10 Sept 2018
SECURITIES AND FUTURES COMMISSION v. CHENG CHAK NGOK AND ANOTHER
- Citation
- [2018] HKCA 590
- Court
- Court of Appeal
- Case number
- CACV95/2017
The Court of Appeal held the Market Misconduct Tribunal in substance applied an adversarial burden and a criminal standard (requiring exclusion of other possibilities/compelling inference) contrary to the inquisitorial nature of SFO proceedings; because that misapplication materially affected the fact‑finding the appeal is allowed in part and the question whether Mr Cheng dealt in the shares is remitted to a differently constituted Tribunal for determination on the correct standard (balance of probabilities with recognition that more compelling evidence may be needed for serious allegations).