Gov’t investigates Next Digital Limited over alleged fraud affairs

Clement Chan Kam-wing has been appointed as the inspector for the investigation.

The government has appointed Clement Chan Kam-wing as the inspector for the investigation of the alleged fraudulent financial affairs of Next Digital Limited (NDL).

“In invoking the statutory power to make this appointment, I have reviewed the relevant facts and circumstances in relation to the affairs of Next Digital Limited and all the available information,” Financial Secretary Paul Chan said.

He noted that upon his review it appeared to him that the NDL has been run in a manner unfairly prejudicial to the interest of shareholders and has been used to conduct unlawful activities.

In particular, Chan said senior executives of the NDL has allegedly committed criminal offences and/or misconduct amongst others.

“In view of the above, I consider it in the public interest to invoke the relevant statutory power to appoint an Inspector to investigate into the affairs of NDL,” he said.

“As a leading international financial and commercial centre, Hong Kong attaches paramount importance to upholding the integrity and reputation of its corporate sector and the corporate governance regime, which is the hard-earned result of the continuous efforts of the government, regulators, and the business community.” 

Clement Chanis a senior accountant and served as a former president of the Hong Kong Institute of Certified Public Accountants.

He was also a non-executive director of the Securities and Futures Commission.