An Insider Dealing Tribunal report in relation to the listed securities of Siu Fung Ceramics Holdings Limited has concluded that five people had engaged in insider dealing.

The tribunal came to a unanimous decision that Siegfried Lee, Daniel Chan, Lisa Lam, William Lam and Henry Tai, all connected with Siu Fung and possessing relevant information in relation to Siu Fung, had engaged in insider dealing. 

However, the tribunal found it inappropriate and unjustified to make a finding of insider dealing against nine other named persons.

Penalties to be assessed after tribunal hearing

The tribunal will hear representations from May 24 to 28 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 Siu Fung inquiry is a complicated case which involves 14 implicated parties and 53 witnesses, with a total of 116 actual hearing days.

For the summary of the tribunal's report, click here.