Hong Kong's Securities And Futures Commission: Solicitor And Sisters Granted Leave To Appeal To Court Of Final Appeal

The Court of Appeal today granted leave for Mr Lee Kwok Wa, a solicitor, and his two sisters to take their case to the Court of Final Appeal in relation to the interpretation of section 300 of the Securities and Futures Ordinance (SFO) arising from a case on fraudulent or deceptive transactions involving securities, subject to a final approval by the Court of Final Appeal.   

On 15 January 2016, the Court of First Instance (CFI) granted orders under section 213 of the SFO brought by the Securities and Futures Commission (SFC) against Lee, one of his sisters Patsy Lee Siu Ying, and another solicitor Ms Betty Young Bik Fung for contravention of section 300 in relation to Taiwan-listed Hsinchu Bank Company Ltd shares and contravention of section 291 in relation to Hong Kong-listed Asia Satellite Telecommunication Holdings Ltd shares.  CFI also made restoration orders against Lee’s other sister Stella Lee Siu Fan in respect of the same transactions (Note 1).

The defendants lodged an appeal against the decision of the CFI but Young withdrew her appeal before the Court of Appeal heard the case.

On 9 November 2017, the Court of Appeal upheld the decision of the CFI which had ruled in favour of an insider dealing and fraud case brought by the SFC against the two solicitors and the sister (Note 2).

The date of the hearing at the Court of Final Appeal has not been fixed.

Notes:

1. Please see the SFC’s press release dated 15 January 2016.
2. Please see the SFC’s press release dated 9 November 2017.