The Hong Kong financial regulator found that from 2006 to 2018, the organization published incorrect periodic statements when the firm’s consumers were holding positions regarding their entitlements to bonus shares of listed organizations that were not accessible yet.
It was noticed that it was caused due to its front office program.
The regulator revealed that the financial company discovered the issue within the same month of issuing the wrong statements and in the following month found the problem. But the organization decided to hide this issue, and only internal research conducted by the SFC highlighted it.
