THE links between players and trading of shares in Public International Investments Ltd (PIIL) were revealed yesterday at an inquiry investigating allegations of insider trading.
The Insider Dealing Tribunal heard a number of transactions took place before the announcement on December 15, 1992, of a conditional agreement where two companies with major mainland interests - Gower Investment and Artel - would buy PIIL.
Gower is equally owned by China Venturetech Investment Corp and Shanghai International Securities.
China Venturetech is a joint stock finance company authorised by the State Council in China, while Shanghai International is a joint stock finance company approved by the People's Bank of China.
Artel is 60 per cent owned and controlled by Cheung Kong (Holdings), 30 per cent by Shenzhen Concord Enterprises and 10 per cent by CEF Holdings.
In his opening statement, Graham Harris QC, for the tribunal, said based on the evidence available, two groups of individuals appeared to have been connected with events leading to the acquisition of 51 per cent of the controlling interest of PIIL from Teh Hong Piew.
