The High Court yesterday fined Victor Choi Hok-wan's Real Grant $650,000 for failing to give trading and banking records to the Securities and Futures Commission (SFC). The SFC is investigating the company for alleged share-price manipulation. Real Grant is alleged to have manipulated more than four stocks and is still being investigated by the securities watchdog. Sources said this was one of the biggest cases of alleged market manipulation the SFC had investigated. An SFC official said: 'The investigation of Real Grant is not yet finished. 'The court's decision yesterday just related to the company's failing to give out bank and trading records as required by the SFC notices.' Mark Dickens, the commission's executive director of enforcement, said the stiff penalty clearly demonstrated the importance of complying with SFC notices. Mr Justice Rogers, who imposed the fine, said he did not view this as simple obstinacy on the part of the defendant. By refusing to produce the records requested by the commission, Real Grant had demonstrated a 'culpable' failure to comply, he said. Notices requesting the records were served by the SFC last year in the course of investigations into alleged manipulation by Real Grant of the shares of Dah Hwa International, Ngai Hing Hong, Chaifa Holdings and Wing Fat International between April 1995 and February 1996. Principal shareholder and director of Real Grant, Mr Choi, is well known in the Hong Kong stock market as an exceptionally active investor. Neither Real Grant nor Mr Choi are registered brokers. Real Grant's failure to comply was first brought before Mr Justice Rogers on November 7 last year but the case was adjourned until yesterday. Announcement of the SFC investigation into suspected market manipulation by Real Grant touched off a sharp fall in Prime Success, Egana International and Peace Mark shares. The SFC's action is believed to have frightened some market-makers, who are thought to control the share prices of several small stocks. Market sources said market manipulators were responsible for the collapse in the share prices of several small stocks late last year. Under section 135 of the Securities Ordinances, it is difficult to prove that a stock has been manipulated, because the action carries a high burden of proof. Market manipulators face up to two years in jail. Under proposed legislation, the SFC has called for penalties of up to $10 million and 14 years in jail.