Court To Rule On Tiger Ban In Two Weeks

Jun 3 2011 | 12:46pm ET

Tiger Asia Management will know within two weeks whether Hong Kong authorities will be permitted to put a serious crimp in its business.

The special region's highest court is considering whether Hong Kong's Securities and Futures Commission is permitted to seek a trading ban against New York-based Tiger Asia, which it accuses of insider-trading. The court said yesterday it will decide whether the SFC is allowed to pursue that proposed ban within 14 days.

Tiger this week asked the court to toss the SFC's lawsuit, which also seeks to freeze HK$38.5 million of Tiger Asia's assets as well and to impose trading bans on three Tiger Asia executives, including founder Bill Hwang. The firm said that the SFC should have brought criminal charges in the case, rather than civil charges.

The regulator retorted that criminal charges were impossible, as the alleged criminals are in New York. And it warned that if any of them set foot in Hong Kong, they are liable to be arrested.

According to the SFC, Tiger Asia, on Hwang's orders, made a pair of illegal trades after learning confidential information about two placements of Bank of China shares in late 2008 and early 2009. Those allegations followed 2009 charges that Tiger Asia had illegally traded China Construction Bank Corp. shares.

Last year, Tiger was hit with a Securities and Exchange Commission subpoena, which it said stems from the Hong Kong probe.


In Depth

JOBS Act Propels Real-Estate Crowdfunding Platform

Oct 21 2014 | 2:57am ET

If D.J. Paul were a real estate development, he would be described as “multi-use...

Lifestyle

Strippers Accused Of Robbing Hedge-Fund Manager Face Jail

Oct 20 2014 | 9:20am ET

A group of alleged stripper-thieves—whose victims include a hedge-fund manager...

Guest Contributor

PAAMCO: European Equity Exposure - Challenging Year, But All is Not Lost

Oct 16 2014 | 4:12am ET

European equity hedge fund managers have had a tough time so far this year. The...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.