The Insider Dealing Tribunal has decided not to proceed with the inquiry on the listed securities of Paragon Holdings, now called CNPC (Hong Kong).

The decision has been made after careful assessment of all circumstances, with due regard to a person's right to a fair trial.

On September 15, 1994, a division of the tribunal was established to institute an inquiry into possible insider dealing in relation to Paragon shares. The findings of the inquiry which sat between February 8 and November 25, 1996, were quashed by the Court of First Instance in the judicial review proceedings on grounds of procedural irregularities and unfairness.

The tribunal noted the Court of Appeal upheld the Court of First Instance's ruling. Having regard to the judgment of the Court of Final Appeal in respect of a challenge against the tribunal's ruling relating to costs which was handed down on November 26 last year and the public interest involved, it has been decided that the inquiry should not proceed.