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Insider dealing case against Segantii Capital Management and its chief investment officer transferred to District Court

Issue date: 2024-06-12 16:39:56

The Eastern Magistrates’ Court today granted an application by the Department of Justice to transfer an insider dealing case brought by the Securities and Futures Commission (SFC) to the District Court for criminal prosecution.

This came after the SFC commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca, on 2 May 2024 for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017 (Notes 1 and 2). 

The first hearing in the District Court will be held on 2 July 2024. 

Sadler and La Rocca were released on bail pending the next hearing on the following conditions: (i) cash bail of $1,000,000 and $500,000 respectively; (ii) they shall inform the SFC 24 hours before leaving Hong Kong, and to provide the SFC with full itinerary with contact details; (iii) they shall reside at the home address provided to the SFC and inform the SFC 48 hours in advance of any change of address and/or contact details whilst abroad; and (iv) they shall not contact either directly or indirectly any prosecution witnesses.

No further comment will be made as legal proceedings are ongoing.

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Notes:

1. Please see the SFC’s press release dated 2 May 2024.
2. The listed company is Esprit Holdings Limited.

Source: SFC