Emperor Group chairman Albert Yeung Sau-shing yesterday admitted he illegally traded in Emperor (China Concept) Investments shares in 1993 ahead of a proposed takeover bid, an insider dealing tribunal heard.
Barrister Ronny Tong, SC, who was representing Mr Yeung, yesterday submitted to the tribunal that Mr Yeung admitted the insider dealing allegations against him.
Mr Tong said despite suggestions to Mr Yeung that he mount a defence against the allegations, Mr Yeung decided to admit to them on the first day of the tribunal's hearing yesterday.
No reason was given for Mr Yeung's decision but it is expected that he may give reasons at a tribunal hearing on May 4.
While Mr Yeung has admitted he traded with insider knowledge, he has disputed the tribunal's allegation as to the amount of profit he earned from the trading, Mr Tong said.
The tribunal is understood to have alleged Mr Yeung made a profit of between $7 million and $8 million by trading the shares using insider information.
Sources say Mr Yeung claims he earned much lower than that.