The Court of First Instance today allowed the Securities and Futures Commission’s (SFC) appeal of the acquittal of Mr Chan Wing Fai of false trading, and ordered that the case be remitted back to the Magistrate.
Chan, a retail investor, faced eight charges of manipulating the shares of Sonavox International Holdings Limited and PacMOS Technologies Holdings Limited in 2009 and was acquitted by the Eastern Magistrates’ Court in January 2012 (Note 1).
Today’s order, handed down by the Honourable Mr Justice Fung, followed an application to the Court of First Instance by the SFC. The SFC argued and the Court of First Instance agreed that the decision to acquit Chan was based on legal errors (Note 2).
No date has been set for the hearing.
Notes:
- Please see the SFC’s press release dated 13 January 2012.
- The Court of First Instance’s judgment (HCMA 401/2013) will be available on the Judiciary’s website (www.judiciary.gov.hk).
