Chaoda Chairman, Fidelity Manager Accused of Insider Trading
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Chaoda Modern Agriculture Holdings Ltd.’s Chairman Kwok Ho, Chief Financial Officer Andy Chan and Fidelity Management’s George Stairs were accused by Hong Kong’s financial secretary of insider trading.
The government alleges Kwok and Chan told Stairs about a June 2009 share placement three days before it was publicly announced, and the fund manager traded profitably as a result, according to a notice released by Hong Kong’s Market Misconduct Tribunal yesterday.