Former Asia Telemedia executives banned for insider dealing
The two leaders will be prohibited from dealing in securities in Hong Kong for three years.
The Market Misconduct Tribunal (MMT) has sanctioned two former executives of Asia Telemedia Limited (ATML)—Charles Yiu Hoi Ying and Marian Wong Nam—for insider dealing of ATML shares, following legal proceedings brought by the Securities and Futures Commissions (SFC).
Yiu and Wong will be banned from dealing in securities in Hong Kong for three years, effective from 15 April. The losses of $3.12m and $1.08m avoided by Yiu and Wong, respectively, in the insider dealing shall be disgorged.
They will also pay for the SFC’s investigation and legal costs, as well as the costs of the MMT proceedings.
The MMT also awarded ATML former chairman and executive director Lu Ruifeng, and former assistant company secretary Cecilia Ho King Lin with legal costs. They were deemed not to have engaged in market misconduct in the same legal proceedings.
ATML is now known as Yunfeng Financial Group Limited.