No attempt to hide PIIL dealings through third party, says Lau
DON Lau Yuen-leung, the suspended managing director, corporate finance, of Nikko Securities (Asia), made no attempt to use a third person's account to hide his dealings in Public International Investments Ltd (PIIL), it was claimed yesterday.
Don Lau made the comment at the Insider Dealing Tribunal hearing into whether insider dealing in PIIL shares took place in November and December 1992.
One of the alleged insider dealers, Don Lau bought 240,000 PIIL shares on December 8 through the account of Lau Wai-man - the husband of his sister-in-law Pamela Wong Kin-yu - the day when an announcement about a proposed takeover of PIIL appeared in the press.
A day earlier, Don Lau was engaged in meetings on the takeover bid and the drafting of the announcement in his capacity as financial adviser to the minority shareholders.
Counsel to the tribunal Graham Harris, QC, said there was no official record of the marriage of Lau Wai-man and Ms Wong.
This could be the reason for Don Lau to trade in PIIL shares through Lau Wai-man's account as it would be difficult for authorities to trace any connection between the two Laus. The couple never told him their marital status, Don Lau said, and it never occurred to him that it would be difficult to trace the connection.
