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Three sophisticated ramp-and-dump cases transferred to District Court

Issue date: 2024-06-19 18:28:33

The Eastern Magistrates’ Court today granted the applications made on behalf of the Secretary for Justice to transfer three large scale and sophisticated ramp-and-dump cases to the District Court for trial following joint investigations by the Securities and Futures Commission (SFC) and the Police.

The first hearing in the District Court will be held on 9 July 2024.

A total of 18 defendants were charged in the three cases with offences under the Securities and Futures Ordinance and the offences of conspiracy to defraud and money laundering involving the shares of Eggriculture Foods Limited, Fullwealth Construction Holdings Company Limited, and KNT Holdings Limited (Note 1).

The defendants had allegedly organised and executed ramp-and-dump schemes in the shares of the three Hong Kong-listed companies by manipulating the trading of a large volume of those shares through numerous nominee accounts and inducing investors to buy the shares via different social media platforms.

The Court granted bail to each defendant on the following conditions: (i) cash and sureties ranging from $50,000 to $1 million; (ii) not to leave Hong Kong; (iii) surrender all travel documents; (iv) report to police station on a regular basis; and (v) reside at the reported residential address and inform the Police in advance of any change of residential address.

End

Note:

1. Please see the press releases of the SFC dated 30 September 2022, 24 November 2022, 4 April 2023, 6 April 2023 and 17 April 2023.

News captured as of:2024-06-19 18:28:33

Source: SFC