On September 12, 2025, the SFC seeks a court order to freeze assets up to $82.4 million against suspects involved in alleged market manipulation of Smartac shares from 2018 to 2019. The SFC is seeking restoration of positions and restraint of asset disposal for 14 defendants.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On September 12, 2025, the Securities and Futures Commission ("SFC") has applied to the Court of First Instance for an order to freeze assets intended for compensation to affected investors in an alleged market manipulation case.
This action is part of the SFC’s ongoing legal proceedings against the former chairman and non-executive director of Carmen Century Investment Limited, along with 28 other suspects and a corporate entity, for alleged manipulation of Smartac International Holdings Limited’s shares between October 31, 2018, and March 11, 2019.
The SFC seeks various orders under section 213 of the Securities and Futures Ordinance, including restoring affected parties to their pre-transaction positions and restraining the disposal of up to $82.4 million in assets belonging to 14 defendants.
The initial hearing of the Application took place today, with the Court directing the filing of evidence and adjourning the hearing to October 24, 2025.
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