Saturday, 28 November 2015
Last updated 5 hours ago
Feb 23 2012 | 5:06am ET
New York hedge fund Tiger Asia Management will have to continue its fight with Hong Kong regulators after its court victory last year was overturned on appeal.
The city's Court of Appeal ruled that the Hong Kong Securities and Futures Commission can sue to have Tiger Asia and its principals barred from trading, and to have the hedge fund's assets frozen. The three-judge panel's decision overturns a July ruling that the regulator can't have Tiger banned without a tribunal or criminal court finding.
Judge Robert Tang said the decision "provides much-needed ammunition to the commission to protect investors."
Tiger Asia has pledged to appeal the case to Hong Kong's highest court, the Final Court of Appeal.
The SFC has accused Tiger Asia of insider-trading twice in less than a year. It had asked a lower court judge to freeze some HK$38.5 million (US$5 million) in assets and to bar the firm and the three executives from trading in the special administrative region.
According to the SFC, Tiger Asia, on founder Bill 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 shares of the China Construction Bank Corp.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…