According to the Zhitong Finance App, PF GROUP (08221) announced that the Independent Commission Against Corruption of the Hong Kong Special Administrative Region published a press release on June 21, 2023, which mentioned that a former chairman and executive director of the company was sued by the ICAC.

The case was also recently reported by various newspapers and media. The accused is charged with the alleged misconduct mentioned in the press release between December 2020 and March 2021. The accused has resigned as a director of the company and all other positions within the group since October 12, 2021.

The directors, senior management and employees of the company's current board of directors have no relationship with the person charged, nor are they involved in any of the alleged misconduct of the accused person.

The Board believes that the case will not have a significant adverse impact on the Group, as the corresponding financial impact represents only a very small percentage of the Group's total assets. The company will closely monitor the case and take appropriate action, including but not limited to seeking legal advice on civil lawsuits against relevant persons to protect the interests of the company and its shareholders.