.jpg)
The court appointed administrators have completed the process of returning $43.7 million to more than 1,500 investors affected by the insider dealing of Tiger Asia Management LLC and two of its senior officers, Bill Hwang and Raymond Park (Tiger Asia parties) (Note 1).
The payments were made under restoration orders made by the court following admissions of insider dealing and manipulation by the Tiger Asia parties in December 2013 in proceedings brought by the Securities and Futures Commission (SFC) under section 213 of the Securities and Futures Ordinance.
A total of $43,708,828 or 97% out of the restoration fund $45,266,610 has been paid out to 1,591 local and overseas investors. The SFC and the administrators have taken all reasonable steps to contact the remaining 209 investors with no success. The remaining sum of $1,408,487 was returned to the Tiger Asia parties with the approval of the court (Note 2).
The purpose of the restoration orders is to make insider traders financially accountable to those with whom they trade and to restore those counterparties to the financial position they were in before the transactions.
Notes:
- Please see SFC’s press release dated 20 Dec 2013.
- The Court ordered that a sum be paid out of the money standing in court to JLA Asia Limited for settling its outstanding fee and that the remaining balance be paid out to Tiger Asia. The remaining balance also comprised of interest income.
