Company director sentenced to suspended imprisonment for contravening Employment Ordinance
The director of the Hong Kong Cruise and Yacht Industry Association Limited was prosecuted by the Labour Department (LD) for violating the requirements under the Employment Ordinance (EO). The director pleaded guilty at the Kowloon City Magistrates' Courts today (July 7) and was sentenced to two months' imprisonment suspended for 12 months. The director was also ordered to pay an outstanding sum of about $254,000 to the employee concerned.
The company wilfully and without reasonable excuse contravened the requirements of the EO, failing to pay an employee wages and payment in lieu of notice within seven days after the expiry of the wage periods and the termination of the employment contract, and also failing to pay the awarded sum of about $254,000 to that employee within 14 days after the date set by the Labour Tribunal (LT). The director concerned was prosecuted and convicted for her consent, connivance or neglect in the above offences.
"The ruling will disseminate a strong message to all employers, directors and responsible officers of companies that they have to pay wages, termination payments and sums awarded by the LT or the Minor Employment Claims Adjudication Board to employees within the statutory time limit stipulated in the EO," a spokesman for the LD said.
"The LD will not tolerate these offences and will spare no effort in enforcing the law and safeguarding employees' statutory rights," the spokesman added.
Source: AI-found images
PBOC, HKMA and SFC's joint announcement on developing trading platform in Hong Kong
The following is issued on behalf of the Hong Kong Monetary Authority:
The People's Bank of China (PBOC), the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) jointly welcomed the collaboration between the China Foreign Exchange Trade System (CFETS) and Hong Kong Exchanges and Clearing Limited (HKEX) to develop an electronic fixed income and currency trading platform (FIC trading platform) in Hong Kong. This initiative will further strengthen the financial co-operation between Hong Kong and the Chinese Mainland, and reinforce Hong Kong's position as an international financial centre and an offshore RMB business hub.
In 2025, the SFC and the HKMA jointly announced Hong Kong's Roadmap for the Development of FIC Markets (Roadmap). One of the key initiatives outlined in the Roadmap is to support the development of a next-generation electronic trading platform. The FIC trading platform will provide an open, fair, efficient, and robust platform for both local and international institutions, following the key principles below:
- adhering to international market standards and practices, while meeting the regulatory requirements in Hong Kong;
- fostering an open and fair market facilitating participation by international institutions with diversified product and service offerings;
- advancing in alignment with the strategic development goals of the broader financial ecosystem in Hong Kong; and
- adopting a market-driven approach focused on enhancing trading efficiency and transparency, facilitating price discovery, reducing transaction costs and introducing technological innovation to further strengthen financial services.
Further details of the FIC trading platform, including the launch timeline, will be announced in due course.
Source: AI-found images
