A last-ditch attempt to quash the Chee Shing insider-dealing findings is to be launched by Tysan Holdings boss Francis Cheung Nim-chee, nearly seven years after the illicit trades. The chairman will ask the Court of Appeal to allow a challenge to be heard at Hong Kong's top court, exhausting an epic legal battle which has also kept the penalty phase of the inquiry at bay for two years. Mr Cheung and co-accused Cammie Pang Kam-chi face a fine of up to three times the profit made as a result of trading on inside information in the summer of 1993. The insider dealing tribunal found the pair guilty in March 1998 of making illicit profits during a takeover bid for Chee Shing Holdings - now known as Tysan Holdings. However, they launched a challenge when it emerged that one of the tribunal members - accountant John Wu Chi-tso - breached confidentiality by spilling the details of the probe to a friend over drinks. Most importantly, he casually told the friend he would not have made any adverse findings against Mr Cheung. Mr Wu furthermore approached Mr Cheung at a social gathering - they were both members of the King's College Old Boy's Association - and apologised for the tribunal's findings. He later faxed over copies of another tribunal member's notes to mollify Mr Cheung, and gave assurances that the penalty would be 'peanuts'. The Tysan chairman responded by initiating legal proceedings in a bid to quash the findings of the tribunal, but has so far failed to convince the courts. This is despite being told by a judge to have had 'justifiable grounds' to launch the challenge. By law, however, the insider dealing tribunal does not require a member to state dissenting views from the majority. His case will be heard again on May 16 at the Court of Appeal, where leave will be sought to go to the Court of Final Appeal. Another insider dealing case - involving former Hanny Magnetics (Holdings) boss Wong Sun - will enter its final stage today when the tribunal considers an appropriate penalty. The tribunal chaired by Mr Justice Michael Hartmann found the former chairman guilty of insider dealing last month. Two former Hanny directors, William Fung Wai-kwong and Sanrita Wong Kwok-mei, were also deemed insider dealers. According to Mr Wong's lawyer, he faces a fine of up to HK$80 million, a sum which would 'cripple' him. However, the hearing will examine Mr Wong's fragile state of health which rendered him unable to testify. Mr Wong, who suffers from diabetes, had a kidney transplant on the mainland during the course of the proceedings. He was deemed medically unfit to personally defend allegations he used inside information between July 1994 and August 1995 for profit or avoid a loss.