Hong Kong Economic Journal reported on Thursday, citing a decision by a disciplinary committee of the Hong Kong Institute of Certified Public Accountants.
Wu was found to have failed “to observe, maintain or otherwise apply the independence requirements of the institute”, the committee said in a statement.
The committee was referring to Wu’s involvement with New China Hong Kong Group Ltd. and its subsidiaries from Dec. 31, 1995 to Dec. 31, 1997. The company collapsed in 1999 with debt totalling HK$1.5 billion.
During the period, Wu remained a member of the executive committee of the group and was an authorized signatory to the firm’s 13 bank accounts while being a senior partner of Ernst & Young, which acted as auditors of the company.
The institute also reprimanded Ernst & Young and Catherine Yen Kai-shun, a senior officer at the auditing firm, who were ordered to pay penalties of HK$150,000 and HK$100,000 respectively.
The three parties also have to pay the costs of investigation and disciplinary proceedings, which amounted to HK$2 million, or appeal the case to the Court of Appeal within 30 days, the report said.
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