Lee, Ka Lo 李嘉露
Tam Sze Leung & others v Commissioner of Police
HK Court of Appeal, 14-Apr-2023
The Police win their appeal.
HK Court of Appeal, 14-Apr-2023
The Police win their appeal.
Court dismisses challenge to SFC's power of issuing restriction notices
| Judgment
SFC, 28-Sep-2022
This relates to an investigation into an alleged pump-and-dump scheme in shares of WMCH Global (8208), which crashed 92% on 26-Nov-2020. The applicants had earlier succeeded in a judicial review of Police "letters of no consent" to "informally" freeze bank accounts. This time, the same judge, Russell Coleman, upheld the SFC's powers.
SFC, 28-Sep-2022
This relates to an investigation into an alleged pump-and-dump scheme in shares of WMCH Global (8208), which crashed 92% on 26-Nov-2020. The applicants had earlier succeeded in a judicial review of Police "letters of no consent" to "informally" freeze bank accounts. This time, the same judge, Russell Coleman, upheld the SFC's powers.
Tam Sze Leung & others v Commissioner of Police
HK Court of First Instance, 30-Dec-2021
Justice Russell Coleman finds that the issue of "letters of no consent" by the Police to "informally" freeze bank funds of persons under investigation is ultra vires and unconstitutional. The proceedings reveal that the SFC is investigating the applicants for suspected stock market manipulation in a pump-and-dump scheme between 2018 and 2020. The SFC referred a suspicion of money-laundering to the Police, which then asked 3 banks to file Suspicious Transaction Reports in order to trigger LNCs. The tail was wagging the dog.
HK Court of First Instance, 30-Dec-2021
Justice Russell Coleman finds that the issue of "letters of no consent" by the Police to "informally" freeze bank funds of persons under investigation is ultra vires and unconstitutional. The proceedings reveal that the SFC is investigating the applicants for suspected stock market manipulation in a pump-and-dump scheme between 2018 and 2020. The SFC referred a suspicion of money-laundering to the Police, which then asked 3 banks to file Suspicious Transaction Reports in order to trigger LNCs. The tail was wagging the dog.
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