THE Insider Dealing Tribunal was yesterday urged to consider whether alleged insider dealer Don Lau Yuen-leung had been completely frank in reference to a number of discrepancies in the accounts of witnesses.
Counsel to the tribunal Graham Harris QC, urged this when putting his submission before the tribunal.
Mr Harris said it was for the tribunal to decide whether Don Lau had inside information before placing an order for 240,000 shares in Public International Investment Ltd (PIIL) through the account of his sister-in-law, Pamela Wong Kin-yu, and her husband, Lau Wai-man.
The tribunal is empowered to determine whether insider dealing in PIIL shares took place during November and December 1992 when the firm was subject to a takeover by a consortium with mainland Chinese interests.
Don Lau argued that he knew neither the identity nor the background of the bidders on December 7, although he had a hunch that mainland parties were behind the offer.
According to Mr Harris, nobody had recollection of precisely what Don Lau was told before he placed the order on December 8.
Mr Harris said there was insufficient evidence to suggest that Lau Wai-man had dealt in the shares because he did not have prior knowledge of the transaction.
