Former Chinney executive accused of insider dealing

PUBLISHED : Friday, 09 April, 2004, 12:00am
UPDATED : Friday, 09 April, 2004, 12:00am

A former Chinney Alliance Group corporate finance officer engaged in insider dealing before the company's 1999 share placements, it was alleged at a preliminary tribunal hearing yesterday.

Joseph Lau Chung-yin, and Rozalin Pui Li, whose background was not disclosed, are accused of insider trading violations between September 1 and October 4, 1999.

During the period, the company's stock soared amid speculation that mobile-telephone operator Sunday would seek a backdoor listing using a share transaction with Chinney. The rumour was dispelled by Sunday.

However, in three subsequent placements, Chinney raised HK$249.5 million of which some was used to finance its US$2.5 million acquisition of online music e-trade website,, in January 2000.

It was not specified how Mr Lau and Ms Pui are alleged to have profited from insider information.

Formal tribunal hearings begin on June 1.