Chevalier (OA) International chairman Chow Yei-ching sold his shares in the company ahead of a disappointing results announcement to lock in profits for himself, an insider dealing tribunal heard yesterday. He was also alleged to have deliberately spread a rumour that holding company Chevalier International Holdings was the target of a takeover in order to artifically boost its share price. Tribunal counsel Daniel Marash said in his closing address the evidence showed a high degree of probability that Chow sold 2.81 million Chevalier (OA) shares with the benefit of insider information and that the takeover rumour was false. The tribunal is investigating the sale of 2.81 million Chevalier (OA) shares held by Chow between April and July 1993. Mr Marash told the tribunal that it appeared clear Chow had made an inside trade. Mr Marash said it was clear that Chow - as chairman - must have known the company made a loss of $46 million in the period ended February 1993, two months before he started selling the shares. He also said the takeover rumour appeared to have been leaked deliberately on April 15, 1993, the same day Chow opened an account in Oklahoma through which he intended to sell the Chevalier (OA) shares.