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Two men, aged 42 and 50, were convicted of conspiracy to defraud and sentenced to 16 months' and 13 months' imprisonment respectively at the District Court today (May 12).

The court heard that Commercial Crime Bureau (CCB) of the Police received a report of market manipulation from the Securities and Futures Commission (SFC) in October 2000 about the shares of a listed company.

Enquiries by CCB, with the assistance of SFC, revealed that the 42-year-old chairman and the 50-year-old consultant of a listed company were involved in a scheme to manipulate the price of the shares of the listed company between April 2000 and September 2000.

The duo were arrested on July 2, 2002 and charged with one count of conspiracy to defraud. They were convicted of the charge and sentenced to 16 months' and 13 months' imprisonment respectively today.

Police Report No. 3

Issued by PPRB

End/2100 hours, Monday, May 12, 2003 (SH)

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