On February 27, 2025, the Securities and Futures Commission ("SFC") commenced criminal proceedings against businessman Wong Pak Ming for insider dealing involving shares of Transmit Entertainment Limited. The case was adjourned to March 27, 2025.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
SFO, s. 300: Fraudulent & Deceptive Conduct Provisions to Combat Insider Dealing and Other Misconduct
The Court of Appeal decision in Securities and Futures Commission v. Young Bik Fung confirmed that insider dealing as well as other market misconduct could be r
D&O Insurance in Hong Kong: What To Know In The Event Of SFC Enforcement Action
Enforcement action by the Securities and Futures Commission (“SFC”) against officers of companies listed on the Stock Exchange of Hong Kong is becoming increasi
SPOTLIGHT ON
FAMILY OFFICES
On February 27, 2025, the Securities and Futures Commission ("SFC") initiated criminal proceedings against businessman Mr. Wong Pak Ming for insider dealing at the Eastern Magistrates’ Court, involving the shares of Transmit Entertainment Limited (formerly known as Pegasus Entertainment Holdings Limited) (Pegasus) (Notes 1 and 2).
Wong is accused of counseling or procuring another person to trade in Pegasus shares between August 25, 2017, and October 17, 2017, while he was the chairman and controlling shareholder of the company, possessing information he knew was inside information.
No plea was entered, and the case was adjourned to March 27, 2025. Wong was released on bail with conditions including a cash bail of $200,000, residing at the specified address and notifying the police of any changes, and informing the SFC 24 hours prior to leaving Hong Kong.
Insider dealing is an offense under section 291 of the Securities and Futures Ordinance.
Pegasus, listed on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited ("SEHK") since October 31, 2012, was transferred to the Main Board of SEHK on January 9, 2015, and renamed Transmit Entertainment Limited on March 13, 2018, after Wong disposed of his controlling stake.
View the full article:Source