On March 25, 2026, the SFC obtained a court order to freeze assets worth up to $219 million belonging to four suspected manipulators of KNT shares. The Court of First Instance granted the interim injunction under section 213 of the SFO. The suspects allegedly manipulated shares between 28 February 2019 and 15 May 2019. Three are among 12 defendants in criminal proceedings, with trial starting 6 April 2027.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On March 25, 2026, the Court of First Instance granted an interim injunction against four suspected manipulators of KNT Holdings Limited ("KNT") shares in proceedings brought by the Securities and Futures Commission ("SFC") under section 213 of the Securities and Futures Ordinance ("SFO").
Asset Freezing and Restrictions
Under the Court order, the four suspects are prohibited from disposing of or removing assets worth approximately $219 million, including real properties, securities, and bank accounts, following alleged manipulation between 28 February 2019 and 15 May 2019.
Purpose and Duration of the Order
This injunction secures funds for potential future Court orders, including investor compensation, and remains effective until the determination of the SFC's section 213 proceedings or a further Court order.
Broader Enforcement and Criminal Proceedings
The order is part of a broader enforcement action against ramp-and-dump manipulation. Three suspects are among 12 defendants in ongoing criminal proceedings, while the fourth is subject to an arrest warrant.
Charges and Trial Schedule
The criminal trial commences at the District Court on 6 April 2027. Defendants face charges including conspiracy to defraud or deceive under common law, the SFO, and/or the Crimes Ordinance, as well as money laundering under the Organized and Serious Crimes Ordinance.
Specific Legal Provisions and Listing Information
KNT (Stock Code:1025) listed on the Main Board of the Stock Exchange of Hong Kong Limited on 28 February 2019. SFC press releases are available for dates 30 September 2022, 24 November 2022, 19 June 2024, 9 July 2024, 6 August 2024, 12 November 2024, 25 March 2025 and 26 September 2025. Charges cite section 300 of the SFO, sections 159A and 159C of the Crimes Ordinance, and sections 25(1) and 25(3) of the Organized and Serious Crimes Ordinance.
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