Saturday, 28 November 2015
Last updated 14 hours ago
Apr 30 2013 | 1:05pm ET
Tiger Asia Management, which last year closed its doors amidst an insider-trading investigation, has lost its bid to block sanctions imposed by Hong Kong's securities regulator.
Hong Kong's Court of Final Appeal today dismissed Tiger Asia's appeal, which challenged the city's Securities and Futures Commission's power to sue the firm to bar its principals from trading. The ruling upholds a lower court-ruling from last year, which itself overturned a trial-court decision.
Chief Justice Geoffrey Man dismissed Tiger's motion after hearing just two hours of arguments and without even listening to the SFC's response. He did not explain the dismissal, saying his reasoning would be issued in a written ruling later.
The ruling will allow the SFC to bring "wrongdoers face to face with the real consequences of their misconduct," SFC Enforcement chief Mark Steward said last year.
Tiger Asia, which closed in August and which in December pleaded guilty to U.S. insider-trading charges, had argued that the SFC could not sue it or seek to have its principals barred without a tribunal or criminal court finding. Tiger Asia had no physical presence in Hong Kong, making a criminal case difficult.
The SFC allegations mirror those in the U.S., accusing Tiger Asia founder Bill Hwang of ordering trades based on confidential information about two Chinese banks.
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…