Hong Kong's Securities And Futures Commission: Court Postpones Insider Dealing Trial Of Former CITIC Senior Executive

The Eastern Magistrates Court today postponed the scheduled date for the trial of former senior executive of CITIC Pacific Limited (CITIC) Mr Simon Chui Wing Nin, whom the Securities and Futures Commission (SFC) alleges to have committed insider dealing. The trial was to commence on 19 March 2012.

Senior counsel for Chui told the court that following a change in legal team, more time is required to obtain an expert report. The court granted the application. 

The case will return to court for mention again on 23 April 2012 for fixing a new trial date. 

The SFC alleges Chui sold a total of 81,000 shares of CITIC on 9 and 12 September 2008 whilst in possession of confidential, price sensitive information about CITIC’s foreign exchange losses before they were disclosed to the market. He is alleged to have avoided a notional loss of about $1.36 million.

Chui, who has pleaded not guilty, continues to be on cash bail of $50,000 (Note 1). 


Note:
1. Please see SFC’s press release dated 20 October 2011.