High Court told watchdog chasing minor breaches while dismissing a probe into alleged foul play at Shun Tak
The securities regulator yesterday came under attack from the sister of casino boss Stanley Ho Hung-sun for chasing minor breaches that resulted in paltry fines while dismissing a probe into alleged foul play at Shun Tak Holdings.
Winnie Ho Yuen-ki, however, argued in vain as the High Court sided with the Securities and Futures Commission, finding that it was perfectly within its right to decide to save its limited resources for 'more serious' cases.
Against the backdrop of a bitter family feud between the siblings, Ms Ho had asked the SFC to investigate a number of dealings at Shun Tak, including a 2002 rights issue that she claims inflated the stakes of Pansy and Daisy Ho at the expense of other shareholders.
In August, she filed an application for a judicial review of an SFC decision not to take any action.
The regulator had argued that Shun Tak had provided adequate disclosure to shareholders in relation to the rights issue, a matter the stock exchange was also happy with. It, moreover, referred to 'other matters', including difficulties with jurisdiction and gaining sufficient evidence.
