On September 26, 2025, the Securities and Futures Commission ("SFC") seeks a court order to freeze assets up to $219 million for investor compensation in an alleged KNT shares manipulation case. The SFC seeks to restrain five defendants from disposing of their assets. A criminal trial is set to commence in April 2027.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On September 26, 2025, the Securities and Futures Commission ("SFC") successfully secured an interim court order to freeze assets potentially used to compensate affected investors in a sophisticated ramp-and-dump scheme targeting the shares of KNT Holdings Limited ("KNT").
This action is a significant development in the SFC's ongoing legal pursuit against 17 individuals (Defendants) under section 213 of the Securities and Futures Ordinance ("SFO") for allegedly manipulating KNT's shares between February and May 2019.
In parallel to these proceedings, a criminal trial will commence at the District Court on April 6, 2027, with 12 of the 17 Defendants facing charges related to the same alleged scheme.
The SFC's interim order aims to restrain five of the Defendants from disposing of their assets totaling approximately $219 million, which represents the estimated loss suffered by the affected investors.
The initial hearing for the Application took place today, and the court adjourned it to December 22, 2025, for the substantive hearing. The SFC has chosen not to provide further comments due to the ongoing legal proceedings.
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