Insider Dealing Tribunal sets date to hear Public International case
THE second Insider Dealing Tribunal inquiry that is investigating insider trading in Public International Investments shares is scheduled for next Tuesday.
Don Lau, managing director (corporate finance) of Nikko Securities, who appeared before the tribunal yesterday, is accused of making a profit by using inside information to trade in Public International Investments shares in December 1992.
During yesterday's preliminary hearing, a number of people appeared for allegedly taking part in the insider trading. Among them were Leong Kwok Nyem of JCG Finance and his wife Amy Foong, who is with Dragoco.
A sister of Lau's wife Pamela Wong and her husband also appeared before tribunal chairman Justice Stock.
Lau was suspended from his duties on August 7 and would remain so until further notice, said Takahiro Fujioka, Nikko director and general manager of administration.
Nikko made the decision after Lau told the brokerage that the Securities and Futures Commission was investigating him for insider trading in Public International Investments shares, Mr Fujioka said.
The alleged incident took place when the company was the target of a takeover bid by a consortium led by Cheung Kong (Holdings) and several mainland firms.
At the preliminary hearing, the tribunal will announce its terms of reference for the inquiry concerning the insider dealing, state its proposed procedure, call evidence and set a date for the substantive hearing.