The Court of Appeal has ruled that the Securities and Futures Commission has the right to question individuals during an investigation, dismissing an appeal by former Easy Concepts chairman Koon Wing-yee.
The securities regulator had issued a notice to Koon, saying it wanted to use its special investigative powers under the Securities and Futures Ordinance. The law allows the regulator to interview certain people during an investigation and obtain answers to questions.
Koon challenged the SFC's interview on the basis that the commission's powers contravened the Bill of Rights Ordinance. He argued that the SFC's powers infringed his rights to remain silent and to a fair trial because his answers might be used against him in proceedings conducted by the Market Misconduct Tribunal.
The SFC argued that Koon's objection was misplaced.
A High Court ruling by Mr Justice John Saunders on November 5 last year ruled in favour of the SFC, saying the commission was conducting an investigation and there were no proceedings by the Market Misconduct Tribunal in progress involving Koon.
The judge ordered Koon to pay the SFC's court costs. Koon then launched an appeal against the decision.
