Hong Kong Exchanges and Clearing has publicly criticised a number of executives at Hengan International Group for not disclosing a connected transaction in time.
Hengan International is China's largest maker of sanitary napkins.
The exchange criticised chairman Sze Man-bok, deputy chairman Hui Chi-lin, directors Yeung Wing-chun, Hung Ching-shan, Zhang Shi-pao, Xu Da Zuo, and Xu Chun Man. It also criticised former director Stan Yue Wai-leung who resigned in March last year.
The company delayed the disclosure of a HK$46.42 million loan to United Wealth International, which was owned by four directors - Mr Sze, Mr Hui, Mr Hung and Mr Yeung, - and made between September and December 1999.
The loan was made for the purchase of equipment. It was fully repaid in February last year.
The loan constituted a connected transaction because the four directors also owned a combined 47 per cent of the issued share capital of Hengan.
