King & Wood Mallesons

Asia-Pacific 100 position: 3

A case still burning bright… Tiger Asia to face the Market Misconduct Tribunal

After successfully obtaining orders under section 213 of the Securities and Futures Ordinance, the Securities and Futures Commission (SFC) has now commenced proceedings against Tiger Asia Management in the Market Misconduct Tribunal (MMT).

The SFC’s battle with Tiger Asia has been a long-running one, primarily due to Tiger Asia’s challenge, through the Hong Kong courts, of the SFC’s use of section 213 without a prior MMT proceeding or criminal prosecution. That issue was resolved by the Court of Final Appeal in April this year in favour of the SFC and now we will see the second round play out in the MMT. On 11 July 2013, the SFC commenced proceedings against Tiger Asia and three of its officers, Mr Bill Sung Kook Hwang, Mr Raymond Park and Mr William Tomita. The proceedings relate to dealings in the securities of the Bank of China and China Construction Bank Corporation in 2009…

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