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15 held in HK for stock manipulation
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HONG Kong police have arrested 15 people on suspicion of manipulating the stock price of media tycoon Jimmy Lai’s company Next Digital and making millions in profit.
The arrests yesterday come after Next Digital’s stock price surged over 1,000 percent within a span of days last month following the arrest of Lai and a raid on Next Digital headquarters. The arrest and raid were made under the city’s new national security law, which outlaws secession, subversion, terrorism and collusion with foreign forces.
Calls to buy its stock appeared on a popular Hong Kong forum, and Next Digital’s stock price started surging.
The 15 suspects were arrested for conspiracy to defraud and money laundering.
Police said they traded over 14,000 times, involving 1.69 billion shares, amounting to nearly 24 percent of the entire market activity over three days. The transactions allegedly netted the group HK$38.7 million (US$5 million) in profit, of which more than HK$25 million went to one person.
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