The Securities and Futures Commission (SFC) has filed an application with the Court of First Instance to freeze assets valued at approximately $62.5 million for compensating investors affected by a sophisticated ramp-and-dump scheme involving Eggriculture Foods Limited. This application is part of ongoing legal proceedings against six individuals, including the suspected ringleaders, for manipulating Eggriculture’s shares between August and November 2018. The court held the first hearing on this application and adjourned the substantive hearing to a later date. Additionally, a criminal trial for five of the six individuals is scheduled to begin on July 13, 2026, regarding various charges related to the same misconduct. The SFC has stated that it will not comment further as the legal proceedings continue.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR135
