IDT makes order on Firstone International Holdings Limited case

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The Insider Dealing Tribunal has concluded the hearings for determining the profit gained or losses avoided by the people found to be insider dealers in the insider dealing inquiry concerning Firstone International Holdings Limited (now renamed as Fortuna International Holdings Limited).

The tribunal was chaired by the Honourable Mr Justice McMahon.

The Inquiry was conducted pursuant to a notice served by the Financial Secretary on May 23, 2003. The tribunal completed its inquiry and submitted a report to the Financial Secretary on April 2, 2004. The report concluded that four implicated parties had committed insider dealing. The tribunal then conducted hearings on June 3 and 4, 2004, 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 made the following orders against the four insider dealers - Mr James Huang Xiao Jiang, Ms Phoebe Chiu Yuen Man, Mr Eddie Chow Kar Chun and Ms Kwan Lai Sheung.

(a) Mr James Huang Xiao Jiang shall:

(i) Not without leave of the Court of First Instance be a director or a liquidator or a receiver or manager of the property of a listed company or any other limited company or in any way, whether directly or indirectly, be concerned or take part in the management of a listed company or a limited company for a period of five years;

(ii) Pay to the Government of the Hong Kong Special Administrative Region a sum of $3,219,981.71 being the profit gained in the insider dealing;

(iii) Pay to the Government of the Hong Kong Special Administrative Region a penalty of $3,219,981.71; and

(iv) Pay to the Government of the Hong Kong Special Administrative Region a sum of HK$2,161,588.77 being expenses of the Inquiry.

(b) Ms Phoebe Chiu Yuen Man shall:

(i) Not without leave of the Court of First Instance be a director or a liquidator or a receiver or manager of the property of a listed company or any limited company or in any way, whether directly or indirectly, be concerned or take part in the management of a listed company or any limited company for a period of three years;

(ii) Pay to the Government of the Hong Kong Special Administrative Region a sum of $379,647.89 being the profit gained in the insider dealing;

(iii) Pay to the Government of the Hong Kong Special Administrative Region a penalty of $2,371,341.41; and

(iv) Pay to the Government of the Hong Kong Special Administrative Region a sum of HK$1,080,794.39 being expenses of the inquiry.

(i) Not without leave of the Court of First Instance be a director or a liquidator or a receiver or manager of the property of a listed company or any limited company or in any way whether directly or indirectly be concerned or take part in the management of a listed company or limited company for a period of three years;

(ii) Pay to the Government of the Hong Kong Special Administrative Region a penalty of HK$1,404,426.95; and

(iii) Pay to the Government of the Hong Kong Special Administrative Region a sum of HK$720,529.59 being expenses of the Inquiry.

(d) Ms Kwan Lai Sheung shall:

(i) Not without leave of the Court of First Instance be a director or a liquidator or a receiver or manager of the property of a listed company for a period of two years;

(ii) Pay to the Government of the Hong Kong Special Administrative Region a sum of HK$687,846.56 being the profit gained in the insider dealing;

(iii) Pay to the Government of the Hong Kong Special Administrative Region a penalty of HK$687,846.56; and

(iv) Pay to the Government of the Hong Kong Special Administrative Region a sum of HK$720,529.59 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.

Ends/Friday, August 13, 2004

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