31 Jul 1998
SHEK MEI LING AND OTHERS v. THE INSIDER DEALING TRIBUNAL
- Citation
- SHEK MEI LING AND OTHERS v. THE INSIDER DEALING TRIBUNAL
- Court
- Court of Appeal
- Case number
- CACV41/1998
The Court approved the Tribunal's adoption of the American/MacDonald approach and held that profit 'gained as a result of the insider dealing' is measured by the difference between acquisition cost and the trading price at a reasonable short time after public dissemination; unrealised gains measured at the end of that reasonable period are actual profits attributable to the insider dealing; the Tribunal has discretion to mitigate penalties by reference to means, totality and other sentencing principles; Shek's s.23(1)(b) and (c) orders were excessive and substituted, appeals of the other appe…