China Securities Investor Services Center's Derivative Recovery Case over ST Lutuong's Fund Occupation
Official reporting reposted on China Investor Network states that during the ST Lutuong litigation, the investor-protection institution pushed the occupier to repay about ninety percent of the misappropriated funds, after which the first-instance court ordered return of the remaining roughly RMB 8.7 million plus interest and imposed joint and several liability on responsible directors, supervisors, and executives at the levels of 100%, 70%, and 50%. The significance of the case lies not only in requiring the actual occupier to repay, but also in tiering liability among the key insiders by degree of participation and fault.
Holding
Official reporting reposted on China Investor Network states that during the ST Lutuong litigation, the investor-protection institution pushed the occupier to repay about ninety percent of the misappropriated funds, after which the first-instance court ordered return of the remaining roughly RMB 8.7 million plus interest and imposed joint and several liability on responsible directors, supervisors, and executives at the levels of 100%, 70%, and 50%. The significance of the case lies not only in requiring the actual occupier to repay, but also in tiering liability among the key insiders by degree of participation and fault.