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Screenshot of a breaking news alert e-mail from Q2 2017
The Hong Kong Securities and Futures Commission (SFC) has informed that the Court of First Instance has ordered a former senior executive of an affiliate of Titan Petrochemical Group Limited (Titan), Mr Augustine Cheong Kai Tjieh and his mother, Ms Gan Ser Soon to pay investors after the Market Misconduct Tribunal (MMT) earlier found the pair engaged in insider dealing in the shares of Titan in 2012.
The orders were final and were made by consent in proceedings brought by the SFC under section 213 of the Securities and Futures Ordinance (SFO).
The payments will be made out of the sum of $13,618,203 paid into Court by Cheong. The two were also ordered to pay the SFC’s legal costs.
Mr Bruno Arboit of Zolfo Cooper (Hong Kong) Limited was appointed by the Court to administer the distribution process.
The complete announcement can be seen here.