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The Securities and Futures Commission (SFC), a Hong Kong regulator, announced today that it will be fining Citigroup Global Markets Asia HK$57 Million ($7.26 million). Citigroup will have to pay the fine as a result of due diligence failures surrounding its sponsorship of a stock exchange listing application for Real Gold Mining Limited, a Chinese gold mining company.
Real Gold was listed on the Main Board of the Stock Exchange of Hong Kong Limited (SEHK) in February 2009 with Citi as its sole sponsor. In 2011, Real Gold requested that trading of its shares be suspended.
The SFC ... (read more)