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The Insider Dealing Tribunal chaired by Deputy High Court Judge Saunders sitting with Mr James Wardell and Mr Hui Sik Wing as members has concluded the hearing for determining the losses avoided by the people found to be insider dealers in the insider dealing inquiry concerning Gilbert Holdings Limited.
The inquiry was conducted pursuant to a notice served by the Financial Secretary on August 26, 2002. The tribunal completed its inquiry and submitted a report to the Financial Secretary on May 11, 2005. The report concluded that four implicated parties had committed insider dealing. The tribunal then conducted a hearing on November 8, 2005 to deal with issues in relation to loss avoided, financial penalties, applications in respect of costs and the orders to be made.
After the hearing, the tribunal made the following orders against the four insider dealers, namely, Mr Clarence Wong Wing Wah, Mr Hung Shiu Shan, Mr Sunny Wong Man Fu and Ms Rona Wong Yuen Wan.
Mr Clarence Wong Wing Wah shall:
- not, without the leave of the Court of First Instance, be a director or a liquidator or a receiver or a manager 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 three years from the date on which he is notified of this order;
- pay to the Government a sum of HK$1,754,541, being the loss avoided in relation to his insider dealing; and
- pay to the Government a penalty of HK$2,631,812.
Mr Hung Shiu Shan shall:
- not, without the leave of the Court of First Instance, be a director or a liquidator or a receiver or a manager 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 three years from the date on which he is notified of this order; and
- pay to the Government a penalty of HK$529,940.
Mr Sunny Wong Man Fu shall:
- not, without the leave of the Court of First Instance, be a director or a liquidator or a receiver or a manager 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 three years from the date on which he is notified of this order;
- pay to the Government a sum of HK$353,293, being the loss avoided in relation to his insider dealing; and
- shall pay to the Government a penalty of HK$529,940.
Ms Rona Wong Yuen Wan shall:
- not, without the leave of the Court of First Instance, be a director or a liquidator or a receiver or a manager 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 three years from the date on which she is notified of this order;
- pay to the Government a sum of HK$110,673, being the loss avoided in relation to her insider dealing; and
- pay to the Government a penalty of HK$2,219,940.
Mr Clarence Wong Wing Wah, Mr Hung Shiu Shan, Mr Sunny Wong Man Fu and Ms Rona Wong Yuen Wan, shall, jointly and severally, pay to the Government a sum of HK$3,648,439 in respect of 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/Wednesday, January 11, 2006
Issued at HKT 16:21
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