Press Release



IDT concluded Hanny case hearings


The Insider Dealing Tribunal chaired by the Honourable Justice Hartmann has concluded the hearings for determining the profit gained or loss avoided by the persons found to be insider dealers in the Insider Dealing Inquiry concerning the Hanny Holdings Limited, or formerly the Hanny Magnetics (Holdings Limited). The Tribunal has also completed hearing the applications in respect of costs.

The Inquiry was conducted pursuant to a notice served by the Financial Secretary on 16th December 1998. The Tribunal completed its inquiry and submitted a report to the Financial Secretary on 10 April 2000. The report concluded that three implicated parties, all at one time directors of the company, had committed insider dealing. The Tribunal then conducted hearings on 8th, 9th and 25th May 2000 to deal with issues in relation to the insider dealing in the listed securities of the company.

After the hearings, the Tribunal makes the following orders (by unanimous decision) to the three insider dealers, namely, Wong Sun, William Fung and Sanrita Wong:-

(a) Wong Sun and Sanrita Wong shall not, for a period of 4 years and in the case of William Fung, for a period of three years, be a director or a liquidator or a receiver or manager of the property of any listed company or in any way, whether directly or indirectly, be concerned in , or to take part in the management of a listed company without leave of the Court.

(b) Wong Sun, William Fung and Sanrita Wong shall pay to the Government the respective sums of HK$ 17,000,000, HK$ 8,000,000 and HK$ 10,000,000 being the profit gained or total losses avoided as a result of their insider dealings.

(c) Wong Sun, William Fung and Sanrita Wong shall pay to the Government penalties in the respective amount of HK$ 25,000,000, HK$ 8,000,000 and HK$ 12,000,000.

(d) Wong Sun, William Fung and Sanrita Wong shall pay to the Government HK$ 5,400,000, HK$ 1,800,000 and HK$ 2,400,000 respectively as the costs of the inquiry.

A final report including the chapters of costs and expenses and orders of the Tribunal has been submitted to the Financial Secretary and distributed to all concerned parties.

End/Tuesday, June 20, 2000