Mantel and Pacific Sun Advisors were acquitted last March by the Eastern Magistracy after being charged with four counts of issuing advertisements to promote a collective investment scheme without SFC-authorisation.
The Securities and Futures Commission said the decision to acquit the company and its director was based on “legal errors” and at the time of the acquittal suggested it would consider appealing the decision.
In the latest hearing, Hong Kong’s Court of First Instance agreed with the SFC and has ordered the case be remitted back to the Magistrate for reconsideration. No date has been set for the next hearing.
The SFC allege that, between November and December 2011, the defendants issued one or more advertisements on the website of Pacific Sun promoting a collective investment scheme called “Pacific Sun Greater China Equities Fund” without the authorization of the SFC.
It is also alleged that, on or around 2 and 3 November 2011, the defendants issued an advertisement regarding the launch of the fund to the public by email without the authorization of the SFC.