The Securities and Futures Commission of Hong Kong (SFC) has indicated that the Eastern Magistrates’ Court granted the transfer of three high-level ramp-and-dump cases to the District Court on Wednesday 19 June 2024.
Three SFC Cases Go To Court, Regulator Celebrates 35 Years
According to the financial watchdog, 18 defendants face charges under the Securities and Futures Ordinance. These vary from conspiracy to defraud to money laundering and involve the shares of Eggriculture Food Limited (8609.HK), Fullwealth Construction Holdings Company Limited (1034.HK) and KNT Holdings Limited (1025.HK).
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This transfer of the stated cases follows a joint investigation by the SFC and police. Based on the charges, the defendants “allegedly organised and executed ramp-and-dump schemes in the shares of the three Hong Kong-listed companies by manipulating the trading of a large volume of those shares”. The accused allegedly used several nominee accounts and different social media platforms to dupe investors into buying shares.
The SFC reported that the defendants received bail, which ranged from cash and sureties between $50,000 and $1m. They must also hand in all travel documents and not leave the country.
In another press release, the regulator marked its 35th year of existence with the publication of its 2023-24 annual report. Among others, this document spotlights the resilience and growth of Hong Kong’s capital markets as a global finance hub. Tim Lui, the SFC’s chairperson, stated:
The achievements we made and valuable experience gained over the years will stand us in good stead to steer Hong Kong’s capital markets. To this end, we remain steadfast in our commitment to ensuring market integrity and resilience in the face of emerging trends and new challenges at the local, regional and global levels.
