Filmmaker Raymond Wong begins jail sentence, giving up bail as he awaits appeal
Wong, 80, does not give reason for relinquishing bail, but starts serving five-month jail term after being convicted of insider trading
Veteran Hong Kong filmmaker and actor Raymond Wong Pak-ming has begun serving a five-month prison sentence for insider trading after relinquishing his bail.
The 80-year-old told West Kowloon Court on Wednesday that he would spend time behind bars while awaiting an appeal in the High Court.
Wong, a prominent figure in Hong Kong’s film industry for decades, was convicted last month of sharing insider information regarding Transmit Entertainment, a television series production company formerly known as Pegasus Entertainment Holdings, which he chaired in 2017.
Between August 25 and October 17 that year, Wong repeatedly instructed his younger sister, Jenny, to buy shares during a period when he was negotiating with a potential buyer to sell his own stake.
She made a realised profit of about HK$99,000 (US$12,600) from the trades. Her brokerage account also showed around HK$930,000 in unrealised gains from shares that remained unsold.
Wong’s lawyer did not explain why he relinquished bail on Wednesday.