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Market Misconduct Tribunal submits report on Sunny Global Holdings Ltd
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     The Market Misconduct Tribunal, chaired by Mr Justice Lunn sitting with Mr Peter Raymond Griffiths and Ms Cynthia Tang Yuen Shun as members, has submitted its report to the Financial Secretary on its proceedings in relation to dealings in the listed securities of Sunny Global Holdings Limited in June 2003 and disclosures of false or misleading information in respect of that company on and between July 21 and August 25, 2003.

     In Part I of its report, the tribunal determined that:

(i) Mr Wilfred Hung Fan Wai, Mr Joe Chan Cheung and Ms Tsoi Yung Yung were culpable of insider dealing, contrary to section 270(1)(a)(i) of the Securities and Futures Ordinance, Cap. 571 (the Ordinance); and

(ii) Ms Katherine Yu Kin Ling, Mr Lee Man Fa and Info Fortune Holdings Limited were culpable of knowingly or recklessly, in the case of Ms Yu, disclosing information and, in the cases of Mr Lee and Info Fortune, authorising or being concerned in the disclosure of information false or misleading as to a material fact, which information was likely to induce another person or persons to buy Sunny Global shares in Hong Kong or to maintain, increase or stabilise the price of those shares in Hong Kong, contrary to section 277(1)(a) and (c) of the Ordinance.

     In Part II of its report, the tribunal made orders against the above-named parties, inter alia, that:

Mr Wilfred Hung Fan Wai:

(i) pursuant to section 257(1)(a), shall not, without the leave of the Court of First Instance, be a director, liquidator, or receiver or manager of the property or business of a listed corporation for the period of 12 months;

(ii) pursuant to section 257(1)(d), shall pay to the Government a sum of HK$83,847.00;

(iii) pursuant to section 259(a) and (b), shall pay to the Government compound interest on the sum of $83,847.00, ordered at (ii), from June 11, 2003, at the rate from time to time applicable to judgment debts under section 49 of the High Court Ordinance, Cap. 4, calculated at one yearly rests;

(iv) pursuant to section 257(1)(e), shall pay to the Government $224,316.25; and

(v) pursuant to section 257(1)(f), shall pay to the Securities and Futures Commission (SFC) $13,559.55.

Mr Joe Chan Cheung:

(i) pursuant to section 257(1)(a), shall not, without the leave of the Court of First Instance, be a director, liquidator, or receiver or manager of the property or business of a listed corporation for the period of 12 months;

(ii) pursuant to section 257(1)(d), shall pay to the Government $287,301.00;

(iii) pursuant to section 259(a) and (b), shall pay to the Government compound interest on the sum of $287,301.00, ordered at (ii), from June  20, 2003, at the rate from time to time applicable to judgment debts under section 49 of the High Court Ordinance, Cap. 4, calculated at one yearly rests;

(iv) pursuant to section 257(1)(e), shall pay to the Government $224,316.25; and

(v) pursuant to section 257(1)(f), shall pay to the SFC $13,559.55.

Ms Tsoi Yung Yung:

(i) pursuant to section 257(1)(d), shall pay to the Government $221,748.00;

(ii) pursuant to section 259(a) and (b), an order that she shall pay to the Government compound interest on the sum of $221,748.00, ordered at (i), from June 23, 2003, at the rate from time to time applicable to judgment debts under section 49 of the High Court Ordinance, Cap. 4, calculated at one yearly rests;

(iii) pursuant to section 257(1)(e), shall pay to the Government $224,316.25; and

(iv) pursuant to section 257(1)(f), shall pay to the SFC $13,559.55.

Ms Katherine Yu Kin Ling:

(i) pursuant to section 257(1)(a), shall not, without the leave of the Court of First Instance, be a director, liquidator, or receiver or manager of the property or business of a listed corporation for the period of four years;

(ii) pursuant to section 257(1)(e), shall pay to the Government the sum of $568,841.46; and

(iii) pursuant to section 257(1)(f), shall pay to the SFC the sum of $32,542.92.

Mr Lee Man Fa:

(i) pursuant to section 257(1)(a), shall not without the leave of the Court of First Instance, be a director, liquidator, or receiver or manager of the property or business of a listed corporation for the period of four years;

(ii) pursuant to section 257(1)(d), shall pay to the Government $7,388,260.00;

(iii) pursuant to section 259(a) and (b), an order that he shall pay to the Government compound interest on the sum of $7,388,260.00, ordered at (ii), from August  25, 2003, at the rate from time to time applicable to judgment debts under section 49 of the High Court Ordinance, Cap. 4, calculated at one yearly rests;

(iv) pursuant to section 257(1)(e), shall pay to the Government the sum of $538,359.00; and

(v) pursuant to section 257(1)(f), shall pay to the SFC the sum of $32,542.92.

Info Fortune Holdings Limited:

(i) pursuant to section 257(1)(e), shall pay to the Government $269,179.50; and

(ii) pursuant to section 257(1)(f), shall pay to the SFC $16,271.46.

     Finally, the tribunal further ordered that pursuant to section 257(1)(g), the Hong Kong Institute of Certified Public Accountants be recommended to take disciplinary action against Mr Wilfred Hung Fan Wai, Mr Joe Chan Cheung and Ms Katherine Yu Kin Ling.

     The MMT proceedings on Sunny Global involved six specified persons and the receipt of oral testimony from 17 witnesses, over a total of 20 hearing days.
 
     The summary of the tribunal's report is at the annex.

Ends/Monday, September 8, 2008
Issued at HKT 10:00

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