XN000022-1985-04-21 — Page 9

SUNDAY, APRIL 21, 1985

8

INSIDER DEALING TRIBUNAL TO HOLD FORMAL SITTINGS

******

IN RESPONSE TO ENQUIRIES FROM THE PRESS THE FOLLOWING STATEMENT HAS BEEN RELEASED BY A SPOKESMAN FOR THE INSIDER DEALING TRIBUNAL.

THE TRIBUNAL WAS REQUIRED BY NOTICE FROM THE FINANCIAL SECRETARY UNDER SECTION 141H(2) OF THE SECURITIES ORDINANCE DATED NOVEMBER 2, 1984 TO INQUIRE INTO AND DETERMINE

(A) WHETHER CULPABLE INSIDER DEALING IN RELATION TO

ORDINARY SHARES IN INTERNATIONAL CITY HOLDINGS LIMITED OR ANY RELATED COMPANIES HAD TAKEN PLACE IN THE PERIOD BETWEEN JANUARY 1, 1984 AND JUNE 30, 1984 AND

(B)

THE IDENTITY OF ANY PERSONS INVOLVED IN SUCH INSIDER DEALING AND THE EXTENT OF THEIR CULPABILITY.

THE TRIBUNAL IS MINDFUL OF THE PUBLIC INTEREST IN THE PROGRESS OF THE INQUIRY WHICH WILL RESULT IN THE PUBLICATION OF THE TRIBUNAL'S REPORT TO THE FINANCIAL SECRETARY. IN THE MEANTIME THE PURPOSE OF THIS STATEMENT IS TO KEEP THE PUBLIC INFORMED OF THE PROGRESS OF THE INQUIRY WITHOUT CONTRAVENING THE PROVISION OF THE SECURITIES ORDINANCE WHICH PROHIBITS THE PUBLICATION OF MATERIAL RECEIVED BY THE TRIBUNAL FOR THE PURPOSES OF ITS INQUIRY.

THE NECESSARY SCOPE OF THE TRIBUNAL'S INVESTIGATION IS PROVING TO BE VERY EXTENSIVE. SOME 200 PERSONS HAVE BEEN INTERVIEWED AND INFORMATION CONCERNING SHARE DEALINGS HAS BEEN OBTAINED FROM MORE THAN 1 000 DEALERS, THE TRI BUNAL'S INVESTIGATORS HAVE BEEN FULLY EXTENDED AND THEIR NUMBERS HAVE HAD TO BE SUPPLEMENTED FROM THREE TO FIVE IN ORDER TO EXPEDITE THE INQUIRY.

THE TRIBUNAL'S INITIAL INVESTIGATIONS HAVE BEEN COMPLETED AND IT WILL BEGIN ITS FORMAL SITTINGS ON JUNE 18, CONTINUING IF NECESSARY UNTIL JULY 12, 1985. FURTHER INVESTIGATIONS ARE UNDER WAY AND THE TRIBUNAL ENVISAGES THAT IT WILL PROBABLY RESUME ITS SITTINGS ON SEPTEMBER 23, 1985 WITH A VIEW TO CONCLUDING ITS SITTINGS BEFORE THE END OF THIS YEAR.

THE SECURITIES ORDINANCE PROVIDES THAT EVERY SITTING OF THE TRIBUNAL SHALL BE IN CAMERA. IT IS REGRETTED THAT THE PUBLIC MAY NOT THEREFORE BE ADMITTED TO THE SITTINGS WHICH WILL BE FOLLOWED AS SOON AS POSSIBLE BY THE PUBLICATION OF THE TRIBUNAL'S REPORT TO THE FINANCIAL SECRETARY.

THE CHAIRMAN OF THE TRIBUNAL IS MR JUSTICE CLOUGH. THE OTHER MEMBERS ARE MR GORDON M. MACWHINNIE AND MRS BARBARA M. WONG. COUNSEL TO THE TRIBUNAL IS MR G.J. MCMAHON OF THE ATTORNEY GENERAL'S CHAMBERS.

19