Hong Kong's Securities and Futures Commission said a court has ordered two former directors of Arta TechFin (HKG:0279) to pay HK$57.5 million in compensation, according to a Monday press release.

The Court of First Instance found that former non-executive director Andrew Liu and former managing director Quincy Hui Kwong Hei were responsible for losses arising from the company's 2011 acquisition and disposal of a stake in Liu's Holdings, the regulator said.

Liu was disqualified from acting as a director or taking part in company management for eight years, while Hui received a six-year ban.

The court found Liu's misconduct to be the most serious, with Hui playing a major role in the transaction.

Seven other former executive and independent non-executive directors were also disqualified for periods ranging from one to two years. All were ordered to pay the SFC's legal costs.

The SFC began legal proceedings over the matter in October 2016, according to the statement.