Court Extends Global Freezing Order Against Kaisun Chairman Lo Yan Yat
On.cc · 1 SOURCESabout 2 hours ago6 MIN
Summary
Hong Kong's Securities and Futures Commission (SFC) obtained a court order on September 11, 2026, extending a worldwide freezing order against Lo Yan Yat (盧衍溢), chairman, executive director, and controlling shareholder of LET Group Holdings Limited and Kaisun Holdings Limited, as well as associated entity Major Success Group Limited . The freezing order, originally issued on June 11, 2026, restricts the disposition of assets up to HK$146 million and will remain in effect until final judgment in SFC proceedings under Section 214 of the Securities and Futures Ordinance or further court order . The extension follows a substantive hearing on August 26, 2026, during which the court examined a February 2026 restructuring that transferred Japanese land interests to Major Success under Lo's direction . The court determined that this restructuring was conducted for Lo's personal benefit, effectively placing the assets beyond the scope of relief sought by the SFC .
Key Points
- The worldwide freezing order limits Lo Yan Yat and Major Success from moving, disposing, or dealing with assets in Hong Kong or elsewhere, capped at HK$146 million
- In a February 2026 restructuring, assets including interests in certain Japanese land parcels were transferred to Major Success at Lo's direction, which the court found was for his personal benefit
- The court was satisfied that a real risk of asset dissipation existed, warranting continuation of the freezing order
- The SFC seeks remedies including share buyback orders to protect minority shareholders of LET and Kaisun, as well as appointment of receivers and/or administrators over certain assets
- Lo and Major Success have been ordered to pay the SFC's legal costs for the extension application; the trial is scheduled to begin on September 20, 2027
Why It Matters
This case demonstrates the SFC's willingness to use asset preservation measures aggressively to protect shareholders in corporate governance disputes . The court's finding that the restructuring was designed to place assets beyond the SFC's reach signals that courts will scrutinize intra-group transfers closely when regulatory action is pending .
This case demonstrates the SFC's willingness to use asset preservation measures aggressively to protect shareholders in corporate governance disputes . The court's finding that the restructuring was designed to place assets beyond the SFC's reach signals that courts will scrutinize intra-group transfers closely when regulatory action is pending .