Magistrate said she had no reasonable doubt that billionaire known as the Electronics King knew of the stock buy
Electronics tycoon William Mong Man-wai was fined $10,000 yesterday for failing to disclose his shareholding in the Bank of East Asia, after a magistrate refused to accept his defence that he had not known about the purchase.
Magistrate Bina Chainrai said there was 'no reasonable doubt' that Mong had known about the stock buy because a witness confirmed his signature on a $40 million cheque to buy the stock and a company minute stated Mong had chaired a company meeting that approved the purchase.
Mong's lawyer told Eastern Court last week that his client did not disclose his interest in the bank, of which he is a director, because he did not have clear knowledge of all his companies' investments.
The billionaire philanthropist pleaded not guilty to 12 charges of failure to notify the bank and Hong Kong Exchanges and Clearing of his interests in nearly 3 million Bank of East Asia shares.
The shares were acquired since 1995 by Shun Hing Electronic Trading and other companies under Mong's control. Ms Chainrai found Mong guilty of two charges involving the purchase of 2 million of the bank's shares in March 1995.
