A WITNESS had used more than $30,000 to buy shares though it was made out that the money was paid out to repay a loan, the Insider Trading Tribunal was told.
Counsel for the tribunal, Graham Harris QC, said that a cheque of $31,662, issued by market co-ordinator Chan Kwan-hop in January last year, was in fact a joint investment in the warrants of Ms Chan and her colleague, although 'loan repayment to Amy' was written in the corresponding cheque stub.
The tribunal was earlier told that Ms Chan, who earned $7,000 at the time, had borrowed about $160,000 from Amy Foong Swe Heng and Ms Foong's husband, Leong Kwok Nyem, for purchasing Public International Investment (PIIL) shares in December, 1992.
Both women are allegedly engaged in insider dealing of PIIL shares, which was indirectly funded by Mr Leong, general manager of JCG Finance.
Testifying, Ms Chan said it was an error when she filled up the counterfoil.
'I filled in the stub some time after I made out the cheque . . . I may have forgotten and made a mistake in this case,' she said.
