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The Insider Dealing Tribunal chaired by the Honourable Mr Justice McMahon sitting with Professor Lui Yu Hon and Mr Phil Chan Kin Fung as members has concluded the hearings for determining the profit gained by the persons found to be insider dealers in the insider dealing inquiry in relation to Easy Concepts International Holdings Limited and Easyknit International Holdings Limited.
The inquiry was conducted pursuant to a notice issued by the Financial Secretary on May 26, 2003. The tribunal completed its inquiry and submitted a report to the Financial Secretary on October 7, 2005. The report concluded that five implicated parties had committed insider dealing. The tribunal then conducted hearings on November 22, 23, 25 and 28, 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 five insider dealers, namely, Mr Koon Wing Yee, Mr Sonny Chan Kin Shing, Mr Alan Tsang Yiu Kai, Ms Helena Sum Wai Ching and Ms Christina Tsang Yuen Mai.
Mr Koon Wing Yee shall:
* not, without leave of the Court of First Instance, be a director of a listed company or any limited company or a liquidator or receiver or manager of the property of such companies or in any way, directly or indirectly be concerned in or take part in the management of a listed company or any limited company for a period of five years;
* pay to the Government a sum of $31,367,553, being the profit gained in the insider dealing;
* pay to the Government a penalty of $15,000,000; and
* pay to the Government a sum of $1,895,044, being his share of the expenses of the inquiry.
Mr Sonny Chan Kin Shing shall:
* not, without leave of the Court of First Instance, be a director of a listed company or in any way, directly or indirectly be concerned or take part in the management of a listed company for a period of two years;
* pay to the Government a sum of $5,090,219, being the profit gained in the insider dealing;
* pay to the Government a penalty of $1,500,000; and
* pay to the Government a sum of $758,017, being his share of the expenses of the Inquiry.
Mr Alan Tsang Yiu Kai shall:
* not, without leave of the Court of First Instance, be a director of a listed company or any limited company or a liquidator or receiver or manager of the property of such companies or in any way, directly or indirectly be concerned in or take part in the management of a listed company or any limited company for a period of four years;
* pay to the Government a sum of $442,127, being the profit gained in the insider dealing;
* pay to the Government a penalty of $1,000,000; and
* pay to the Government a sum of $947,522, being his share of the expenses of the inquiry.
Ms Helena Sum Wai Ching shall:
* pay to the Government a sum of $442,127, being the profit gained in the insider dealing;
* pay to the Government a penalty of $500,000; and
* pay to the Government a sum of $758,017, being her share of the expenses of the inquiry.
Ms Christina Tsang Yuen Mai shall:
* pay to the Government a sum of $589,502, being the profit gained in the insider dealing;
* pay to the Government a penalty of $800,000; and
* pay to the Government a sum of $947,522, being her share of the 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/Wednesday, March 15, 2006
Issued at HKT 16:16
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