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The Insider Dealing Tribunal chaired by the Honourable Mr Justice McMahon has concluded the hearings for determining the profit gained or losses avoided by the person found to be an insider dealer in the insider dealing inquiry concerning Chinney Alliance Group Limited.

The inquiry was conducted pursuant to a notice served by the then Financial Secretary on September 25, 2002. The tribunal completed its inquiry and submitted a report to the Financial Secretary on November 10, 2004. The report concluded that one implicated party had committed insider dealing. The tribunal then conducted a hearing on December 22, 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 hearing, the tribunal made the following orders against the only insider dealer, Mr Joseph Lau Chung Yin.

Mr Joseph Lau Chung Yin shall:

(a) 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 of any other limited company, or in any way whether directly or indirectly be concerned or take part in the management of such a company for a period of four years;

(b) pay to the Government of the Hong Kong Special Administrative Region a sum of HK$1,318,486 being the profit gained in the insider dealing;

(c) pay to the Government of the Hong Kong Special Administrative Region a penalty of HK$700,000; and

(d) pay to the Government of the Hong Kong Special Administrative Region a sum of HK$1,800,000 being part of the expenses of the investigation and hearings.

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

Ends/Tuesday, January 18, 2005

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