The Market Misconduct Tribunal (MMT) ordered former banker Wu Kam Shing to disgorge nearly $3 million in illegal gains from insider dealing in Bloomage BioTechnology Corporation Limited shares. Wu, a former executive deputy general manager of China CITIC Bank International Limited, acquired 1,275,000 Bloomage shares using inside information about a loan transaction to finance the company’s privatization. He made a profit of $2,971,604.43 by trading through his wife’s and his own accounts. The MMT also imposed a three-year disqualification order prohibiting Wu from holding key positions in any corporation in Hong Kong, banned him from dealing in securities and related contracts for three years, and ordered him to pay the Government and the SFC’s costs. Additionally, the MMT report was referred to the Accounting and Financial Reporting Council for possible disciplinary action against Wu.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR130
