The Securities and Futures Commission of Hong Kong has obtained a court order to freeze assets worth up to HK$219 million belonging to individuals suspected of manipulating KNT HOLDINGS (01025).
According to the court's order, the four suspects who were alleged to have manipulated the shares of Jia Yi Holdings between February 28, 2019, and May 15, 2019, are prohibited from disposing or dealing with assets in certain real estate, securities, bank, and insurance accounts they own, in order to reduce or transfer the value of those assets out of Hong Kong, up to a limit of approximately 219 million Hong Kong dollars.
The original proceedings court in Hong Kong's Securities and Futures Ordinance section 213 legal procedure, has issued an interim injunction against four individuals suspected of manipulating KNT HOLDINGS Limited (01025).
According to the court's order, the four suspects who are alleged to have manipulated KNT HOLDINGS between February 28, 2019 and May 15, 2019, are prohibited from disposing or dealing with assets in certain immovable properties and securities, banking, and insurance accounts they own, with a limit of approximately HK$219 million.
The interim injunction ensures that there will be funds available to comply with any future orders of the court if the suspected manipulators are found in violation of the Securities and Futures Ordinance, including compensating affected investors in the case. The order remains in effect until there is a ruling in the legal proceedings initiated by the Securities and Futures Commission under section 213, or until the court issues further orders.
Meanwhile, the interim injunction and the legal proceedings initiated by the Securities and Futures Commission under section 213 are part of a broad enforcement action taken in connection with the alleged market manipulation of KNT HOLDINGS through "pump and dump" scheme. In the ongoing criminal proceedings, there are 12 defendants, including three of the four suspected manipulators, while the remaining one suspect has been ordered by the court to be arrested.
The trial of the criminal proceedings is scheduled to begin on April 6, 2027, in the District Court. The defendants are charged with multiple offenses related to the alleged misconduct, including conspiracy to defraud or (as an alternative charge) conspiracy to engage in a plan to use fraud or deceit in securities trading, in violation of common law, the Securities and Futures Ordinance and/or the Crimes Ordinance; and/or money laundering, in violation of the Organized and Serious Crimes Ordinance.
Related Articles
The increase in US import prices in February hit a nearly four-year high, indicating looming inflation pressure before the war.
Gold ETF leads decline, commodity ETF sees record outflows of $11 billion in a single month.
Hong Kong Property Market: Over 700 second-hand residential properties valued over 10 million Hong Kong dollars were registered in March, creating a new high in the past three years.
The increase in US import prices in February hit a nearly four-year high, indicating looming inflation pressure before the war.
Gold ETF leads decline, commodity ETF sees record outflows of $11 billion in a single month.
Hong Kong Property Market: Over 700 second-hand residential properties valued over 10 million Hong Kong dollars were registered in March, creating a new high in the past three years.
