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The Insider Dealing Tribunal chaired by the Honourable Mr Justice Burrell has concluded its Inquiry into alleged insider dealings in relation to Chee Shing Holdings Limited (now renamed as Tysan Holdings Limited).

The Financial Secretary instituted the Inquiry by a notice dated 21 April 1997. The Tribunal found 3 persons, namely, Francis Cheung, Cammie Pang and Zhang Xiao Zhu to be insider dealers. A part report was furnished to the Financial Secretary on 30 March 1998. Soon thereafter, two of the three persons found to be insider dealers sought a judicial review of the Tribunal's findings on the ground of alleged breaches of confidentiality by a member of the Tribunal. The Court of First Instance dismissed the application for judicial review in March 1999 and the ruling was upheld by the Court of Appeal in January 2000. The two insider dealers were refused leave to appeal to the Court of Final Appeal.

Hearings to determine the profit gained by the insider dealers, penalties and costs were held on 28 and 29 May 2001. The following orders against the three insider dealers were made -

(a) Francis Cheung, Cammie Pang and Zhang Xiao Zhu shall pay to the Government the respective sums of HK$ 4,005,818, HK$ 1,088,721 and HK$ 1,175,474 being the profits gained as a result of their insider dealings.

(b) Francis Cheung, Cammie Pang and Zhang Xiao Zhu shall pay to the Government penalties in the respective amount of HK$ 5,000,000, HK$ 1,000,000 and HK$ 750,000.

(c) Francis Cheung, Cammie Pang and Zhang Xiao Zhu shall pay to the Government HK$ 3,178,542.20, HK$ 373,946.14 and HK$ 186,973.07 respectively as costs of the Inquiry.

A final report containing penalties and consequential orders has been furnished to the Financial Secretary and all concerned parties.

End/Friday, June 29, 2001

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