Tiger Asia and executives punished for market misconduct
The Market Misconduct Tribunal said hedge fund Tiger Asia Management and two of its senior executives, Bill Hwang Sung-kook and Raymond Park, engaged in market misconduct.
The Market Misconduct Tribunal yesterday said hedge fund Tiger Asia Management and two of its senior executives, Bill Hwang Sung-kook and Raymond Park, engaged in market misconduct and banned the company and Hwang from securities trading in the city for four years.
Hwang, the founder of New York-based Tiger Asia, and Park, the head of trading, last year admitted to insider dealing in the shares of two mainland banks and were ordered by the court to pay more than HK$45 million to about 1,800 investors.
In a statement announcing the tribunal's ruling, the Securities and Futures Commission said: "This heralds a sterner approach in respect of protective measures provided under our law. The SFC will track down and take action against wrong-doers wherever in the world they may lurk."
The trading ban was shorter than the five-year "cold shoulder" order sought by the SFC.
Park, who had suffered from a debilitating stroke, was not banned due to his incapacity.
Tiger Asia reached a US$60 million settlement deal with the US Securities and Exchange Commission in December 2012 for the same insider trading.