Riady, Tjondro Stephen v. Insider Dealing Tribunal

FAMV000015/2003

FAMV No. 15 of 2003

IN THE COURT OF FINAL APPEAL OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

MISCELLANEOUS PROCEEDINGS NO. 15 OF 2003 (CIVIL)

(ON APPLICATION FOR LEAVE TO APPEAL FROM CACV NO. 310 OF 2002)

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Appeal Committee: Chief Justice Li, Mr Justice Bokhary PJ and Mr Justice Chan PJ

Date of Hearing: 29 May 2003

Date of Determination: 29 May 2003

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D E T E R M I N A T I O N

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Chief Justice Li:

1.This is the determination of the Appeal Committee.

2.We are indebted to counsel for their helpful and succinct submissions. On this application for leave to appeal, Mr Tang, SC raises various questions of law. These questions essentially turn on the interpretation of the Securities (Insider Dealing) Ordinance Cap.395, in particular s.16. That Ordinance has now been replaced by the new Securities and Futures Ordinance Cap.571, which established the Market Misconduct Tribunal with jurisdiction over insider dealing and other kinds of market misconduct. But the Insider Dealing Tribunal will continue to deal with cases of insider dealing which occurred prior to 1 April 2003.

3.An important part of Mr Tang's submissions was based on the new regime under the new Ordinance. But in our view, the provisions under the new Ordinance do not assist his application.

4.In our view, the questions raised are not reasonably arguable. Accordingly, we dismiss the application with costs.

Representation:

Mr Robert C Tang, SC, Mr John Scott, SC and Mr Kevin Patterson (instructed by Messrs Richard Butler) for the applicant

Respondent does not appear

Mr John Bleach, SC and Ms Roxanne Ismail (instructed by the Department of Justice) for the Financial Secretary