WMCH Global Investment Limited

Suspected syndicate leader charged in connection with ramp-and dump schemes
SFC, 24-Nov-2022
Mr Tam, whose SFC licence was revoked in 2003 for rat-trading and other malpractices, featured in our article "Bubbles and troubles in Hong Kong" in Sep-2015, which featured several listed companies in what became our "Enigma Network" of 2017. The current charges relate to alleged activity in shares of 2 listed companies in 2018-2019.
13 charged following SFC and Police joint operation against ramp-and-dump syndicate
SFC, 30-Sep-2022
Shares of 2 unnamed listed companies were involved. We note that 2 of the named defendants, Tam Sze Leung and Tam Chung Wai (formerly Tam Sze Chun), were parties to an unsuccessful judicial review of the SFC's powers to issue restriction notices on their brokerage accounts. The judgment revealed that the SFC suspected market manipulation in WMCH Global (8208).
Court dismisses challenge to SFC's power of issuing restriction noticesJudgment
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 finds former bourse exec not guilty of graft
Reuters, 3-Dec-2021
Former HKEX executive and consultant acquitted of corruption charges
South China Morning Post, 3-Dec-2021
HK's cash for IPOs bribery trial enters the final stages
Asian Corporate Governance Association, 21-Sep-2021
Kudos to ACGA's Vivian Yau for sitting through 6 weeks of evidence and providing this detailed account.
Former HKEX IPO vetting chief pleads not guilty as trial begins
Bloomberg, 9-Aug-2021
The alleged corruption involves 12 listings, of which 2 were on the main board and 10 on the GEM, from 2015 to 2019.

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