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The Insider Dealing Tribunal chaired by the Honourable Mr Justice McMahon sitting with Mr Henry Ho Ka Shi and Mr Kevin Law Chi Shing as members, has submitted a report to the Financial Secretary on its inquiry in relation to the listed securities of Dransfield Holdings Limited (Dransfield) (now known as Pearl Oriental Innovation Limited).
According to the report, the tribunal concluded its findings by unanimous decision that Mr James Wang Bin, Mr Tai Ching Nam (also known as Dai Zhengnan) and Mr Denny Wu Shiyue, were found to have engaged in insider dealing and made the following orders against them.
Mr James Wang Bin shall:
- not, without the leave of the Court of First Instance, be a director of any listed or other company in Hong Kong for a period of 12 months;
- pay to the Government a sum of HK$185,808.63 being the profit gained from the insider dealing; and
- pay to the Government a penalty of HK$50,000.
Mr Tai Ching Nam shall:
- not, without leave of the Court of First Instance, be a director of any listed or other company in Hong Kong for a period of 12 months;
- pay to the Government a sum of HK$57,526.27, being the profit gained from the insider dealing; and
- pay to the Government a penalty of HK$35,000.
Mr Denny Wu Shiyue shall:
- not, without leave of the Court of First Instance, be a director of a listed or other company in Hong Kong for a period of 12 months;
- pay to the Government a sum of HK$48,854.62, being the profit gained from the insider dealing; and
- pay to the Government a penalty of HK$25,000.
The Dransfield inquiry involved three implicated parties, with five actual hearing days.
The summary of the tribunal's report is at the Annex.
Ends/Tuesday, January 30, 2007
Issued at HKT 16:32
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