SFC obtains court orders to freeze assets in insider dealing investigation
3 Feb 2017
The Court of First Instance has granted an interim order against Ms Yik Fong Fong in legal proceedings commenced by the Securities and Futures Commission (SFC), prohibiting her from removing assets up to the value of $25,899,750 from Hong Kong in relation to an ongoing investigation into suspected insider dealing in the shares of TeleEye Holdings Limited (TeleEye) (Notes 1, 2 & 3).
Two alleged associates of Yik, Ms Wei Juan and Mr Huang Yi, are also required under a consent order to pay into the court a total of $12,949,875, which is equivalent to the suspected profit made by the three of them in the alleged insider dealing activities.
The SFC alleges that Yik held confidential information concerning TeleEye and bought 22.72 million TeleEye shares through the securities accounts of Wei and Huang in March and April 2016.
The SFC considers it is prudent to seek a freezing order to prevent Yik and/or Wei and Huang from transferring their assets, including the suspected profits of their trading, out of Hong Kong and as a result frustrating any disgorgement, restitutionary or financial penalty orders if they are found liable for insider dealing.
- The proceedings were commenced under section 213 of the Securities and Futures Ordinance.
- Yik was an executive director and chief executive officer of a Hong Kong listed company, Chinese Energy Holdings Limited, until 12 August 2016.
- TeleEye was listed on the Stock Exchange of Hong Kong in 2001. It is currently known as CircuTech International Holdings Limited.
Page last updated : 3 Feb 2017