14 Feb 2022
SECURITIES AND FUTURES COMMISSION v. YIK FONG FONG AND OTHERS
- Citation
- [2022] HKCFI 450
- Court
- Court of First Instance
- Case number
- HCA2524/2016
The court held that the SFC's s.213 claim based on insider dealing is civil/statutory tortious in nature for service out and that its wide remedial powers under s.213 permit a restorative disgorgement order. The court ordered that HK$13,139,875 paid into court by the 2nd and 3rd defendants, less HK$190,000 for administrators' remuneration and expenses, resulting in Net Funds of HK$12,949,875, be paid to appointed administrators (Ernst & Young representatives) to distribute pro rata to the 63 counterparties by reference to the number of shares each sold (share-based pro rata calculation), and…