The High Court has continued the appointment of Jacky Chung and Edward Middleton of KPMG as Joint & Several Administrators of Tiffit Securities Limited.

The court first appointed them on July 24 on the application of the Securities & Futures Commission. Since losses reported by Tiffit's clients have increased to $37.6 million, the court considered the appointment should continue until further order.

At a hearing last night, the commission obtained an order prohibiting Kwok Wood-yan, majority shareholder and a director of Tiffit, from leaving Hong Kong. The move is to ensure that Mr Kwok remains available to assist the administrators.

Tough actions warranted

Commission Executive Director of Intermediaries & Investment Products Alexa Lam said the commission is working closely with the administrators.

"We are confident that the administrators will handle the matter professionally and in the best interests of the clients," said Mrs Lam.

Mrs Lam said while not even the best laws could prevent deliberate fraud, the commission will not hesitate to take decisive and tough action against those found stealing from clients.