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The Court of First Instance has made a decision dismissing a challenge lodged by Mr Tang Hanbo against the search warrant obtained by the Securities and Futures Commission (SFC) for an ongoing investigation into suspected breaches of the Takeovers Code and suspected offences under the Securities and Futures Ordinance (Note 1).
Tang sought to challenge in a judicial review application that the search warrant issued by a Magistrate in July 2016 to search his residence and the subsequent SFC decision to transmit some of the materials seized from the execution of the warrant to the China Securities Regulatory Commission (CSRC).
He also argued that the SFC had informed the Magistrate the warrant was for investigating suspected breaches of Hong Kong laws and codes, but in fact the purpose was to assist the CSRC in its investigation of suspected breaches of Mainland laws.
The Hon Mr Justice Anthony Chan, in a decision delivered today, rejected Tang’s case as inherently improbable and contrary to common sense and stated that the SFC’s case is fully supported by the contemporaneous documents.
Mr Thomas Atkinson, the SFC’s Executive Director of Enforcement, said: “The SFC welcomes the court’s decision. The SFC is empowered by law to, in appropriate circumstances, exchange information and intelligence with other securities regulators. Cross-boundary cooperation is of paramount importance for safeguarding the integrity of our markets and our hard-earned reputation as an international financial centre.”
Tang was ordered to pay the SFC’s costs in relation to these proceedings.
The SFC’s investigation is ongoing.
Note:
- The judgment will be available on the Judiciary’s website (Court Reference: HCAL 229/2016).
