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The Court of First Instance has upheld the jail sentence against Mr Au-Yeung Siu Pang, a former group finance manager of China CBM Group Company Limited (China CBM), for insider dealing but allowed the custodial term of his two convictions be served concurrently.
Au-Yeung, who had been allowed bail pending the appeal following his sentencing in 2019, has now been sent to jail to serve his sentence (Note 1).
In allowing the appeal, Deputy High Court Judge Tam rejected all grounds advanced by Au-Yeung but exercised discretion and ordered the jail term be served concurrently, effectively shortening his imprisonment from four months to three months considering it had already been almost nine years since Au-Yeung committed the offence (Note 2).
The Court of First Instance also ruled that the original fine of $120,000 and investigation costs to be paid to the Securities and Futures Commission (SFC) in the sum of $33,365 remained unchanged (Note 3).
Notes:
- Please see the SFC’s press releases dated 7 September 2017, 8 December 2017 and 19 February 2019.
- Au-Yeung was sentenced by the Eastern Magistrates’ Court on 19 February 2019 to four months of imprisonment after he was convicted of insider dealing in China CBM.
- A copy of the judgment (HCMA163/2019) is available on the Judiciary website (www.judiciary.gov.hk).
