The SFC obtains a court order to freeze up to $62.6 million of assets of a suspected manipulator of Eggriculture shares, as part of broader enforcement actions against a sophisticated ramp-and-dump market manipulation. The court order remains in effect until the conclusion of the SFC's proceedings or further court order.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On December 02, 2025, the Court of First Instance granted an interim injunction against a suspect in a suspected share manipulation of Eggriculture Foods Limited (Eggriculture) as requested by the Securities and Futures Commission ("SFC") under Section 213 of the Securities and Futures Ordinance ("SFO"). The injunction prohibits the suspect from disposing of, dealing with, reducing the value of, or removing from Hong Kong, assets worth approximately $62.6 million in securities and bank accounts. This measure ensures funds are available to meet any potential court order if found guilty. The court order remains in effect until the conclusion of the SFC’s section 213 proceedings or until further order from the court.
The injunction is part of broader enforcement actions against a sophisticated ramp-and-dump market manipulation. The suspect is one of five defendants in criminal proceedings that will commence at the District Court on July 13, 2026. These defendants face charges including conspiracy to defraud or alternatively, conspiracy to employ a scheme with intent to defraud or deceive in securities transactions. The SFC has stated that no further comments will be issued as legal proceedings are ongoing.
The injunction against the suspect is a crucial step in preventing further manipulation and securing assets that could be utilized if the defendants are found guilty. This demonstrates the SFC's commitment to upholding market integrity and protecting investors.
The interim injunction and subsequent legal proceedings highlight the seriousness of the alleged market manipulation and the regulatory response to such activities. The injunction serves as a warning to potential offenders and underscores the importance of adhering to securities laws.
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