SFC to appeal Tiger Asia matter
Wednesday, June 22, 2011 at 6:43AM On 21 June 2011, the SFC announced that it would appeal a decision made in the Court of First Instance in the Tiger Asia matter. The SFC alleges the Tiger Asia and related parties contravened Hong Kong’s laws prohibiting insider dealing and market manipulation. In the ruling, the Court of First Instance determined that it did not have jurisdiction to make such a ruling and only only a court exercising criminal jurisdiction or the Market Misconduct Tribunal (MMT) had jurisdiction.
The SFC’s view is that the Tiger Asia parties are not within the jurisdiction of Hong Kong’s criminal courts and they should not be entitled to receive immunity from prosecution which would be the result if proceedings were commenced before the MMT.
The will definitely be more to follow on this case.
Further details are available here.
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