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The Insider Dealing Tribunal chaired by Mr Justice McMahon sitting with Professor Lam Kin and Mr David Ng Tze Kin as members has concluded the hearings for determining the profit gained by the people found to be insider dealers in the insider dealing inquiry concerning the listed securities of Vanda Systems and Communications Holdings Limited.
The inquiry was conducted pursuant to a notice and a corrigendum served by the Financial Secretary on October 28, 2003, and June 29, 2005, respectively. The tribunal completed its inquiry and submitted a report to the Financial Secretary on November 22, 2006. The report concluded that 11 implicated parties had committed insider dealing. The tribunal then conducted hearings on January 12, 15, 16 and 19, 2007, to deal with issues in relation to profit gained, financial penalties, and the orders to be made.
After the hearing, the tribunal made the following orders against the 11 insider dealers - Mr Lam Hon Nam, Ms Silvia Chan Yuk, Mr Ernest Choy Ming Yan, Ms Becky Chan Lai King, Mr Sammy Tse Kwok Fai, Mr Dennis Li Yat Tung, Ms Debbie Ng Kit Ying, Mr Chris Wong Cheung Hung, Ms Christie Wo Man Shan, Mr Charles Chong Wai Lee and Ms Chong Bun Bun.
Mr Lam Hon Nam is:
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* disqualified from being a director of a listed company for a period of two years;
* ordered to pay the Government a penalty of HK$1,200,000; and
* ordered to pay the Government a sum of HK$725,861, being his share of the expenses of the Inquiry.
Ms Silvia Chan Yuk is:
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* disqualified from being a director of or a manager in a listed company for a period of one year;
* ordered to pay the Government a sum of HK$1,748,456, being part of the profit gained in the insider dealing;
* ordered to pay the Government a penalty of HK$750,000; and
* ordered to pay the Government a sum of HK$725,861, being her share of the expenses of the Inquiry.
Mr Ernest Choy Ming Yan is:
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* disqualified from being a director of a listed company for a period of two years;
* ordered to pay the Government a sum of HK$640,909, being part of the profit gained in the insider dealing;
* ordered to pay the Government a penalty of HK$900,000; and
* ordered to pay the Government a sum of HK$580,689, being his share of the expenses of the Inquiry.
Ms Becky Chan Lai King is:
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* disqualified from being a director of or a manager in a listed company for a period of one year;
* ordered to pay the Government a sum of HK$640,909, being part of the profit gained in the insider dealing;
* ordered to pay the Government a penalty of HK$750,000; and
* ordered to pay the Government a sum of HK$580,689, being her share of the expenses of the Inquiry.
Mr Sammy Tse Kwok Fai is:
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* disqualified from being a director of or a manager in a listed company for a period of three years;
* ordered to pay the Government a sum of HK$60,000, being part of the profit gained in the insider dealing;
* ordered to pay the Government a penalty of HK$1,500,000; and
* ordered to pay the Government a sum of HK$943,619, being his share of the expenses of the Inquiry.
Mr Dennis Li Yat Tung is:
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* disqualified from being a director of or a manager in a listed company for a period of two years;
* ordered to pay the Government a sum of HK$225,000, being part of the profit gained in the insider dealing;
* ordered to pay the Government a penalty of HK$750,000; and
* ordered to pay the Government a sum of HK$725,861, being his share of the expenses of the Inquiry.
Ms Debbie Ng Kit Ying is:
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* disqualified from being a director of or a manager in a listed company for a period of two years;
* ordered to pay the Government a sum of HK$572,295, being part of the profit gained in the insider dealing;
* ordered to pay the Government a penalty of HK$600,000; and
* ordered to pay the Government a sum of HK$725,861, being her share of the expenses of the Inquiry.
Mr Chris Wong Cheung Hung is:
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* disqualified from being a director of or a manager in a listed company for a period of two years;
* ordered to pay the Government a sum of HK$1,195,504, being part of the profit gained in the insider dealing;
* ordered to pay the Government a penalty of HK$750,000; and
* ordered to pay the Government of a sum of HK$508,102, being his share of the expenses of the Inquiry.
Ms Christie Wo Man Shan is:
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* disqualified from being a director of or a manager in a listed company for a period of two years;
* ordered to pay the Government a sum of HK$471,155, being part of the profit gained in the insider dealing;
* ordered to pay the Government a penalty of HK$750,000; and
* ordered to pay the Government a sum of HK$580,689, being her share of the expenses of the Inquiry.
Mr Charles Chong Wai Lee is:
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* disqualified from being a director of or a manager in a listed company for a period of two years and six months;
* ordered to pay the Government a sum of HK$1,273,063, being part of the profit gained in the insider dealing;
* ordered to pay the Government a penalty of HK$825,000; and
* ordered to pay the Government a sum of HK$1,033,405, being his share of the expenses of the Inquiry.
Ms Chong Bun Bun is:
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* disqualified from being a director of or a manager in a listed company for a period of one year;
* ordered to pay the Government a sum of HK$2,707,560, being part of the profit gained in the insider dealing;
* ordered to pay the Government a penalty of HK$750,000; and
* ordered to pay the Government a sum of HK$1,033,405, 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, May 2, 2007
Issued at HKT 16:30
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