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judgement on 20 October, finding against all five directors. On 27 October Li issued the following statement:
"Cheung Kong (Holdings) Limited in relation to the applications
to the High Court for judicial review of the determinations of the Insider Dealing Tribunal makes the following announcement. The Company and its directors
are, naturally, disappointed by
the outcome of the case.
However, the Honourable Mr Justice Kempster has made it plain in his judgement that a determination of culpability by the .ribunal need not be equated to a finding of either dishonesty
or fraud.
The Tribunal made no determination of dishonesty or fraud or
motives of personal gain against any of the directors.
While Counsel for the Company have advised that there are
reasonable grounds for further appeal, the Board considers that erroneous impressions of fraud or dishonesty created by the
publicity given to the
adequately dispelled in
judgement.
findings of the Tribunal have
have been
the course of Mr Justice Kempster's
Furthermore, as the Judge has emphasised in his judgement, the narrow framework of judicial review procedure does not permit
of the Tribunal's
the Court
determinations.
to review the merits
In the above circumstances the Board, after careful deliberation, has decided that it would be meaningless to take
any further action. The Company takes this opportunity to
thank its shareholders and friends for their concern and
support.
II
5.
The case thus appears to be closed. It should be noted that insider dealing is not a criminal offence in Hong Kong. The Insider Dealing Tribunal has no sanctions that it can apply beyond naming an individual held to have engaged in the practice. The Governor
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