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Wednesday
Jun292011

Former Haeco director to face Insider dealing charges 

DateWednesday, June 29, 2011 at 2:59PM

On 28 June 2011, the SFC reported that it had commenced criminal proceedings against Mr Lam Kwong Yu, a former independent non-executive director of Hong Kong Aircraft Engineering Company Limited (HAECO), for alleged insider dealing in the company’s shares on 4 June 2010.

The SFC alleges that Lam purchased 4,000 shares in the company on 4 June 2010 through an online securities trading account after being told about a proposed deal in which Cathay Pacific Airways Limited, a substantial shareholder of HAECO, would sell its entire stake in the company to Swire Pacific Limited. Lam then sold the shares in the company after the announcement, making a profit of $80,000.

Further details are available here.

Article written by AuthorKathryn Mathers | | | Print ArticlePrint Article | CommentPost a Comment
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