TNAG-1645-FCO40-2292-Company-law-reform-in-Hong-Kong-Companies-(Amendment)-(No.-2-1987 — Page 112

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9.13

It was generally agreed that the Undertaking required by

the Listing Rules was a long step, albeit in the right direction,

and that it would be sensible to make sure that it had been firmly

taken before considering whether to go further. The Committee

decided to resume consideration of this question in due course.

10.1

10.

Insider Dealing

The Standing Committee's Report for 1984 dealt with a

recommendation to extend the provisions of Section 157E of the

Companies Ordinance (Power to restrain fraudulent persons from

managing companies) to cover a person named as a culpable insider

dealer by an Insider Dealer Tribunal. The Report stated that;

"It was thought also that the whole subject of insider dealing

might usefully be reconsidered after the Inspector's reports on the

investigations into the Carrian Group and the Eda Group and the

Tribunal's report on the trading in International City Holdings Ltd.

shares have been made available."

10.2

The Report of the Tribunal on trading in International City

Holdings Ltd's shares (The Clough Tribunal Report) was issued on

27th March 1986. It named a number of very well-known Hong Kong

businessmen as culpable insider dealers who applied for a

judicial review of the Tribunal's findings. In a judgement dated

20th October 1986, The Honourable Mr. Justice Kempster upheld all

of those findings.

10.3

The Clough Tribunal Report contained a number of suggestions

for amendments to the legislation dealing with insider dealing.

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