Hong Kong China Limited case (now renamed as Lippo China
Resources Limited)
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The Insider Dealing Tribunal chaired by Mr Justice Lugar-Mawson sitting with Mr Dickson Lee and Mr Ian Robinson as members has concluded the hearing for determining the profit gained by the people found to be insider dealers in the insider dealing inquiry concerning HKCB Bank Holding Company Limited and Hong Kong China Limited (now renamed as Lippo China Resources Limited).
The inquiry was conducted pursuant to a notice served by the Financial Secretary on November 2, 2000. The tribunal completed its inquiry and submitted a report to the Financial Secretary on March 10, 2005. The report concluded that two implicated parties had committed insider dealing. The tribunal then conducted hearing on May 30 and 31, 2005 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 two insider dealers, Mr Carlton Poon Kam Tao and Ms Jenny Kong Yuen Kwan.
Mr Carlton Poon Kam Tao shall:
(a) not without leave of the Court of First Instance be a director or a liquidator or a receiver or a manager of the property of a listed company or in any way whether directly or indirectly be concerned or take part in the management of a listed company for a period of five years;
(b) pay to the Government a sum of HK$3,422,158, being the profit gained in respect of the insider dealing; and
(c) pay to the Government a penalty of HK$6,844,316 which is twice the profit gained.
Ms Jenny Kong Yuen Kwan shall:
(i) not without leave of the Court of First Instance be a director or a liquidator or a receiver or a manager of the property of a listed company or in any way whether directly or indirectly be concerned or take part in the management of a listed company for a period of five years;
Mr Carlton Poon and Ms Jenny Kong shall between them:
(a) pay to the Government a sum of HK$11,797,939, being the profit the two of them gained in respect of their insider dealing;
(b) pay to the Government a penalty of HK$23,595,878 which is twice of the profit gained; and
(c) pay to the Government HK$10,543,546, being the costs 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 26, 2005
Issued at HKT 18:48
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