Tiger Asia Founder Banned In Hong Kong

Oct 13 2014 | 8:32am ET

Tiger Asia Management founder Bill Hwang has been barred from trading in Hong Kong for four years for insider-trading.

The city’s Market Misconduct Tribunal found that Tiger Asia, Hwang and former head trader Raymond Park illegally traded on confidential information about two Chinese banks in 2008 and 2009. The tribunal barred both Hwang and the firm from trading for four years, sparing Park due to “an incurable and seriously debilitating brain injury” that leaves him “in no position to pose any threat to the integrity of the Hong Kong market.”

Tiger Asia, now a family office called Archegos Capital Management, last year agreed to pay nearly US$6 million to investors on the other side of its illegal trades. The firm pleaded guilty to insider-trading charges in the U.S. in 2012.

In spite of that, it had fought the charges in Hong Kong, arguing—successfully at first—that the Securities and Futures Commission could not sue it without a criminal finding against it, one that could not come because Tiger Asia had no physical presence in Hong Kong. But the special administrative region’s highest court last year gave the SFC permission to sue and seek the sanctions.


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