16 Mar 1999
THE INSIDER DEALING TRIBUNAL v. SHEK MEI LING
- Citation
- THE INSIDER DEALING TRIBUNAL v. SHEK MEI LING
- Court
- Court of Final Appeal
- Case number
- FACV23/1998
The Court held that, in general, 'profit gained' under section 23 is the actual difference between the purchase cost and the net sale proceeds; if shares are retained when the information becomes public the profit is measured by market value at that date; therefore the Tribunal erred in applying an American approach to inflate profit where the insider sold before public dissemination and the Court of Appeal's calculation of actual realised profit (HK$231,745) was correct.