Three folks, together with a former supervisor of Hong Kong’s securities watchdog, have been charged with conspiring to commit misconduct for allegedly sharing personal data on a deliberate rights difficulty and making the most of it.
Kenneth Leung, 30, who was employed as a supervisor of the Securities and Futures Fee’s funding merchandise division, and Lai Lit-wai, 34, a Hospital Authority nurse, face one depend of conspiracy to commit misconduct in public workplace, in line with an announcement from town’s Impartial Fee In opposition to Corruption late Friday. Leung and Cheung Tsz-kin, 35, a senior authorities counsel on the Division of Justice, collectively face one other depend on the identical cost, it stated.
All three have been launched on bail, pending a courtroom look on Saturday.
Leung is alleged to have acquired confidential stock-price delicate data between Jan. 30 and Feb. 15, 2023, in relation to a Hyperlink REIT rights difficulty, and secretly shared it with the opposite accused. Lai and Cheung allegedly used the data to purchase and promote put choices, with income totaling greater than HK$11 million , and subsequently shared a part of the positive factors with Leung.
Hyperlink REIT, one among Asia’s largest actual property funding trusts, deliberate a HK$19.3 billion rights providing in February final 12 months to bankroll expansions. Shares tumbled essentially the most since 2008 within the buying and selling day that adopted the announcement of the plan.
The SFC referred the case to the anti-corruption physique after an inner investigation revealed Leung’s suspected misconduct, in line with the assertion. The securities regulator stated in a separate assertion that its investigation discovered that the previous worker acted alone within the group however collaborated with two exterior people. The SFC is scrutinizing potential violations underneath the securities and futures ordinance, it stated.
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