Hong Kong sees first conviction for inside trading
Hong Kong's first criminal trial for insider trading has resulted in the conviction of a former investment banker and four other defendants. Ma Hon Yeung, a former vice president at BNP Paribas Peregrine Capital, passed confidential information to his girlfriend and three family members about the proposed privatisation of Egana Jewellry & Pearls, a matter on which he was working. The four tippees all traded in Egana shares before the company announced its privatisation plans in July 2006.The five defendants will be sentenced on 1 April.
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