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An Insider Dealing Tribunal report concerning the listed securities of Firstone International Holdings Limited, since renamed Fortuna International Holdings Limited, concludes that four people engaged in insider dealing.
The tribunal came to a unanimous decision that James Huang, Phoebe Chiu, Eddie Chow and Kwan Lai-sheung had engaged in insider dealing.
However, the tribunal cleared 12 other named people of insider dealing. There was no finding of insider dealing made against Yip Hiu-sui who died before the inquiry began.
The tribunal will hear representations to determine the amount of profit gained or loss avoided as a result of the insider dealing and then decide the consequent orders and penalties.
The Firstone inquiry is a complicated case which involves 17 implicated parties, four British Virgin Islands companies and 31 witnesses, with a total of 48 actual hearing days.
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