SFC fines Asia Satellite

The Securities and Future Commission has successfully prosecuted Asia Satellite Telecommunications and its director Peter Edward Jackson. Mr Jackson and the company were fined and ordered to pay HK$12,450. Mr Jackson acquired 65,000 Asia Satellite shares on December 20 last year by exercising share options, which were granted to him on September 20 last year. He reported this change in his shareholding to the Stock Exchange of Hong Kong on May 12 which means he failed to report within three days of exercising the options. Asia Satellite also failed to report the granting of the options within three days of the granting.