The chairman of failed Siu-Fung Ceramics Holdings and his then wife sold a combined HK$130 million worth of shares in the company ahead of negative news announcements, an insider dealing tribunal heard yesterday. Siegfried Lee Siu-fung, his former wife Dusanee Lelalertsuphakun and Duty Free Shoppers co-founder Robert Warren Miller are among 13 people facing allegations of insider dealing in shares of the collapsed ceramic products maker. The tribunal heard yesterday they had sold shares of Siu-Fung between June and September 1996, before the company announced heavy losses in its German subsidiary and its failure to secure a separate listing on the German stock market. Ms Dusanee, who has since divorced Mr Lee, received HK$103 million from the sale of 80 million shares - the largest amount raised among all those implicated. Mr Lee raised HK$27.12 million from the sale of 16.94 million shares. Mr Miller received HK$53.32 million from the sale of 43.14 million Siu-Fung shares, the tribunal was told. William Lam Chun-ming and his wife Lisa Lam Lai-san, who are also under investigation, raised HK$7.5 million by selling six million shares. The others implicated are Nicholas Anthony Prior, Henry Tai Hon-leung, Fabrice Christian Jacob, Christian Haas, Philippe Dharmelincourt, Li Man-yi, Wai Man-keung and Wong Fong-kim. Siu-Fung was delisted in December 2000 after being wound up by creditors in May that year. Founded by Mr Lee, the company's financial problems became public at the end of September 1996 when it announced a HK$252.19 million net loss for the first half, due mainly to financial problems at its German subsidiary, which later went into liquidation. The company subsequently disclosed it owed HK$2.4 billion to 19 banks, mostly to HSBC and Hang Seng Bank. The company's share price dropped more than 50 per cent from its mid-1996 price to 74 HK cents after the results announcement. They last traded at 3.5 HK cents on May 10, 2000, before it was wound up. Mr Lee attended the hearing but made no representations. It continues today. The tribunal, chaired by Mr Justice Gareth Lugar-Mawson and two lay members, is charged with finding out whether Mr Lee and the other implicated parties committed insider dealing. It will also need to determine the amount of profits earned, or losses avoided, if the allegations are proven, as well as a penalty. The maximum penalty for insider dealing is a fine equal to three times the amount of profit earned or loss avoided as a result of insider information.