HK regulator seeks to stop firm trading in shares
Source: Xinhua |
April 27, 2010, Tuesday
|
Print Edition
Print Edition
HONG Kong's Securities and Futures Commission is seeking court orders to prohibit a New York-based asset-management company, Tiger Asia Management LLC, from dealing in all listed securities and derivatives in Hong Kong in the light of insider trading allegations concerning the shares of the Bank of China Ltd, according to a news release by the SFC yesterday.
This is the first time it has sought court orders to exclude any entity from trading in the Hong Kong market.
The SFC has also amended the current proceedings against Tiger Asia and three of its senior officers, Bill Sung Kook Hwang, Raymond Park and William Tomita, to include the new allegations and is seeking to freeze an additional amount of up to HK$8.6 million (US$1.11 million) of Tiger Asia's assets, equivalent to the notional profit Tiger Asia has allegedly made in one of the new claims.
This is on top of the HK$29.9 million that the SFC has applied to freeze when it first began proceedings in August 2009 against the Tiger Asia parties in relation to dealings by the firm in the shares of China Construction Bank on January 6, 2009.
This is the first time it has sought court orders to exclude any entity from trading in the Hong Kong market.
The SFC has also amended the current proceedings against Tiger Asia and three of its senior officers, Bill Sung Kook Hwang, Raymond Park and William Tomita, to include the new allegations and is seeking to freeze an additional amount of up to HK$8.6 million (US$1.11 million) of Tiger Asia's assets, equivalent to the notional profit Tiger Asia has allegedly made in one of the new claims.
This is on top of the HK$29.9 million that the SFC has applied to freeze when it first began proceedings in August 2009 against the Tiger Asia parties in relation to dealings by the firm in the shares of China Construction Bank on January 6, 2009.
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