Press Release



Insider Dealing Tribunal to assess penalties and costs in Hanny case


The Insider Dealing Tribunal chaired by the Honourable Mr. Justice Hartmann will sit today and tomorrow (May 8 and 9) at 9:30am to deal with issues in relation to insider dealing in the listed securities of Hanny Holdings Limited, which was formerly known as Hanny Magnetics (Holdings) Limited.

The Tribunal will determine the profit gained or loss avoided by the three persons already found liable for insider dealing between July 1994 to August 1995 and will make consequential orders and assess penalties. The Tribunal will also hear applications in respect of costs.

The insider dealing inquiry is conducted pursuant to a notice served by the Financial Secretary on December 16, 1998. The tribunal has completed its inquiry in respect of liability and concluded that three implicated parties, all at one time directors of the company, had committed insider dealing. A report in that regard was submitted to the Financial Secretary on April 10 this year and a summary of the report was issued on April 13.

End/Monday, May 8, 2000