P
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(b)
Mr Leong Kwok-nyem, who from time to time played a direct role in the affairs of PIIL, and who was part of the team that advised and assisted the major shareholder of PIIL in relation to the take-over bid; Mr Leong's wife, Madam Amy Foong Swee-heng, and her office colleague, Miss Chan Kwan-hop.
The allegations were directed at certain transactions of PIIL shares in late 1992.
Findings
The Tribunal also examined transactions in PIIL shares in late 1992 by Mr Goh Chak-wong and Mr Lai Kim-leong, the latter being the General Manager and director of PIIL. The Tribunal concluded that Mr Lai had deliberately misled the Securities and Futures Commission about his interest in PIIL shares, and that he and Mr Goh had sought to mislead the Tribunal about their transactions in those shares, but that on the evidence before the Tribunal, no case of insider dealing had been established against them.
The Tribunal has decided that insider dealing did take place in the listed securities of PIIL in December 1992. It has identified three individuals as insider dealers. They are Mr Leong Kwok-nyem, Madam Amy Foong Swee-heng and Mr Don Lau Yuen-leung.
Orders
The Tribunal has made orders against the insider dealers to pay the following
amounts:
Mr Don Lau
Mr Leong Kwok-nyem
Madam Amy Foong
(a)
profit gained as a
$389,550
$193,670
$193,670
result of insider
dealing
(b)
Financial penalty
$839,036
$728,445
$242,815
(c) Expenses of the inquiry $700,000
$300,000
$300,000
Total
$1,928,586
$1,222,115
$736,485