Hong Kong Case Law: Decisions & Judgments

Topic

Disqualification of directors

Legal area

Court

10 Feb 2010

SILVIA CHAN YUK v. INSIDER DEALING TRIBUNAL AND ANOTHER

Citation

SILVIA CHAN YUK v. INSIDER DEALING TRIBUNAL AND ANOTHER
Court

Court of Appeal
Case number

CACV104/2007

The Court of Appeal upheld the Tribunal's factual findings that relevant, price‑sensitive information existed and was misused; the Tribunal applied an appropriate civil 'high probability' standard, permissibly drew compelling inferences from telephone and trading timing, and correctly admitted Harbour Ring evidence to rebut coincidence; consequently the appeals were dismissed and the Tribunal's determinations (including disqualification and disgorgement orders) were affirmed, except that financial penalties under s.23(1)(c) were set aside in light of Koon Wing Yee v Insider Dealing Tribunal.
10 Feb 2010

CHONG WAI LEE, CHARLES AND ANOTHER v. INSIDER DEALING TRIBUNAL AND ANOTHER

Citation

CHONG WAI LEE, CHARLES AND ANOTHER v. INSIDER DEALING TRIBUNAL AND ANOTHER
Court

Court of Appeal
Case number

CACV96/2007

The Court upheld the Tribunal's findings that the information about Hutchison's proposed interest in Vanda and the contemplated joint venture was specific, price sensitive and not generally known and that respondents and many appellants misused that information to trade; the Tribunal applied an appropriate civil standard of proof (high probability), permissibly drew inferences from phone and trading records, permissibly admitted Harbour Ring evidence to rebut coincidence, and the Tribunal's credibility and factual findings were not liable to be disturbed on appeal; consequential disqualificat…
10 Feb 2010

TSE KWOK FAI SAMMY v. INSIDER DEALING TRIBUNAL AND ANOTHER

Citation

TSE KWOK FAI SAMMY v. INSIDER DEALING TRIBUNAL AND ANOTHER
Court

Court of Appeal
Case number

CACV112/2007

The Court upheld the Tribunal's factual findings and inferences: the Hutchison proposals were relevant, price‑sensitive information; appellants were, to a high degree of probability, in possession of or recipients of that information and dealt in Vanda accordingly; the Tribunal applied an appropriate high civil standard; Harbour Ring evidence was admissible to rebut coincidence; therefore the appeals are dismissed (save that financial penalties under s23(1)(c) were set aside in light of Koon Wing Yee), and the Tribunal's disqualification and disgorgement orders otherwise stand.
8 Jun 2009

CHAN KIN SHING SONNY v. INSIDER DEALING TRIBUNAL AND ANOTHER

Citation

CHAN KIN SHING SONNY v. INSIDER DEALING TRIBUNAL AND ANOTHER
Court

Court of Appeal
Case number

CACV360/2005

The Court dismissed the appeals: the IDT was not institutionally biased or inherently unfair; section 31(1)(b)'s leave requirement for factual appeals is not unconstitutional; the Tribunal's factual findings as to Koon and Sonny Chan were open on the evidence and properly reached; disqualification orders under section 23(1)(a) were valid without naming each company; disgorgement orders under section 23(1)(b) were valid and the appeals challenging them failed.
25 Jun 2002

PHILIP LEIGH TOSE v. THE OFFICIAL RECEIVER

Citation

PHILIP LEIGH TOSE v. THE OFFICIAL RECEIVER
Court

Court of First Instance
Case number

HCAL63/2002

The Official Receiver's 12 June 2001 letter created a legitimate expectation that potential respondents would be given a reasonable opportunity to make representations after issue of a s.168P notice and before institution of proceedings; however, on the facts the time afforded (to 3 January) was sufficient given prior extensive submissions to the inspector and because the Official Receiver retained a continuing obligation to consider representations, so no relief was warranted and the judicial review applications were dismissed.
28 Mar 1996

R. v. ROBERT JOHN WALSH

Citation

R. v. ROBERT JOHN WALSH
Court

Court of Appeal
Case number

CACC219/1994

There was sufficient admissible evidence that Breckenridge's operations constituted a sham and that the appellant acted dishonestly; the jury was properly directed and convictions are safe; however the aggregate sentence was excessive and must be reduced by one year by making sentences wholly concurrent resulting in total imprisonment of 3 years 9 months.

Hong Kong Case Law

SILVIA CHAN YUK v. INSIDER DEALING TRIBUNAL AND ANOTHER

CHONG WAI LEE, CHARLES AND ANOTHER v. INSIDER DEALING TRIBUNAL AND ANOTHER

TSE KWOK FAI SAMMY v. INSIDER DEALING TRIBUNAL AND ANOTHER

CHAN KIN SHING SONNY v. INSIDER DEALING TRIBUNAL AND ANOTHER

PHILIP LEIGH TOSE v. THE OFFICIAL RECEIVER

R. v. ROBERT JOHN WALSH