Summary by Futu AI
On June 7, 2024, Infore Group announced that its wholly-owned subsidiary, Multisoft, had reached a settlement with the Competition Commission regarding alleged violations of the Competition Ordinance between May 2020 and September 2021. Under the settlement order, Multisoft was found to have engaged in anti-competitive activities and must pay a fine and investigation costs of HKD 1,345,000 to the Hong Kong government, as well as legal fees to the commission. In addition, Multisoft must implement a competition compliance program. The condition for the suspension of legal proceedings is that Multisoft settles the above-mentioned monetary liabilities. The incident involves a former employee and management of Multisoft, and is related to the quotation of information technology services for remote business plans. Infore Group stated that it was unaware of and did not profit from the incident, and will strengthen employee training to prevent similar incidents in the future. Shareholders and potential investors should handle related stock transactions with caution.