Court Ordered Insider Dealer Sun Min To Pay $15.6 Million To Investors
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The Court of First Instance has ordered Ms Sun Min to pay the restoration amount of $15,629,341 to 51 investors affected by her insider dealing in China Huiyuan Juice Group Limited (Huiyuan) shares (Notes 1, 2 and 3).
The Court order granted on 17 July 2017 was made under section 213(2)(b) of the Securities and Futures Ordinance (SFO) by consent.
Mr Tsui Chi Chiu and Mr Chong Kok Wing of JLA Asia Limited were appointed by the Court as administrators to administer the distribution of the restoration amount which Sun is required to pay into Court by 7 August 2017.
Sun is also ordered to pay the Securities and Futures Commission’s (SFC) legal costs and the fees of the administrators.
Notes:
- In March 2013, the Market Misconduct Tribunal (MMT) found that Sun had engaged in insider dealing within the meaning of section 270(1)(e) of the SFO through her purchase of 3,131,500 Huiyuan shares on 7, 8, 12 and 29 August 2008. The MMT’s report is available on its website (http://www.mmt.gov.hk/).
- In September 2015, the SFC commenced proceedings against Sun under section 213 of the SFO, seeking an order requiring Sun to restore all counterparties to her insider dealing by making financial payments.
- Huiyuan was listed on the Main Board of the Stock Exchange of Hong Kong Limited on 23 February 2007.
Source: SFC
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