| Abstract | The Securities and Futures Commission announced on 28 November 1995 that it successfully prosecuted Styland (Development) Limited ("Styland") and Chinaway Corporation Limited ("Chinaway") for possessing unauthorized promotional material during the period from 24 March 1995 to 3 April 1995, for the purpose of issue to the public, contrary to section 4 of the Protection of Investors Ordinance ("PIO"). The promotional material advertised the sale of units in a property development in the People's Republic of China, "Zhongshan City in City" under a scheme whereby the developer offered to buy back units purchased after three years for 123% of the original purchase price. This scheme, involving a buy back arrangement, constituted an investment arrangement under the PIO. |
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