Hong Kong Court Dismissed Application to Remove Restriction Notices on Trading Accounts Involved in Ramp & Dump Schemes, Applicants to Pay Hong Kong S
Hong Kong, Asia's leading financial centre Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2023 Investment Day | 2023 Family Office Summits | Family Office Circle This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion. 
Hong Kong Court Dismissed Application to Remove Restriction Notices on Trading Accounts Involved in Ramp & Dump Schemes, Applicants to Pay Hong Kong SFC Costs in Review Proceedings 23rd March 2023 | Hong Kong
A Hong Kong court has dismissed a judicial review application to remove restriction notices (issued by Hong Kong Securities & Futures Commission, SGC) on trading accounts involved in Ramp & Dump Schemes. Hong Kong SFC: “The judicial review application, brought by Mr Chen Wencan and Ms Su Jiaqi, sought to challenge the restriction notices issued on 9 February 2021 by the SFC under sections 204(1)(a) and 205(1) of the Securities and Futures Ordinance (SFO) to freeze their assets in various trading accounts held with certain licensed corporations. The applicants contended that sections 204(1)(a) and 205(1) exercised on the basis of section 207(e) of the SFO was, amongst other things, not prescribed by law and a disproportionate interference with their property rights and was therefore unconstitutional. The arguments were previously dismissed by the Court in another similar judicial review application relating to another suspected “ramp-and-dump” scheme … … The Court also ordered the applicants to pay the SFC’s costs in relation to these proceedings.” See below for full statement.
“ Hong Kong Court Dismissed Application to Remove Restriction Notices on Trading Accounts Involved in Ramp & Dump Schemes, Applicants to Pay Hong Kong SFC Costs in Review Proceedings “
- Article continues below - Web links may be disabled on mobile for security. Please click on desktop. Quick Links, Ads & Announcements Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2023 Investment Day | 2023 Family Office Summits | Family Office Circle New to Caproasia Sign Up | Subscribe | Register Events The 2023 Investment Day | 28/3 HK & 4/4 SG Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 28th March 2023 in Hong Kong, 4th April 2023 in Singapore. Visit | Register here
Hong Kong Court Dismissed Review Application to Remove Restriction Notices on Trading Accounts Involved in Ramp & Dump Schemes
Hong Kong, Asia’s leading financial centre Hong Kong Court reaffirms SFC’s power of issuing restriction notices
22nd March 2023 – The Court of First Instance has dismissed a judicial review application against the Securities and Futures Commission (SFC) relating to restriction notices issued in an ongoing investigation into a suspected “ramp-and-dump” scheme (Notes 1 & 2).
The judicial review application, brought by Mr Chen Wencan and Ms Su Jiaqi, sought to challenge the restriction notices issued on 9 February 2021 by the SFC under sections 204(1)(a) and 205(1) of the Securities and Futures Ordinance (SFO) to freeze their assets in various trading accounts held with certain licensed corporations.
The applicants contended that sections 204(1)(a) and 205(1) exercised on the basis of section 207(e) of the SFO was, amongst other things, not prescribed by law and a disproportionate interference with their property rights and was therefore unconstitutional. The arguments were previously dismissed by the Court in another similar judicial review application relating to another suspected “ramp-and-dump” scheme (Note 3).
The SFC’s Executive Director of Enforcement, Mr Christopher Wilson, said: “We welcome the Court’s decision reaffirming the SFC’s statutory powers to issue restriction notices to freeze suspects’ assets held with licensed corporations. This enables the SFC to take front-loaded actions to protect investors and the public interest.”
In the Court’s judgment, the Hon Mr Justice Coleman said he is not persuaded that there are any significant differences or additional matters raised by the applicants which point to any reason why a different view should be taken in these proceedings than was taken in the previous similar application.
The Court also ordered the applicants to pay the SFC’s costs in relation to these proceedings.
Notes:
You are:
InvestorProfessionalFamily OfficeExecutive
Select:
TrialSubscriptionMembershipEvents
Interests / Events / Summits / Roundtables / Networking:
Professional InvestorPrivate WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights
Your Name*
Company*
Job Title*
Email 1 (Work / Personal)*
Email 2 (Work / Personal)
Country
New to Caproasia Learn More | Sign Up | Subscribe | Register Events Caproasia Users - Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
- Professional Investor
- Family Office
- HNW Partnership
- Family Office Circle
- Family Office Networking
- Family Office Roundtable
- The Family Office Summit
- 28th March 2023 - Hong Kong
- 4th April 2023 - Singapore
- April 2023 - Virtual
- Sept 2023 - Hong Kong
- Oct 2023 - Singapore
- Oct 2023 - Hong Kong
- Visit: The Investment Day | Register: Click here
- The Investment Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
Owl Media Group takes pride in providing social-first platforms which equally benefit and facilitate engagement between businesses and consumers and creating much-needed balance to make conducting business, easier, safer, faster and better. The vision behind every platform in the Owl Media suite is to make lives better and foster a healthy environment in which parties can conduct business efficiently. Facilitating free and fair business relationships is crucial for any thriving economy and Owl Media bridges the gap and open doors for transparent and successful transacting. No advertising funds influence the functionality of our media platforms because we value authenticity and never compromise on quality no matter how lucrative the offers from advertisers may seem.