Hong Kong’s Securities and Futures Commission (SFC) had discovered ‘serious’ financial irregularities at the Hong Kong Mercantile Exchange (HKMEx) and has referred the matter over to the police for investigation.
Neither the regulator nor police have given give any further details about what kind of irregularities they are investigating. The SFC said its investigation was launched on May 15.
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The bourse had said in a statement on its website that it has ceased trading because its trading revenue couldn’t support its operating expenses.
Barry Cheung, the chairman and controlling shareholder of the mercantile exchange, took an abrupt leave of absence from all public service positions.
Hong Kong police arrested fifth person in its investigation yesterday, a 35-year-old woman with the surname Zheng on suspicion of possession of false instruments. Four men were arrested last week.
The Hong Kong Mercantile Exchange opened for business two years ago but trading volumes on the bourse never came close to rivals like the Chicago Mercantile Exchange, the IntercontinentalExchange or the London Metal Exchange.
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