Regulator seeks to liquidate Chinese recycler

Jul 29, 2013 | 01:31 PM | Sean Davidson

Tags  China Metal Recycling, Hong Kong regulator, Hong Kong Securities and Futures Commission, Court of First Instance, Borelli Walsh, Cosimo Borrelli, Jocelyn Chi Lai Man, Glaucus Research Group Hong Kong Exchanges & Clearing

NEW YORK — Hong Kong’s Securities and Futures Commission (SFC) has begun an official process to wind up a large Hong Kong-based scrap company after its investigations supported a U.S. research firm’s findings that the company had overstated its operations and revenue.

The SFC had petitioned Hong Kong’s Court of First Instance to liquidate China Metal Recycling (Holdings) Ltd., a publicly listed company in Hong Kong, it said July 29.

The commission obtained orders from the court to appoint Borrelli Walsh Ltd.’s Cosimo Borrelli and Jocelyn Chi Lai Man as provisional liquidators for the recycler.....

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