HONG KONG – One of Hong Kong’s richest families has agreed to pay as much as HK$1.5 billion (S$242 million) to shareholders of clothing company Giordano International following an investigation by the city’s market watchdog into the firm’s ownership structure.

Two units of Chow Tai Fook Group, which is owned by the family of billionaire Henry Cheng, reached the settlement, according to a statement from the Securities and Futures Commission (SFC).