Saturday, 25 April 2015
Last updated 19 hours ago
Apr 26 2010 | 3:49pm ET
For Tiger Asia Management, it’s apparently two strikes and you’re out—of trading in Hong Kong.
The Hong Kong Securities and Futures Commission has applied to bar the New York-based hedge fund from trading on the city’s securities and derivatives exchanges after accusing it of insider-trading for the second time in less than a year.
According to the SFC, Tiger Asia made a pair of illegal trades after learning confidential information about two placements of Bank of China shares in late 2008 and early 2009. The firm is accused of shorting Bank of China stocks before a Dec. 31, 2008, placement managed by UBS, earning HK$8.6 million, and of selling off some 256 million of the bank’s shares prior to a Jan. 13 placement organized by the Royal Bank of Scotland. The latter trade is said to have resulted in a HK$10 million loss.
The SFC is seeking to have Tiger Asia banned from the markets it regulates, as well as asking the court to freeze HK$8.6 million.
In August, the regulator made a similar application after accusing Tiger Asia of illegally trading shares of China Construction Bank Corp. The SFC sought HK$29.9 million in assets freezes, as well as bans of three Tiger Asia employees, including founder Bill Hwang.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…