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 From Hong Kong's Information Services Department
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March 15, 2006
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Courts

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5 insider dealers fined
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The Insider Dealing Tribunal has fined five insider dealers in the case involving Easy Concepts International and Easyknit International Holdings.

 

It ordered that Koon Wing-yee and Alan Tsang cannot be a director, liquidator, receiver or manager of a listed company, or be concerned in or take part in the management of a listed firm or any limited company for five and four years respectively. It also ordered that Sonny Chan cannot be a director of a listed company, or be concerned or take part in the management of a listed firm for two years.

 

Koon must pay the Government $31.4 million, being the profit gained in the insider dealing, a penalty of $15 million and $1.9 million being his share of the inquiry expenses. Chan must pay $5 million being the profit gained in the insider dealing, a penalty of $1.5 million and $758,017 being his share of the inquiry expenses. Tsang must pay $442,127 being the profit gained in the insider dealing, a penalty of $1 million, and $947,522 being his share of the inquiry expenses.

 

Meanwhile, Helena Sum must pay $442,127 being the profit gained in the insider dealing, a penalty of $500,000, and $758,017 being her share of the inquiry expenses. And Christina Tsang must pay the Government $589,502 being the profit gained in the insider dealing, a penalty of $800,000, and $947,522, being her share of the inquiry expenses.