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The Financial Secretary, Mr John C Tsang, noted that the Market Misconduct Tribunal (the Tribunal) had submitted two reports on May 8, 2014 and April 20, 2015, concerning its proceedings in relation to dealings in the securities of Yue Da Mining Holdings Limited (Yue Da) conducted on and between December 3, 2007 and September 12, 2008.
He expressed his gratitude to the chairman of the Tribunal, Mr Justice Hartmann, and members of the Tribunal, Dr Norman Ngai Wai-yiu and Dr Cynthia Lam Kit-lan, for their efforts in conducting the inquiry.
The Tribunal determined that market misconduct within the meaning of section 274 (false trading) and section 278 (stock market manipulation) of Part XIII of the Securities and Futures Ordinance (Cap. 571) (the Ordinance) had taken place arising out of dealings in the securities of Yue Da. The Tribunal also determined that Mr Li Libin, Mr Qian Jinbiao, Yue Da Group (HK) Company Limited and Yue Da were engaged in such market misconduct.
Pursuant to section 257(1) of the Ordinance, the Tribunal made the following orders:
Mr Li Libin
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(i) Pursuant to section 257(1)(a), he shall not, without the leave of the Court of First Instance, be or continue to be a director or take part in the management of a listed company or any company in which a listed company, directly or indirectly, has a shareholding, this prohibition to last for three years calculated from May 1, 2015;
(ii) Pursuant to section 257(1)(c), he shall not again perpetrate any conduct which constitutes the market misconduct of insider trading, false trade, price rigging and stock market manipulation;
(iii) Pursuant to section 257(1)(e), that he shall pay the Government 20 per cent of its costs and expenses assessed at $904,564.20; and
(iv) Pursuant to section 257(1)(f), that he shall pay the Securities and Futures Commission (SFC) 20 per cent of its costs and expenses assessed at $98,321.60.
Mr Qian Jinbiao
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(i) Pursuant to section 257(1)(a), he shall not, without the leave of the Court of First Instance, be or continue to be a director or take part in the management of a listed company or any company in which a listed company, directly or indirectly, has a shareholding, this prohibition to last for three years calculated from May 1, 2015;
(ii) Pursuant to section 257(1)(c), he shall not again perpetrate any conduct which constitutes the market misconduct of insider trading, false trade, price rigging and stock market manipulation;
(iii) Pursuant to section 257(1)(e), that he shall pay the Government 20 per cent of its costs and expenses assessed at $904,564.20; and
(iv) Pursuant to section 257(1)(f), that he shall pay the SFC 20 per cent of its costs and expenses assessed at $98,321.60.
Yue Da Mining Holdings Limited
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(i) Pursuant to section 257(1)(e), that it shall pay the Government 20 per cent of its costs and expenses assessed at $904,564.20; and
(ii) Pursuant to section 257(1)(f), that it shall pay the SFC 20 per cent of its costs and expenses assessed at $98,321.60.
Yue Da Group (HK) Company Limited
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(i) Pursuant to section 257(1)(e), that it shall pay the Government 20 per cent of its costs and expenses assessed at $904,564.20; and
(ii) Pursuant to section 257(1)(f), that it shall pay the SFC 20 per cent of its costs and expenses assessed at $98,321.60.
Ends/Tuesday, April 21, 2015
Issued at HKT 18:44
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