3 Nov 2005
LISA LAM LAI SAN AND ANOTHER v. INSIDER DEALING TRIBUNAL
- Citation
- LISA LAM LAI SAN AND ANOTHER v. INSIDER DEALING TRIBUNAL
- Court
- Court of Appeal
- Case number
- CACV334/2004
The Court upheld the Tribunal's factual findings that appellants possessed combined price‑sensitive information (the IPO would not proceed as envisaged and the group faced severe liquidity problems) at or before the relevant disposals; that, given their roles and documentary evidence (notably the divestment memo and cash‑flow projections), Henry Tai and William Lam counselled and procured sales; and that the Lams failed to establish the statutory s.10(3) defence. Consequently the Tribunal's findings of insider dealing stand and the appeals are dismissed. The Court applied deference to the Tri…