Nineteen defendants of three large-scale ramp-and-dump cases appeared at the District Court today for suspected securities-related fraud and money laundering involving shares of three listed companies following joint investigations by the Securities and Futures Commission (SFC) and the Police (Note 1).
The listed companies are Eggriculture Foods Limited, Fullwealth Construction Holdings Company Limited, and KNT Holdings Limited.
No pleas were taken from the defendants at today’s hearing and the cases have been adjourned to 25 March 2025.
The Court granted bail to each defendant on the following conditions: (i) cash and sureties ranging from $50,000 to $1 million; (ii) not to leave Hong Kong; (iii) surrender all travel documents; (iv) report to police station on a regular basis; and (v) reside at the reported residential address and inform the Police in advance of any change of residential address.
In the case involving the shares of KNT Holdings Limited, the District Court earlier granted an application made by the Department of Justice for consolidation with another case concerning a suspected core member of the same syndicate previously transferred from the Eastern Magistrates’ Courts (Note 2).
Notes:
- Please see the SFC’s press releases dated 30 September 2022, 24 November 2022, 4 April 2023, 6 April 2023, 17 April 2023, 19 June 2024, 9 July 2024 and 6 August 2024.
- Mr Cheng Ming is the defendant of the case transferred from the Eastern Magistrates’ Courts. Please see the SFC’s press release dated 6 August 2024.
