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IDT makes order on Stime Watch International Holding Limited case

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The Insider Dealing Tribunal chaired by Deputy High Court Judge McMahon has concluded the hearings for determining the profit gained or losses avoided by the persons found to be insider dealers in the insider dealing inquiry concerning Stime Watch International Holding Limited. The Tribunal has also completed hearing the applications in respect of costs.

The Inquiry was conducted pursuant to a notice served by the Financial Secretary on 11 April 2002. The Tribunal completed its inquiry and submitted a report to the Financial Secretary on 6 December 2002. The report concluded that two implicated parties had committed insider dealing. The Tribunal then conducted hearings on 6, 11 and 18 January 2003 to deal with issues in relation to profit gained, financial penalties, applications in respect of costs and the orders to be made.

After the hearings, the Tribunal makes the following orders against the two insider dealers, namely, Mr Tsang King Hung and Mr Wilson Wong Wing Shing -

(a) Mr Tsang King Hung shall:

(i) be disqualified from holding any directorship in any Hong Kong listed company or its subsidiary for a period of three years;

(ii) pay to the Government of the Hong Kong Special Administrative Region an amount of HK$2,000,000.00 being the profit gained in the insider dealing;

(iii) pay to the Government of the Hong Kong Special Administrative Region a penalty of HK$1,000,000.00; and

(iv) pay to the Government of the Hong Kong Special Administrative Region an amount of HK$500,000.00 being expenses of the Inquiry.

(b) Mr Wilson Wong Wing Shing shall:

(i) be disqualified from holding any directorship in any Hong Kong listed company or its subsidiary for a period of four years;

(ii) pay to the Government of the Hong Kong Special Administrative Region an amount of HK$1,605,943.01 being the profit gained in the insider dealing;

(iii) pay to the Government of the Hong Kong Special Administrative Region a penalty of HK$2,000,000.00; and

(iv) pay to the Government of the Hong Kong Special Administrative Region an amount of HK$1,500,000.00 being expenses of the Inquiry.

A report on penalty and consequential orders of the Tribunal has been submitted to the Financial Secretary and distributed to all concerned parties.

End/Friday, February 28, 2003

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