Hong Kong

THE Securities and Futures Commission (SFC) has prosecuted two people for short-selling securities not approved for such trade. Lau Sik-suen, a former Wako International dealer's representative, and Wako client Hu Yuk-piu both pleaded guilty to a total of four summonses and were fined $2,000 each. They had to pay costs of $10,870 to the SFC. Mr Lau sold 20,000 Yeebo (International Holdings) shares on March 11 last year and 20,000 Hon Kwok Land Investment shares on April 19 last year. Mr Hu sold 200,000 S.G. Warburg issued warrants on Dao Heng Bank Group on May 17 last year. The SFC said neither Mr Lau nor Mr Hu had securities or arrangements in place to settle their transactions.