The city’s financial secretary accused Chaoda Modern Agriculture’s Chairman Kwok Ho and Chief Financial Officer Andy Chan of supplying inside information to George Stairs, a fund manager at Fidelity Management.
The claims, detailed in a notice posted to the city’s Market Misconduct Tribunal, said Stairs used the information to improperly trade Chaoda stock before and after a HK$1.78 billion (S$294 million) share sale in June 2009.
Acting on insider information from Kwok and Chan, Stairs allegedly sold HK$1.98 million worth of Chaoda shares at HK$5.30 each before the placement and bought back HK$2.90 million worth of shares at HK$4.60.
The pair “knew or had reasonable cause to believe that Stairs will make use of the relevant information to deal in shares of Chaoda,” the documents said.
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