Former Haeco Director Convicted of Insider Dealing in Hong Kong
Lam Kwong Yu, a former independent director at Hong Kong Aircraft Engineering Co., or Haeco, was convicted of insider dealing at a court in Hong Kong today, the Securities and Futures Commission said in a press release.
Lam bought shares on June 4, 2010, after being told by Haeco’s chief executive officer that the board was to meet that day to discuss a proposed share purchase and buyout offer by parent Swire Pacific Ltd. (19) at a premium to the market price, the SFC said today.
The Eastern Magistracy sentenced Lam to five months in prison, suspended for two years, and a fine of HK$50,000, the Hong Kong markets regulator said in the release. Lam was also ordered to pay the SFC’s investigation costs, it said.
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