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SATURDAY, JULY 30, 1994
REPORT OF THE INSIDER DEALING TRIBUNAL
SUCCESS HOLDINGS LIMITED CASE
THE
REPORT OF THE INSIDER DEALING TRIBUNAL INQUIRY INTO SUSPECTED INSIDER DEALINGS IN THE SHARES OF SUCCESS HOLDINGS LIMITED (SHL) HAS BEEN PUBLISHED AND IS AVAILABLE FOR SALE TODAY (SATURDAY),
IN DECEMBER 1993, THE FINANCIAL SECRETARY REFERRED A CASE TO THE INSIDER DEALING TRIBUNAL, FORMED UNDER SECTION 15 OF THE SECURITIES (INSIDER DEALING) ORDINANCE, INVOLVING DEALING IN THE SHARES OF SHL IN MID-1992.
IN LATE MARCH 1994, THE GOVERNOR APPOINTED TWO LAY MEMBERS THE TRIBUNAL TO HEAR THE CASE.
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THE SUBSTANTIVE TRIBUNAL HEARINGS LASTED FROM MAY 2 TO 18 AND THE TRIBUNAL SUBMITTED ITS REPORT TO THE FINANCIAL SECRETARY ON JUNE 24, 1994.
"BEING THE FIRST INQUIRY INSTITUTED UNDER THE ORDINANCE, THE TRIBUNAL DELIBERATED ON SOME IMPORTANT ISSUES OF PRINCIPLE RELATING TO THE STANDARD OF PROOF TO BE ADOPTED FOR ITS INQUIRIES AND THE CALCULATION OF PROFITS GAINED OR LOSSES AVOIDED, THE SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, SAID.
"THE TRIBUNAL FOUND THAT INSIDER DEALING TOOK PLACE DURING MAY 15 TO JUNE 12, 1992 INVOLVING MR LAU HƠN-CHUNG PASSING INSIDE INFORMATION TO MS CHAN DAN-NAR WHO IN TURN DEALT IN SHL SHARES ON BASIS OF THAT INFORMATION.
"THE TRIBUNAL THEREFORE EXERCISED ITS POWERS UNDER SECTION OF THE ORDINANCE TO MAKE ORDERS FOR MR LAU AND MS CHAN TO FINANCIAL PENALTIES OF $473,934 AND $236,967 RESPECTIVELY AND DISQUALIFY THEM FROM BEING A DIRECTOR OF LIQUIDATOR OR A RECEIVER MANAGER OF THE PROPERTY OF ANY LISTED COMPANY, OR BE CONCERNED IN TAKE PART IN THE MANAGEMENT OF ANY LISTED COMPANY FOR A PERIOD OF YEARS FROM JULY 15, 1994, MR CARTLAND SAID.
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MR CARTLAND ALSO POINTED OUT THAT MR LAU HAD BEEN ORDERED BY THE TRIBUNAL TO PAY $439,360 OF EXPENSES INCURRED BY THE TRIBUNAL FOR THE INQUIRY.
"IN CONSIDERING THE PUBLICATION OF THE REPORT, THE FINANCIAL SECRETARY, PURSUANT TO SECTION 22(4) OF THE ORDINANCE, DECIDED TO TAKE OUT ONE OF THE APPENDICES WHICH IS RELATED TO A PRIVATE HEARING HELD BY THE TRIBUNAL.
"THE CONTENTS OF THE APPENDIX ARE CONSIDERED TO BE TANGENTIAL TO THE INQUIRY AND THEIR DELETION WILL NOT AFFECT THE REPORT, MR CARTLAND SAID.
"THE UNDERLYING IMPORTANCE OF THIS CASE IS THAT IT IS THE FIRST INQUIRY OF THE INSIDER DEALING TRIBUNAL, THE EXPERIENCE OF WHICH SETS THE SCENE FOR FUTURE INQUIRIES.
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"I AM GLAD THAT THE TRIBUNAL SYSTEM HAS PROVED TO WORK WELL FAR AND IN A MANNER THAT APPEARS TO BE MORE EFFECTIVE AND EFFICIENT THAN THE CRIMINAL SYSTEMS ADOPTED IN OTHER JURISDICTIONS.
/"I WOULD