Wong, Marian Nam 王嵐
MMT sanctions Charles Yiu Hoi Ying & Marian Wong Nam, ex-Asia Telemedia Ltd (0376)
| MMT report
SFC, 7-Apr-2021
For insider dealing in 2007. After the MMT wrongly cleared them in 2015, the SFC took the case all the way to the Court of Final Appeal and won.
SFC, 7-Apr-2021
For insider dealing in 2007. After the MMT wrongly cleared them in 2015, the SFC took the case all the way to the Court of Final Appeal and won.
CFA allows SFC's appeal against MMT decision on insider dealing in Asia Telemedia Ltd
SFC, 12-Oct-2018
By a 4:1 majority, the Court of Final Appeal overturns the Court of Appeal's ruling which upheld the MMT decision. That's a victory for common sense - the defence that the insiders were selling to take advantage of a bubble holds no water when, if the company's financial difficulties had been known, its stock price would have been lower. By that test, they were "using" the Inside Information.
SFC, 12-Oct-2018
By a 4:1 majority, the Court of Final Appeal overturns the Court of Appeal's ruling which upheld the MMT decision. That's a victory for common sense - the defence that the insiders were selling to take advantage of a bubble holds no water when, if the company's financial difficulties had been known, its stock price would have been lower. By that test, they were "using" the Inside Information.
SFC v Charles Yiu Hoi Ying & others
HK Court of Final Appeal, 6-Feb-2018
The SFC is granted leave to appeal to the CFA.
HK Court of Final Appeal, 6-Feb-2018
The SFC is granted leave to appeal to the CFA.
Court of Appeal dismisses SFC's application to appeal to CFA in Asia Telemedia (0376) insider dealing case
SFC, 24-Aug-2017
SFC, 24-Aug-2017
Cout of Appeal dismisses SFC's appeal against MMT decision
SFC, 28-Apr-2017
It's the SFC's 2nd loss in a month, following the CITIC case at the MMT. The MMT cases involved the same judge. The appeal centres on the meaning of "using" inside information, and whether withholding of the information was a "use" which had contributed to the artificially high price. In our view, that misses the point. It should have been enough to show, as the SFC did, that the respondents knew that the market price would likely be materially lower if the information in their possession had been disclosed. On a common sense analysis, that should constitute "using" the information when dealing. Let's hope the SFC takes this point of law to the CFA.
SFC, 28-Apr-2017
It's the SFC's 2nd loss in a month, following the CITIC case at the MMT. The MMT cases involved the same judge. The appeal centres on the meaning of "using" inside information, and whether withholding of the information was a "use" which had contributed to the artificially high price. In our view, that misses the point. It should have been enough to show, as the SFC did, that the respondents knew that the market price would likely be materially lower if the information in their possession had been disclosed. On a common sense analysis, that should constitute "using" the information when dealing. Let's hope the SFC takes this point of law to the CFA.
MMT clears 3 in Asia TeleMedia case
SFC, 26-Nov-2015
The firm is now Reorient Group Ltd (0376). The MMT makes no finding on Lu Ruifeng, who was hospitalised outside the jurisdiction. It finds that 2 of the defendants knew negative price-sensitive information but that this was not a factor when they sold their shares during the 2007 market bubble. Comment: if the same events were to happen today, then the board would have a statutory obligation to disclose the inside information.
SFC, 26-Nov-2015
The firm is now Reorient Group Ltd (0376). The MMT makes no finding on Lu Ruifeng, who was hospitalised outside the jurisdiction. It finds that 2 of the defendants knew negative price-sensitive information but that this was not a factor when they sold their shares during the 2007 market bubble. Comment: if the same events were to happen today, then the board would have a statutory obligation to disclose the inside information.
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